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Episode 7: The Triumph of the Nigerian Culture-Consciousness
In Episode 7, we witnessed the emergence of Aaron Adegoke Wright as the receipient of a 5 million naira investment from the dragons, in his culture-based business, Indigenes Creation.
Aaron’s passion, confidence, and competence was well-communicated to the dragons in his very articulate presentation. Though meek, he came accross as a young man determined to succeed at the business he was proposing. He had already made answers to all the questions he was asked.
He was sincere with his demographic, realistic with his projections, and progressive with his presentation.
In the end he was able to secure 5 million naira from all the 5 dragons in the den. Not only leaving the den with the finance required to start his business, he was also ‘employing’ the dragons’ collective wealth of experience for the growth of his business.
September 8th, 2008 at 1:11 pm
you guys cheated the poor boy…what is 5million naira that you have to take 75%??? he had 4million with 45%, how is it that the remaining 1 million is equivalent to 30%???? that is daytime robbery… its a great show but u guys are seriously killing our morale….
September 8th, 2008 at 2:36 pm
If I were to be inside the den and an investor, I would bought into this business judging from the completion of the proposal and manner of presentation. However, I would certainly not displayed this exploitative posture of the dragons. I truely felt embarassed by their conduct.
September 9th, 2008 at 3:27 pm
As usual the Dragons showed their greed by exploiting a budding entrepreneur - taking 75% of his business. What a rip off. I hope Season 2 will be much better and the Entrepreneurs would be a little bit smarter and not just jump at any offer. The chap was brilliant, articulate and smart, a little bit disappointed that he did not negotiate very well. To be honest, he could have bluffed the dragons as his business was taking off already with a bang.
I hope the potential Entrepreneurs from the next seasons are already reading all the suggestions on the forum and getting ready to give a better presentation !!
September 11th, 2008 at 4:03 am
Let’s not get the dragons wrong. Aaron Adegoke Wright came asking for 5 million naira, and willingly offered 50% initially to the dragons. Let’s not forget that negotiation and bargaining are essential elements of business - if a company makes a first offer of 1 million naira to you for a project- natural business instincts would demand that you counter by asking for at least 1.5 million, because you don’t want to appear cheap or desperate- you need to haggle right? So, Aaron made a first offer of 50% for 5 million naira. But while negotiating with the dragons invidually ( Alexander Amosu - 500, 000 naira for 5%; Tokunboh Ishmael - 1 million for 15%; Chris Parkes - 2 million naira for 35%, John Momoh - 1 million naira for 15%, and Femi Tejuoso - 1 million naira for 20%) he bargained to collectively give away 90% equity for 5.5 million naira. But Tokunboh Ishmael came to his rescue - she appealed to the dragons to settle for 75% equity collectively instead the initial 90% equity that Aaron had previously bargained with them for 5.5 million.
Instead of using unpleasant names on the dragons - thank Tokunboh Ishmael for being able to calculate very quickly thus SAVING Aaron from his own decision to part with 90% equity in his company.
Verdict-
1. Aaron bargained, negotiated, and AGREED to part with 90% equity in his company to a collective of 5 dragons.
2. Tokunboh Ishmael bargained with the dragons to settle for 75% equity instead of 90% [returning 15% additional equity to Aaron]
3. Tokunboh Ishmael acted in all fairness with diligence, conscience, and service to aspiring entrepreneurs. She should be applauded and not taken swipes at.
Please do the math.
September 11th, 2008 at 3:57 pm
Dragon Sweeper, I agree with all the comments made by the other posters, the dragons actually were out to slaughter the poor lad - I watched the program and as I recall Aaron was not given a chance to respond before Tokunboh Ishmael jumped in. Bear in mind that Aaron is young and maybe not experienced in the art of negotiation, which does not mean that you take advantage of that and take him to the cleaners.
Moreover, the dragons should be able to take criticism, I have not read any unpleasant name calling on this blog. Dont forget that criticism is 2 way street- you give and you should also receive, So please do be too defensive. I disagree with your points and verdict.
September 20th, 2008 at 6:17 pm
Adegoke did not negotiate properly, this can be attributed to inexperience and his eagerness to get the dragons on board. I also think an investment by 5 dragons is an overkill,a case of too many cooks.
The risk the dragon’s face is that he won’t remain committed to the venture once he realises that he is just working for them technically.
After that episode I totally felt like it was a rip off.
I watch the UK dragons, and right now I am not feeling the dragons..I expect them to individually be able to see beyond the obvious good ideas,and please lets see some competitiveness among them
September 22nd, 2008 at 9:10 am
Thumbs up! A great show I must confess. I do hope you are here to stand the test of time. I’d confess that this is what we need in our present day time - to bring out the wits in us.
Congrats Aaron, better luck in administration. Guess you have a very good team to work with.