The most valuable asset known to man is a good idea. But success and greatness may not be achieved with just the imagination of a good idea but by the thoughtful and meticulous process of transforming that good idea into a profitable venture.

So many factors contribute to the success of any good business idea. For eleven weeks on Dragons Den, we’ve seen aspiring entrepreneurs with ambitious ideas approach the dragons hoping to secure investments for their various business ideas and products. Only five of such entrepreneurs emerged with investments.

On episode 12, we presented to you all the five successful entrepreneurs or the “dragons’ slayers” as you may like to call them – courageous young men and women who were able to secure mouth-watering investments from the dragons despite all the odds of fiery scrutiny and the inherent anxiety in the den.

1.      Yusuf Bello - the first successful entrepreneur on the show emerged in episode 2, slaying the dragons with the idea and application for a mobile directory solution he aptly called www.naijacities.com 

2.      With 10 million naira injected into www.naijacities.com by the dragons, Yusuf Bello’s brainchild has been launched online as the answer to the prayers of many visitors and travelling businessmen and women in Nigeria.

3.      Alsu Odemwingie emerged in episode 4 as the first lady to slay the dragons; securing a 3 million naira investment from the duo of Chris Parkes and John Momoh in Start-Up Sity – a business she conceived in order to nurture and resuscitate the profitability of ailing start-up companies.

4.      In episode 7, Aaron Adegoke Wright articulately convinced the dragons to commit a 5 million naira investment in Indigenes Creations – a fine culture-based business aimed at exporting the cultural heritage of the Nigerian state through creative greeting cards.

5.      Femi Odeleye, the brilliant inventor of the Trike-tor wowed the dragons with his three-wheeler mini-tractor, and in turn was able to secure a 6 million naira investment from the five dragons in episode 9.

6.      Food business was definitely good business in episode 10, when Philomena Izuka walked away from the den with 1.5 million naira after convincing Ibukun Awosika and Femi Tejuoso that the passion she had for “House of Plantain” could be transformed into a larger food venture.

Now that you’ve been adequately reminded of the reasons why these entrepreneurs were able to secure investments from the ferocious dragons, then I’m sure you agree with me that what they have achieved was no easy fit.

Next week we shall bring you highlights of some of the more pensive, hilarious, and tension-filled moments that made the first season of Dragons Den Nigeria both very educative and entertaining for millions of viewers all over Nigeria.

PS: Please complete the Dragons’ Den Nigeria Viewer’s Survey by clicking here: http://FreeOnlineSurveys.com/rendersurvey.asp?sid=vfxu4k2zbjqgmoi490186

–Den Sweeper

5^th Entrepreneur

The fifth entrepreneur was a website developer who came seeking a 7.7 million naira capital injection in his already existing web-related solutions company; he was ready to part with 15% equity to the dragons. This entrepreneur seemed to have kicked off his presentation on a friendly note with the dragons.  But one couldn’t help but wonder if his business proposition would elicit more than just cheerful smiles and laughter from the dragons?

His opening pitch seemed to have captured the attention of the dragons, but during the questions and answers session, this entrepreneur failed to effectively communicate the viability of his business plan.Femi Tejuoso confessed to being worried about investing about this business.

He had presented “low-pricing” and “quality customer support” as his unique selling proposition, but he couldn’t convince the dragons that he’d be able to surmount competition and attract enough patronage for his business?

Four of the dragons opted out, but the entrepreneur packed his bag with a frown ready to walk away even before John Momoh made his stance known. John Momoh later revealed to the entrepreneur that he was thinking of investing but his attitude towards an unfavorable presentation was not a good quality in a budding entrepreneur. Alexander Amosu the IT guru also advised this entrepreneur to always retain a positive attitude even in the face of business rejection.

6^th Entrepreneur

Capitalizing on the growing need for alternative fuel for both industrial and domestic purposes, AYODELE MICHAEL came to the den in search of 11. 9 million to invest in the development of a bio-diesel product - He is willing to forfeit 25% equity in his company to secure this investment. The botanical name he presented to the dragons stirred up a momentary comic relief in the den, because the weed the entrepreneur was talking about had a very strange name that sounded like a song young pupils sang in kindergarten.

AYODELE was basically proposing to develop bio-diesel by extracting certain ingredients off a relatively common weed -but AYODELE’s inexperience with bio-chemicals, and inability to communicate his team’s relevant experience or expertise in this field may  do very little to convince the dragons. Coupled with the absence of a demonstrable sample and proof of the product’s functionality – the dragons were having a hard time understanding the business plan.

Ayodele had presented a seed as evidence of the sample of the product, and the dragons almost laughed. He told them that the person who had the working knowledge of the project was currently in Abuja. He was also unable to prove to the dragons that the product had a scientific research backing it –nor was he able to tell the dragons where and when this product had been tested in the past.

3^rd Entrepreneur

OSAINDE EDMOND ALOHAN was in the den seeking 30 million naira in exchange for 50% equity in his trading and import business.  He was looking for finance to import some computer-related boards used in the assembly of mobile phones and computers. According to him he had already discussed with some Chinese designers to manufacture the product for him to sell in Nigeria. The product was not currently distributed in Nigeria, according to him. But without being any concrete evidence that it was a unique idea at all. The dragons felt it wouldn’t be prudent to invest in such a potentially competitive trading business.

4^th Entrepreneur

Clothing forms an essential part of the basic human needs. With this in mind, OLUWAFEMI CLOTHINGS came seeking a 4.6 million naira investment in exchange of 30% equity in their fashion retail company. They distributed samples of their designs to the dragons. Tokunboh Ishmael and Ibukun Awosika really scrutinized the fabrics they presented. Femi Tejuoso advised the entrepreneurs to create a unique afro centric style and identity for their brand to make it appealing.

These entrepreneurs were convinced that they could supply discerning professionals with high quality clothes for very affordable prices. But they couldn’t convince the dragons that they were unique enough to compete in an already saturated industry.

The dragons opted out, but they however offered the entrepreneurs some advice as to how to go about improving on their present clientele. Chris Parkes recommended that they tried direct-marketing their services and products by introducing their company to banks and other large corporate organizations in the city.

In episode 11, we saw the beauty of persistence and perseverance. We also witnessed how much of a put of a defeatist attitude is to investors. In this episode, the dragons shared their knowledge and experiences in the art of pitching with ambitious entrepreneurs. From within the fiery den the dragons sent forth invaluable words of wisdom for everyone who aspires to be an entrepreneur.

1^st Entrepreneur

Like they say, the older the wine – the better it tastes. Our first entrepreneur in episode 11 who came to the den was a 58 year old Agricultural veteran -MAKOJUOLA he came seeking 9.6 million naira to expand the scope of his agricultural business. He offered 25% equity to the dragons.

He was pitching a profitable way to put agricultural waste to better use, whilst protecting the environment. He stated that entire project was estimated at about 40 million naira. According to him, the project was currently ongoing with infrastructure and some machinery already in place. But the dragons wanted to know why he didn’t approach the banks for financing; to which he replied that the current interest rates were discouraging, coupled with the fact that banks hardly believe in new projects.

Based on this entrepreneur’s testimony, it was revealed to the dragons that this entrepreneur planned on running two businesses at once, but they were curious about the duplicity of his business, and why he wanted to limit their investment in the new business alone. John Momoh was concerned with the entrepreneur’s policy on succession in his business, while Tokunboh Ishmeal felt that the entrepreneur had his hands in a lot of pies and may not be dedicated to this new project he was pitching.

But this entrepreneur was a brilliant negotiator – he never allowed himself to be boxed into a corner by the dragons. He kept his options open and declared his willingness to accommodate the dragons’ suggestions and recommendations.

In the end he got the dragons interested in his idea, and willing to invest, but they urged him to speak to the producers because the idea they were interested in was not exactly the same as that which the entrepreneur had come to the den to pitch.

The dragons did not opt out. They simply opened up a window for further discussions with this articulate pitcher.

2^nd Entrepreneur

With an idea that could make the production of entertainment and media content more cost effective in Nigeria, TONY SAMUJE was next in the den seeking a 30 million naira investment in ENTERTAINMENT WAREHOUSE – a soundproofed audiovisual facility designed to encourage indigenous filmmakers to produce their feature length films in a world-class environment located in the city of Lagos.

He presented was what seemed to be an interesting opening pitch in which he claimed that about 50% of the film and media content currently broadcast in Nigeria were produced abroad- he sounded genuinely patriotic when he told the dragons that Nigeria was losing a lot due to this development, but the cracks began to appear in the viability of his plan when the dragons began their probe to ascertain the entrepreneur’s level of experience and expertise in the film industry.

In defense of his resume, he informed the dragons that he was trained in South Africa, Kenya etc. But when John Momoh probed deeper to find out his level how much experience he had, Tony stated that he had worked as associate producer on several movie sets. But Tokunboh wanted financial clarifications, when she discovered that the entrepreneur had valued the worth of his company at 150 million naira which he later revealed to Femi Tejouso was the figure of the potential amount he was worth.

Tony Samuje claimed that a certain South African was ready to bring half a million dollars worth of filming equipment into Nigeria, but couldn’t do that on his own as a foreigner – this information did not settle in well with Chris Parkes who told Tony that it was arrant nonsense to think that a foreigner needs a Nigerian partner before establishing a company in Nigeria. He revealed that all was needed was for the foreigner’s business to be capitalized up to ten million naira.

In the end the dragons opted out based on the fact that this entrepreneur was ill-prepared and lacked the necessary facts required to establish and run such a facility. They however encouraged him to go back to the drawing board, and really work out the logistics of this business.

We value your opinions, so we’d like to hear from you…

Please take a minute to complete our Viewers’ Survey. Thank you.

Click below:

http://FreeOnlineSurveys.com/rendersurvey.asp?sid=vfxu4k2zbjqgmoi490186