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.