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Our last entrepreneur, Philomena Izuka came seeking 1.5 million naira in exchange for 30% equity in her fast food business -House of Plantain. Her idea was to repackage the presentation of the popular roasted plantain. She made an emotionally compelling argument that exploited the consumers’ desire for hygienically prepared and packaged local delicacy. The roasted plantain, popular known as bolle in Nigeria is a common snack enjoyed by people of various classes.

She had conducted a survey where 200 respondents were polled in Victoria Island, and based on her findings she discovered that the working class people who wanted to buy roasted plantain where reluctant to do so from the roadside vendors. Her package made the dragons’ mouth water, and they compelled her to present her package for tasting. Well, like they say the shortest way to a man’s heart is through his stomach. And Philomena felt that she would be able to get through to the dragons’ pocket through the taste of her variety of plantain delicacies.

Chris Parkes seemed to like the taste of her dish, but felt her profit margin was not worth the effort. Tokunboh Ismael and John Momoh opted out. Femi Tejuoso was unwilling to declare his stance until Ibukun Awosika made her summation.

Ibukun Awosika was impressed with the entrepreneur’s passion and felt strongly that she would effectively run one of her pet projects. Ibukun Awosika made an entirely different proposition to this entrepreneur – a proposition that had very little to do with her proposed business idea. Ibukun Awosika offered this entrepreneur 1.5 million naira for 30% of this business. Essentially, Ibukun Awosika, following the rules of the den wanted to make sure that the entrepreneur got the full amount she was requesting, but insisted that the new business she was proposing was going to be larger than was the entrepreneur had pitched. At this point Femi Tejuoso declared his interest, and was willing to take 30% from whatever Ibukun Awosika was getting.

In the end, Femi Tejuoso and Ibukun Awosika jointly offered Philomena 1.5 million naira to kick off this new business; Philomena accepted the deal of which she was to own 30%.

She shook hands with Femi Tejuoso and Ibukun Awosika.

–Den Sweeper

5th Entrepreneur:

Richard Usman, another ICT specialist came looking for 16 million naira in exchange for 30% equity. Richard’s idea was to market automatic integrated home systems which would allow for doors, curtains, and electrical appliances to be activated and controlled by the human voice. His presentation revealed the beauty of the idea. He convinced the dragons that the technology was very user friendly, in the sense that it could be programmed to recognize voice-commands from even people who pronounced words with a heavy influence of their mother tongue.

The idea was novel and captivating, but the dragons were uncomfortable with investing because they felt there was a need to investigate the technology- since the entrepreneur was not armed with a prototype neither was he able to offer a demonstration of the product.

The dragons opted out.

6th Entrepreneur 

The next entrepreneur, Steven Obioma Akidi – a catfish farmer from Umahia Abia state was looking for 12 million naira to expand his business. He based his pitch on his desire to improve productivity in his farm with the funds he is asking for. He wanted to reposition his farm and take it to the next level. He was going to acquire 6 plots of land – stocking 60, 000 cat fish juveniles – improving their weight to 1kg in six months, with a guaranteed production of 48, 000 kg of catfish in 6 months. Femi Tejuoso was concerned about the mortality rate of the fish. Ibukun Awosika also wanted to know how this entrepreneur utilized the profit he made from the last farming season – but the entrepreneur revealed the fact that he invested the money in the purchase and supply of livestock feed to customers around Umahia. This proved to be a fatal flaw for his business, because according to Ibukun Awosika, if the entrepreneur was passionate about expanding his business, he ought to have reinvested his profit into the farm and not in a different venture.

The dragons opted out.

Tony Eboh, the first entrepreneur in episode 10 came to pitch the idea of an elite sports bar – with strategically empathized on soccer. He was seeking 30 million naira, and was offering 60% equity. He explained that the idea behind the bar would be to create an atmosphere where soccer fans could meet, network, and discuss soccer. The bar has been designed to admit members only. His idea seemed to have captured the dragons’ interest – but the dragons wanted to know why he was basing customers’ admission into this bar on membership only.

Femi Tejuoso and Chris Parkes felt that the price Tony has placed on membership was too high, explaining that his competitors were more affordable – and with their reputation, and from the variety of products offered by his competition, it was the dragons’ opinion that his competitors were likely to attract more patronage.

However, Chris Parkes obviously interested in the idea made an investment of 10 million naira- requesting for 25% equity. But the entrepreneur was still 20 million naira short, and without having been able to convince the other dragons to come onboard he lost out. John Momoh’s interest had been kindled but somehow the entrepreneur was not able to convince him that his business was “the way to go”. Ibukun Awosika was emphatic with her position – she stressed that she would only invest if she was assured that Tony Eboh wasn’t going to manage the business. Tony Eboh couldn’t accept this condition.

The dragons opted out.

2^{nd Entrepreneur}

Teslim Owonikoko, a scientist and inventor was next in the den. He was seeking 26 million naira in exchange for 5% equity. He proudly announced himself as the recipient of the BEST INVENTOR IN NIGERIA award from the Federal Ministry of Science and Technology, and he was briefly congratulated by the dragons. However, he went on and on describing the chemical components of a bouquet of inventions and products he had assembled in the den. He came across as someone who took so much pride in his inventions, but John Momoh was curious as to why the Federal Ministry of Science and Technology had not funded the best inventor in Nigeria. In trying to explain, Teslim stated that he was not impressed by the government’s offer, and felt strongly that the dragons were more suitable investors.

But half way through his presentation it was still very unclear what this entrepreneur wanted from the dragons. The dragons wanted to know what he was going to do with the money he was asking for. They also wanted to know exactly was deal he was proposing. And basically, they wanted to know if his intention was to get their investment in order to develop one of the products to launch into the local market. But Teslim seemed more eager to ‘advertise’ his innovations one by one – frustrating the dragons every move to get clarity.

He was not able to communicate his demands, or needs effectively to the dragons, and this development seemed very numbing and unwholesome to the dragons. Tokunboh Ishmael tried to no avail to guide the entrepreneur towards getting to the agenda on ground. In the end, he seemed to have annoyed and frustrated the dragons. They all opted out of his proposition, but Ibukun Awosika in her classic mother-dragon role was not about to let this entrepreneur walk away without being taught the basic principle of business presentations. She decried his pride, recommending a very strong dose of humility; she rendered a lengthy but emotionally compelling career counsel to Teslim. According to Ibukun Awosika, the entrepreneur had products with high value but the pride and arrogance of an inventor would not let him get value for his innovations.

Teslim listened intently, apparently moved by Ibukun Awosika’s concern. He expressed his gratitude to the dragons as he humbly exited the den.

Femi Odeleye walked into the den to seek 6 million naira to invest in the manufacture and assembly of the Trike-tor (in exchange for 20% equity), a little tense at first, but in a matter of minutes into his presentation, he displayed a commendable level of confidence, and exhumed sincerity and reliability. The 6 million naira he was seeking was essentially intended to be used as the capital to facilitate the grant of a bank loan of 54 million naira, but John Momoh was curious – he wanted to know what would happen if Femi, after getting the 6 million naira investment from the dragons, is unable to secure the loan from the bank. And Femi Odeleye, with admirable honesty assured the dragons that their 6 million would be returned intact in a situation where he isn’t granted the 54 million naira loan by the bank.

Femi was able to further convince the dragons of the viability of his business, by the fact that he had also succeeded in securing a patent for the Trike-tor, and the patent covers the design and concept behind taking a motorcycle and converting same into a three-wheeler tractor. The fact that he already had a patent for this design was an added incentive, which drastically reduced the risk of poachers stealing his idea or replicating his technology once the product hit the market.

Cutting to the chase, Femi Tejuoso presented Femi Odeleye with a rhetorical question about the value of the equity he was offering to the dragons, implying that if the entrepreneur was in the dragons’ shoes would he settle for just 20% equity after providing the prerequisite funding for the business?

“If I was presented with such an offer, as an investor – I’ll jump at it” Femi Odeleye responded confidently.

On that premise, Chris Parkes moved forward to the negations – Femi Tejuoso indicated his interest in negotiating with this entrepreneur, followed by Ibukun Awosika who decided to consult with the other dragons to find out if they were all interested in going into a deal with the entrepreneur as a group or if any individual dragon wanted to go ahead and negotiate competitively – John Momoh and Tokunboh Ishmael both agreed to come on board with Chris Parkes, Ibukun Awosika, and Femi Tejuoso, collectively asking the entrepreneur for 49% equity – since Ibukun Awosika had insisted that it would be prudent to let the entrepreneur own the controlling equity in this business.

The dragons advised Femi Odeleye to consult with a partner or his business advisor before making up his mind to accept or reject their offer. Femi Odeleye decided to take a short break from the den to consult with a business associate who advised him to take the deal.

He returned to the den – facing the dragons with a triumphant smile, he announced that he would take the deal, relinquishing 49% equity to the dragons for 6 million naira.

He was fulfilled and grateful for having the dragons on board his business – and was even more satisfied with the deal because he had controlling equity in his own business.

Femi Odeleye will go down in the history of Dragons Den Nigeria as the first inventor to have slain five dragons with one idea – the Trike-tor, a three-wheeler tractor. 

Sure the farmers who have found it difficult to afford the conventional tractors, will definitely embrace the Trike-tor as a cost-effective, and easy-to-maintain machinery that will generate more profits for less running cost.

Our second entrepreneur believed he could transform billboards from being mere marketing tools to functional utilities with Bright Streets Incorporated. To do this, he needed 25 million naira in exchange for 60% equity. He opened his presentation well, dressing his business idea in the garments of a socially responsible initiative. But will this seeming “social responsibility” take precedence over business viability? He explained that the billboards won’t just be there to advertise brand and products anymore, but also serve as a vehicle for lighting the street up. But the dragons could not see the where the income stream was going to come from. John Momoh was also disappointed that the entrepreneur was not affiliated to any of the advertising regulatory bodies.

The dragons felt he had a lot of ground work to cover. And they all opted out.

The third entrepreneur in the den was the C.E.O of Futuristic Concepts; he came to seek 10 million naira in exchange for 70% equity in his online advertising venture. From his very brief presentation, it was deduced that his business was built on the platform that he was going to offer advertisement slots to customers. However, he prompted for questions without having given an elaborate presentation, and from this action it seemed that this entrepreneur was taking a futuristic route to stretching the dragons’ patience.

Without a running website, his ambition to sell online advertising slots was rebuffed as a prematurely nurtured ‘futuristic’ endeavor.

The dragons opted out.

The fourth entrepreneur in the den was Ayo Falano, the C.E.O of Alexander Blakes Solutions; he was looking for a 14 million naira investment in a company ear-marked to offer a ‘loaded’ bouquet of IT Solutions and services. He was talking about deploying WiFi services, offering doorstep deliveries of goods purchased online. But Chris Parkes discovered a discrepancy in the equity stake on offer. Ayo had announced to the dragons when prompted that he was giving away 41% whereas he was actually offering 25% as documented in his business proposal. Well, this did not mar his chances. Because the dragons still gave him ample time to pitch his business. But when he was unable to explicate his business plan, and unable to prove his affiliation with his overtly mentioned partners; the dragons quickly lost confidence in this entrepreneur. His business became confusing, and contradictory.

The dragons unanimously opted out.

Olubumi Adeyemi, a London-trained interior decorator came in search of 10 million naira. He was ready to part with 25% equity in Homemade Interiors Limited. But without giving the impression of a confident and eloquent salesman, the dragons may not have seen the benefits of investing in this young man. Femi Tejuoso prompted him to confide in the dragons, and tell them if his business was actually in existence. This prompt led to an unsavory revelation which showed the absence of an operational business, and that the entrepreneur did not have enough experience in managing an interior décor firm.

After a few questions – the dragons remained unconvinced that this entrepreneur had the prerequisite traits to successfully run his proposed business.

The dragons opted out.

Our last entrepreneur, Yinka Oyenuga came in search of 45 million, 220 thousand naira in a social-entrepreneurship  initiative he tagged “Heart Trick” in exchange for 45% equity. His projected 1, 000% returns on equity investment roused dragons’ curiosity in the operations and administration of such a venture. While he was explaining the concept behind this business, John Momoh deduced that this entrepreneur wanted to make money by exploiting the sentiments of the invalid – he wondered how the entrepreneur wanted to generate funds from what was supposed to be a charitable venture. Yinka’s explication of his business plan produced a feeling of doubt and suspicion on the actual economic motives of this proposed venture.

The dragons began their probe to establish if this entrepreneur was proposing to trade on the disadvantages of invalid people, while remitting a meager percentage of the proceeds to the invalids. Ibukun Awosika quickly opted out because she felt strongly that the entrepreneur was proposing to exploit a disguised charitable course for financial benefits.

Convinced that Yinka was not being honest with his core motives in this venture; Ibukun Awosika rebuked his presumed deceit, advising him to desist from such exploitative schemes.

The dragons opted out.

Though, the dragons didn’t invest in any business idea in this episode, the entrepreneurs who came before them in the den went home with more knowledge on how business ideas ought to be presented to investors. A few of the ideas were brilliant, but due to the lack of concentrated efforts, the dragons felt the entrepreneurs could put in more time and work into their business plans to make their ideas investable.

The dragons are still looking for businesses to invest in. Join us next week for more educative action on Dragons Den Nigeria.

The last entrepreneur in the den in episode 7 was AARON ADEGOKE WRIGHT. He came seeking for 5 million naira, while generously offering 50% equity in INDIGENE CREATIONS- a company that promotes Nigerian and African culture through artistic products. Aaron seemed intelligent and passionate about his business, and was very articulate in his presentation. The dragons gave him their full attention. But being the astute business men and women that they are, they fired him with what could have appeared as tough questions to any other entrepreneur- but not Aaron. He was resolute and determined to slay the dragons. Even at a point when Tokunboh Ishmael indicated her interest, but warned Aaron to answer the other dragons’ questions smartly or risk loosing the interest his pitch has already generated in her buoyant pockets.

He remained unperturbed, delivering the answers to the questions like someone who was used to being in the presence of very intimidating millionaires. His idea had a lot of merit, his presentation appeared flawless, the product was patriotic, but Femi Tejuoso needed to be convinced that Aaron was proposing a viable business. He was tested with fire, bombarded with business concepts like target market, exclusivity, and demand.

But he refused to be boxed into a corner; sensing Aaron’s passion and doggedness, Alexander Amosu who is reputed to be one of the most meticulous dragons invested 500 thousand naira asking for 5% equity. Alexander Amosu’s investment was followed by Tokunboh Ishmael’s investment of 1 million naira for 15% equity; then came Chris Parkes- with his vast experience in marketing – offering his knowledge and 2 million naira for 35% equity; John Momoh liked the idea, and felt his contribution and investment would add value to Aaron’s company, so he invested 1 million naira for 15% equity. So far, Aaron had gathered 4.5 million naira, and as the rule states he would have to leave the den with nothing if he wasn’t able to raise the total amount he asked for, so his fate rested with Femi Tejuoso – who playfully reveled in the power he had to make or mar the deal, after a hearty comment, he invested 1 million naira for 20% equity.

At this point, Aaron Adegoke Wright had 5.5 million with a total of 90% equity amongst the dragons. He had walked into the den with the intentions of giving away 50% equity- yet he seemed okay with giving away 90%.

Tokunboh Ishmael came to his rescue, soliciting and negotiating with the dragons on his behalf, for them to collectively settle for less equity-stake in Aaron’s company in exchange for the full 5 million naira. With Tokunboh Ishmael prevailed upon her fellow dragons to collectively settle for 75% equity instead of the accumulated individual equity of 90% that Aaron has previously negotiated. The dragons agreed to invest 5 million naira, while they all shared the 75% equity amongst themselves.

The deal was sealed. Aaron Adegoke Wright was happy and grateful to Tokunboh Ishmael for coming to his rescue.

Aaron believes he made the right decision, and posited that though he had initially offered to give away 50% equity he was glad, and had no regret about letting the dragons take 75% since the success of the business will depend majorly on the dragons’ contribution of their network and various professional experiences.

It’s certain Aaron Adegoke Wright will profit tremendously from this business alliance with these successful men and women.

The third entrepreneur, EBUNJU CHIDOZIE, came preoccupied with a business idea that he said would help protect the environment, and generate huge sums for his company. He needed 10 million naira in exchange for 15% equity.

But Tokunboh Ishmael was concerned with the value this pitcher has placed on his business, and seemed disappointed with the equity he was offering considering the fact that a large chunk of his company’s value depended on their investments.

John Momoh wanted to know what will happen when the companies who were to provide him with raw materials run out of business, to which he was unable to provide a satisfactory response.

The dragons had no option but to opt out.

The fourth entrepreneur in the den, OBIHARE CHIMA came in search of 7.8 million naira in exchange for 20% equity in his “document management services” business – a platform which he intended to use in offering large organizations industrial scanning services. But the dragons felt his business idea lacked any unique selling point. Tokunboh felt strongly that most prospective clients may be unwilling to compromise or jeopardize the confidentiality of their documents since the entrepreneur had no measure to guarantee their peace of mind.

The fifth entrepreneur, MATHEW OLATERI came asking for 20 million naira in exchange for 20% equity in an auto club called the “Auto-Care Alliance”. Though he had a cheerful time with the dragons, who confessed to liking his attitude and personality, he was unable to convince them that what he was proposing was a viable business opportunity in Nigeria. They advised him to put in more time into researching the project, fine-tuning his business plan to make an investable business.

The self-styled ‘first aider’, EFE ADEMOLA was the sixth entrepreneur to face the dragons; he asked for 9 million naira, sixty-eight thousand in exchange for 25% equity in his first-aid business. He was unable to explain his business to the dragons. According to the dragons, his business idea lacked clarity, and his presentation was devoid of well-articulated thought. John Momoh was disappointed in his style of presentation, and clearly pointed that out in the den. To the dragons, he had come in ill-prepared, jittery, and appeared very unserious. He was politely dismissed by the dragons.

The art of negotiation is an interesting business subject. Oftentimes, when business men and women negotiate with clients and investors, there’s always an angle to the conclusion of the bargain – an angle that may elude an unobservant third party. Oftentimes a wise business man or woman may intentionally wish to appear to have taken a fall in a bargain in order to get more from that same bargain in the long run. In the smart business circuit, the business man or woman who seems to be holding unto the shorter end of the baton may actually be the business man or woman who stands to gain the most from the deal in the long run. The beauty and complexity of the art of negotiation came to the fore in episode 7 when a certain determined young entrepreneur went to battle with 5 successful and astute business men and women in the fiery den, and walked out with a sly grin on his face.

Welcome to episode 7 of your number business school on terrestrial television – Dragons Den Nigeria.

The first entrepreneur to face the dragons in episode 7 was YAKUBU YAKUBU; he came to secure an investment in his media company Eclectic Design Grade and Enterprise to facilitate the production and distribution of a DVD magazine called D-9 THING.

Having mentioned his huge demand for 33.1 million naira, in exchange of a generous 40% equity; but the dragons were not easily swayed by generosity, they wanted to go beyond the speculative nature of the idea to what makes it unique and marketable.

His production cost of 60 naira and retail value of 800 naira showed that the profit margin of this DVD magazine business was incredibly tempting. But the dragons refused to swallow this tempting bait.

The concept of producing a DVD magazine may be novel; however the dragons seemed more concerned with how this idea would effectively replace the conventional paper magazines and how it would appeal to its target market.

Alexander Amosu noted his discomfort with the inappropriate and unattractive ‘magazine’ cover, but the prevailing issue was the entrepreneur’s inability to convince the dragons that he had a market for this DVD magazine, or that he could compete with the conventional magazines, Femi Tejuoso was the first to opt out, followed by the rest of the dragons.

The second entrepreneur in the den was ANTHONY OGUNLADE and his partner, they came in with a concept they tagged “Naija Music League”. A mobile and internet-based music game targeted at avid fans of music and football in Nigeria.

They were seeking 50million naira, and offering just 30% equity, one would wonder how the dragons were expected to warm to their idea, their huge demand and their thrifty equity offer. Femi Tejuoso decided to get straight to business, asking the entrepreneurs to establish the money making potentials of the business, but Anthony and his partner found it difficult to convince the dragons that their business idea had any unique or viable business concept. They froze when certain questions were asked, and they couldn’t quote crucial figures from their business plan.

The dragons quickly opted out.