ShockSlayer wrote:And bacteria didn't come off as mean to me...however the "FAIL" part was a bit unnecessary; Would have been acceptable had it have been a picture.
<- That smiley has a shocked expression!
SS
SS - Take your point, however HotDog_Cart has a big "fail" in his sig; so I figured if it was legit for him to post a big "fail" in his sig then he couldn't object to someone else to post the word "fail" when he was going into "a path of negative success".
HotDog-Cart wrote:
Someone could steal my product, due to it not having a patent. (Like someone in the audience could.)
Although my product is very complicated, someone could still steal it.
This is where I dont know what to do. To go on the show, or to not go on. I could always not go on, and request a private (Non aired) presentation.
Nice to see you understand where I was coming from.
I have seen this before - someone went on to Dragons Den with a gadget to rock a baby in a pushchair to sleep, didn't take the Dragons offer; came back a year ago with made-version (first time on the program someone came back) and by then someone else had released to market a fairly similar product - as there was no patent initially.
Bottom line is this - if you believe your product will sell bucketloads and can prove to the Dragons that it will, what you do is this - offer the Dragons 40% of your business (zero value at the moment after all) in return for whatever you need to finance the business - work on a basis the following:
patent costs
prototype costs
stock purchase, may have to order in quantity
marketing via website and adverts on Google and other sites
tooling
renting small business unit to be based (ie not at home)
employing someone to help the day to day running of business so you can concentrate on sales and marketing the product and getting it to market
etc
Eg, you might go for something like $50k - $80k from them, or whatever you need to get the business afloat.
You give a Dragon 40% as that still makes you majority and also encourages them to put their time and effort into the project. Be prepared to go 50% - worth it in the circumstances. Your business at the moment is worth nothing, no product, no sales, no revenue, no profit. Bear that in mind. You need their time and contacts.
You choose a Dragon with suitable contacts and fingers in the right pies to help you; ie not the one who made their millions in the pub industry but one who either specialises in start-up businesses or technology or retail.
Think of it this way - forget emotions in business, they are not important; as you will learn.
* Your product is going to be successful - research the market, tell the Dragons about it. Go for broke to get a deal. If they don't support it, go for private finance to get a patent (family, bank, etc).
* No way to raise finance to get product to market - ok, who cares then if someone may copy it - go all out for a Dragon deal - you won't make the product successful if you can't pay for R&D and marketing.
* Unsure if product will sell shed-loads - well, neither will the Dragons either...
In your presentation - no slideshows.
* Make a single board, c. A2 size, with product pics with a big one in the middle.
* Wear a suit - get your hair cut and looking professional and not "student"
* Come across as "switched on" and entreprenurial
* Know competition and market and prices
* Don't overvalue your business or project silly achieveable sales figures
* Tell them how you will advertise your business and sell the product, and routes.
* Be likeable and respectful, they have to want to do business with them
* Research the Dragons themselves - what they back, what they specialize in
* Speak confidently
* Remember, they want to make money out of you and you need their money, so gear yourself into that frame of mind
* Know what it costs to make your product, and sale price. Talk about intending to contact manufacturers in China and India to make your products cheaper.
* Try to relax in presentation, build it up to this major thing and you will screw up as you will forget everything and lose the ability to speak properly!
* Prepare
Have an answer to one of the points they will certainly raise - "VR - every few years someone tries to bring it to market and it always seems to fail" - have an answer for that - why yours is different.
Good luck.
