A Saucy Entrepreneurial Winner Wednesday, March 07, 2007
The BBC series Dragons Den is an entertainment programme rather than an educational show - it's not the experience that most entrepreneurs will go through when meet investors. Many of the entrepreneurs on the show make it on by virtue of the producers believing that it will produce good TV to put an awful idea/business/entrepreneur in front of investors that are pumped up to be extreme bullies.
I have watched a number of episode, all of which are available online, afte r friends recommended it (believing it to be what I do). Occasionally a few good ideas creep through but very few get funding.
One recent episode I saw featured a rastafarian chef, Levi Roots, seeking funding for his business selling west indian themed spiced sauces. His pitch was tacky - he sang a ditty! He wanted £50k for 20%. Instead he got £50k for 40% following a joint investment from Peter Jones and Richard Farley.
Well, it was announced today (not long after the show was televised) that he has landed Sainsbury's as an account who will sell the sauce at 607 stores in the UK. Presently, it's unclear whether it was the investors involvement or simply from being on the TV show that made the difference though, bearing in mind that it's possible that a Sainsbury's plc buyer may simply have decided to trial it following the free publicity that the show generated for the product.
End of the day, Levi probably doesn't care and as for his investors, well sometimes money simply attracts more money!
Labels: VC, VC startup
posted by John Wilson @ 8:32 PM Permanent Link
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