Dragons’ den is back next Thursday at 20h00 on BBC 1. Top tips to pitch to Dragons’ Den
Over the years, we have had many of our clients pitching their idea in the den, some successful like Chris and Kathryn Baldrey-Chourio – Nana’s Manners, who secured £50,000 investment; some were not so lucky. So what makes a pitch successful? Is it all about the idea? Vanessa Van Edwards, who founded Science of People, believes good communication is critical. This is not just the content but the overall nonverbal body language that is presented.
If you’re planning to pitch your idea on “Dragons’ Den,” here are a few tips to keep in mind:
- Prepare a clear and concise pitch: Your pitch should clearly articulate the problem your idea solves, how your solution works and its potential impact. Keep your pitch to a maximum of 5 minutes and practice it until you can deliver it smoothly and confidently.
- Use your body language to show openness and positivity. Don’t cross your arm. Address the “dragons” directly with your whole body facing them.
- Reach out to the dragons to create a rapport. Vanessa talks about using props. She concluded that “most successful pitchers use nonverbal bridges to get closer to the sharks during their pitch”. (Shark Tank) is the equivalent of dragons den in the US)Try giving them samples of your product for them to try, give leaflets etc.
- Know your numbers: Be prepared to provide financial information, such as your projected revenues and expenses, as well as details about your current financial status. The dragons will want to know if your idea is financially viable.
- Have a solid business plan: Make sure you have a well-thought-out plan for how you will bring your idea to market, including details about your target market, marketing strategy, and growth plans.
- Be open to feedback and negotiation: The dragons may offer constructive criticism or suggestions for how you could improve your idea. Be open to their feedback and be willing to negotiate the terms of any potential investment.
- Stay calm and composed: Pitching your idea on “Dragons’ Den” can be nerve-wracking, but it’s important to stay calm and composed, even if the dragons are tough on you. Remember to stay focused and maintain your confidence.
These guidelines apply to the Den and any other occasion where you need to pitch your idea for investment and or license your idea. As the leaders in the field of helping individual inventors and with our unique range of services and experience, Innovate’s team can help you prepare for the Dragons. Our services provide a range encompassing background patent searching, complete design services and visualisation work, as well as physical prototyping. We also offer integrated Intellectual Property and marketing advice and support.