We had a Masterclass with a difference this week. Two of our members told their stories of making presentations to Dragons Den. Interestingly both are in the food sector. Approved Food is an online supplier of short dated and residual stock food and drinks and Proper Maid supplies of home made cakes with a twist.

The Process

There was a screen test 2 weeks before the filming and on the day of filming there was a lot of hanging about with no idea of when you would be called up-Approved Food waited from 6am till 4pm then they had 3 minutes to pitch which was followed by one and a half hour’s grilling by the Dragons. This was all reduced to 11 mins when it was shown

The Result

Andy Needham and Dan Cluderay of Approved Food did not get funding although Peter Jones said he was interested but not just now whereas Allison Whitmarsh of Proper Maid got £50k for 25% from Deborah Meaden. She had an offer from Theo of £100k for 40% and of £50k from Deborah.

Has it helped.

The money obviously has and lots of publicity for both companies-Approved Food’s website crashed on the night Dragon’s Den was on because there was so much traffic and a definite increase in sales for both companies.

For Proper Maid having Deborah Meaden on board has helped their credibility and helped get them through the door at Pret a Manger and Ocado who they now supply. Proper Maid has grown since then and now has 2 factories and 39 employees. Deborah is still a shareholder.

Conclusion

Above all else Dragons Den is a TV show before being a place to get investment. Should you do it if you get the chance-definitely if only for the free publicity which must be worth loads.

Next week

Next week I’m going to discuss funding options including what may be available from our Entrepreneurs in Residence