Dragons Den Nigeria has empowered young entrepreneurs across the country with business advice from five experienced and successful businesspersons selected from various sectors of the economy. However, only two entrepreneurs - Yusuf who got an investment of 10 million naira in his business "
Naijacities.com"and Alsu Odewinge who got 3 million naira investment for her "Start-Up City" business - have been able to convince the dragons enough.
The first entrepreneur in this episode, Idowu Oluwakayode, came to the den seeking a 15 million naira investment (for 40% equity) from the dragons to boost his product "H2Jo"- which according to him was a new idea developed to fizzle out the production of water in sachets.
He was to package table water in 50cl plastic cups, an idea that put him under the dragons’ fire. The last straw however was when he stated he was going to recycle the containers to which Ishmael was quick to point out the health implications – he got no investment.
Martin the second entrepreneur had come to the den seeking 50 million naira in exchange for 20% equity in his business "Doctor-on-Phone" which would offer assistance during medical emergencies via the telephone.
The dragons considered the idea a high-risk one since he was not sure of the availability of medical doctors at the time of distress, the absence of physical contact between the doctors and patients to be able to make diagnosis and lastly, the legal implications of falling short of service.
Martin got no deal.
The third entrepreneur, Oluwaseun Kayode needed 2 million naira for his business of designing books in African fabric covers and was ready to part with 30% equity. His current unit production cost was estimated at about 550 naira, and he intended to retail the books at 700 naira.
However, Awosika and Parkes observed that the prototype he presented was not well done and so, the dragons lost faith in that venture.
Ibrahim Jairo was the fourth entrepreneur who came with a proposition to establish a computer gaming arcade in Abuja, and was looking for N9,995,000 (nine million, nine hundred and ninety-five thousand naira).
The idea raised serious copyright issues. This coupled with the fact that he did not conduct an extensive feasibility study of the business sent him out of the Den without a deal.
The fifth entrepreneurs, Frank and Erastus wanted 4.5 million naira to give up 20% equity in their business, "Nigerian Sales Genie", a site where people can come buy and sell products and services. In other words, an online-classified advert portal.
On close examination, the dragons discovered they had not laid any foundation for this business and Amosu’s final comment decided their fate.
They had lost out but with words of encouragement from Momoh.
Babajide Oyeleye, the sixth entrepreneur came seeking 18 million naira for "Emergency Kits for Cars" in exchange of 40% equity in the business.
He came to display towing ropes assembled in Nigeria, to help motorists when they experience vehicle breakdowns. But the dragons aptly pointed out that the business had no uniqueness and no testimonial from any monitoring organization like the Road Safety Commission of Nigeria - they opted out.
The last entrepreneurs for this episode were the siblings Nuyin and Damilola, who came to raise 30 million naira in exchange for 40% equity in their "24-hour Electrical and Electronics Repair Centre," that could provide solutions to every electrical need within Lagos once the customer dials their company.
Well, the dragons did not invest but the trio of Awosika, Parkes, and Ishmael offered them an opportunity to return for more talks when they have prepared a more functional business plan. .
