The Importance of Clarity as Dragons and Pitchers Meet

He was pitching a profitable way to put agricultural waste to better use, whilst protecting the environment. Unable to convince the dragons enough to part with their money but being able to make them see the viability of the business idea earned him the interest of the dragons who opened up a window for further discussions with him.

Tony Samuje, the second entrepreneur who came with an idea that could make the production of entertainment and media content more cost effective in Nigeria, was seeking a 30 million naira investment in Entertainment Warehouse – a soundproofed audiovisual facility designed to encourage indigenous filmmakers to produce their feature length films in a world-class environment located in the city of Lagos.

As brilliant as his idea was, he however could not get the dragons to invest owing to the fact that he was ill-prepared and lacked the necessary facts required to establish and run such a facility. But they encouraged him to go back to the drawing board and really work out the logistics of this business.

The third entrepreneur, Osainde Edmond Alohan was in the den seeking 30 million naira to import some computer-related boards used in the assembly of mobile phones and computers; offering 50% in equity. But the dragons felt it would not be prudent to invest in such a potentially competitive trading business and all opted out.

Oluwafemi Clothings, the fourth entrepreneurs came seeking a 4.6 million naira investment in exchange of 30% equity in their fashion retail company. While they were advised to create a unique afro centric style and identity for their brand to make it more appealing, the dragons however, could not be convinced to invest in an already saturated industry. 

The fifth entrepreneur was a website developer who came seeking a 7.7 million naira capital investment in his already existing web-related solutions company and was ready to part with 15% equity to the dragons.

But the dragons, not convinced on the viability of this business idea opted out.

Capitalizing on the growing need for alternative fuel for both industrial and domestic purposes, Ayodele Michael, the sixth entrepreneur came to the den seeking 11.9 million naira to invest in the development of a bio-diesel product and was willing to give up 25% in equity.

But his inexperience with bio-chemicals and inability to communicate his expertise in the field of biotechnology did very little to convince the dragons, coupled with the absence of a sample and proof of the product’s functionality.

The dragons backed out.