Having been on CBC's Dragons' Den to pitch Rejection Therapy: http://rejectiontherapy.com this current season, I think I can add some insights.
James nailed the essence of it, but there's a saying that goes a battle plan never survives the first shot fired, and that's true when stepping in front of the Dragons with cameras rolling.
You need to be super versatile with your pitch. It's a big mistake to go in with a memorized script. Too much pressure, and the Dragons don't have to let you finish your pitch if they don't want to.
In my case, Robert started making comments to me and the other Dragons at about three seconds into my pitch. Kind of threw me off (but then again, Robert is the wild card).
Just know your product and the numbers inside and out.
A few other surprises during the pitch. A Dragon made an agreement with me (not for investment though) then reneged. I'll leave it at that.
Something that became perfectly clear early into the pitch: the Dragons aren't risk takers. Not at all. They want proof of sales (and lots of sales) or a promising intellectual property. Or maybe you have a tonne of orders you can't fulfill until you get some manufacturing capital.
In most cases, those who land a deal are those who could get a deal elsewhere.
My most valuable takeaway from the experience? People's feelings get hurt on that show. On Shark Tank, I've seen Kevin call someone pitching a line of fashion belt buckles a "lying pig". On national television.
I should've sworn off the show after seeing that, but I underestimated how that can irreparably harm someone. I'm more sensitive of people's feelings now, even public figures.
Walk a mile in a man's shoes, as the saying goes.
For me, it was obvious I wasn't going to get investment from the Dragons. I was like a lamb to the slaughter and I knew it.
Thing is, one of the cards in the Rejection Therapy Entrepreneur Edition is to "apply for Shark's Tank or Dragons' Den" and I did. It was a failed rejection attempt! I got on!
The experience wasn't so bad though. I got along righteously with Bruce Coxom. He totally got it. He defended the idea all the way, and even stepped out of his chair to give me his glass of water (I got the dreaded cotton mouth). Arlene was a doll. Very polite and understanding.
P.S. I'm in bed with a raging flu, typing this out on an iPhone with a dirty screen. If this runaway comment doesn't make a lick of sense, that's why.
I really wouldnt get offended by Kevin or anyone elses comment. Business is called business until we sleep in one bed together. Otherwise we dont have to like each other. Sure its great when you love your business partners but I dont find it that big of a deal, especially when it came from Kevin's mouth (as with any other show they put totally character-contrast cast to make things spicy - Kevin vs Barbara, i.e.)
You have to learn about him to understand what kind of deals he is performing. He is amazing on selling anything to everyone even if its ice to Eskimo. In his example he had some huge, hm poisoned water delivered here and there :) [1] But I give him credit for fucking up software deal to Matel and having huge balls to being proud of it and shoving it in everyones face (at least on the show: his favorite quote was something like "millions of dollars? thats a rounding error, a statistical noise in deals i have been doing!"). Don't get me wrong: the guy is a genius at making money and just proves that you will get dirty by making plenty of money. I would like to live his live, sure, but definitely wouldn't like to die as Kevin, given you believe in things like God, Heaven and Hell.
I knew Kevin wouldn't invest in something like Rejection Therapy. I didn't expect any Dragon to "get it" [1], but he was the salivating pitbull in the room I had to watch out for anyway.
He preoccupied a majority of my concerns. I was right to.
And as to your other point, the Bible verse "what profiteth a man if he gains the whole world yet loses his own soul" comes to mind. There is hope for everyone though.
[1] Heck, my own flesh and blood parents were baffled by the concept for the longest time.
James nailed the essence of it, but there's a saying that goes a battle plan never survives the first shot fired, and that's true when stepping in front of the Dragons with cameras rolling.
You need to be super versatile with your pitch. It's a big mistake to go in with a memorized script. Too much pressure, and the Dragons don't have to let you finish your pitch if they don't want to.
In my case, Robert started making comments to me and the other Dragons at about three seconds into my pitch. Kind of threw me off (but then again, Robert is the wild card).
Just know your product and the numbers inside and out.
A few other surprises during the pitch. A Dragon made an agreement with me (not for investment though) then reneged. I'll leave it at that.
Something that became perfectly clear early into the pitch: the Dragons aren't risk takers. Not at all. They want proof of sales (and lots of sales) or a promising intellectual property. Or maybe you have a tonne of orders you can't fulfill until you get some manufacturing capital.
In most cases, those who land a deal are those who could get a deal elsewhere.
My most valuable takeaway from the experience? People's feelings get hurt on that show. On Shark Tank, I've seen Kevin call someone pitching a line of fashion belt buckles a "lying pig". On national television.
I should've sworn off the show after seeing that, but I underestimated how that can irreparably harm someone. I'm more sensitive of people's feelings now, even public figures.
Walk a mile in a man's shoes, as the saying goes.
For me, it was obvious I wasn't going to get investment from the Dragons. I was like a lamb to the slaughter and I knew it.
Thing is, one of the cards in the Rejection Therapy Entrepreneur Edition is to "apply for Shark's Tank or Dragons' Den" and I did. It was a failed rejection attempt! I got on!
The experience wasn't so bad though. I got along righteously with Bruce Coxom. He totally got it. He defended the idea all the way, and even stepped out of his chair to give me his glass of water (I got the dreaded cotton mouth). Arlene was a doll. Very polite and understanding.
P.S. I'm in bed with a raging flu, typing this out on an iPhone with a dirty screen. If this runaway comment doesn't make a lick of sense, that's why.