By ADEOLU ADESANYA
I love Dragons’ Den, but sometimes I dislike the way the ‘dragons’ talk some entrepreneurs down. It just works me. Because here is someone who has prepared and thought over his ideas, and in a couple of minutes, that idea is all trashed up. Yes I know, that some of the ideas could be ridiculous at times, I also know that, they signed up for it by coming on the program. But I just wish the panelist; find a better way of telling them.
You need to see the delight on my face when I read the success of James Nash, I remember this episode vividly, James took the idea of selling wine in a ready to serve plastic glass with a tear-off lid (which solves the problem of feeling like a glass of wine but not having a glass or a corkscrew) and the guy was taken to the cleaners especially by Duncan Bannatyne (for some reason I still love Duncan, maybe it’s because of his Scottish accent).
James had asked the Dragons – Peter Jones, Theo Paphitis, Duncan Bannatyne, James Caan and Deborah Meaden – for £250,000 for a 25% stake in his business, Wine Innovations Ltd and they all refused to invest. In Duncan’s words, after few minutes of questioning, “… it doesn’t work as a selling item, because people don’t want to buy wine in plastic glasses like that with a seal on top, and for that reason I’m out.”
To be honest, I also thought to myself he had requested for too much money for the business, maybe he should have said, what he would have used the money to do.
In any case, James refused to give up on his dream and he is having the last laugh, he had a private investor call him, to invest in the product (meaning his appearance on Drangons’ Den was worth it, because that brought exposure for his business) also, Marks & Spencer struggle to keep up with demand for his ‘cup-a-wine’ concept and have rolled out in 600 stores. The wine has just won the Great Value Champion Rosé as The International Wine Challenge for 2012.
Moral of The Story: Don’t be discouraged, if you are rejected and criticized by the people you think might know it best. If you believe in that your idea, and you are sure it solves a problem and its innovative, go ahead with your idea. Take on board the criticism; if its useful tweak your ideas, if it isn’t, don’t be afraid to trash the criticism, some people are just naturally pessimistic.
Watch the video here