Dragons’ Den’s most brutal behind-the-scenes secrets – from seven-hour waits to no second chances
FOR entrepreneurs, appearing on TV’s Dragons’ Den can either make or break their business.
So what does it take to really wow the judges Deborah Meaden, Peter Jones, Sara Davies, Steven Bartlett and Touker Suleyman?
Edward Hancock, founder of cheesegeek, an online cheesemonger specialising in supplying British artisan cheeses directly to customers’ doors, was the first business owner to step foot in the den on the new series of the BBC One show.
Appearing alongside his business partner Richard Simpson, they delivered an impressive pitch that won over Peter, Steven and Touker.
The business partners agreed an offer from the newest Dragon, Steven Bartlett – who bid £150,000 for a 5 per cent stake in the London-based artisan cheese retailer.
But what really goes on behind the scenes? Edward has revealed all…
A THOROUGH PROCESS
Edward, 39, from south-west London, told us: “When we first applied to appear on Dragons’ Den, I don’t think we really believed we would get through to the next stage, let alone appear on the show. It’s a thorough process – video auditions, comprehensive due diligence, form after form.
“Then an email arrived with confirmation – we had a slot on the very first day of filming the new series. Excitement was our first reaction.
“Then after the initial news settles down, you realise that you will actually have to pitch. On camera. To Dragons.
“Expect a lot of due diligence – not just around your business, but also you as an individual in the weeks leading up to your appearance on the show.”
FOLLOWED BY A LONG WAIT
Edward said: “We travelled up to Manchester the night before to avoid any last minute travel hiccups. We arrived at the studio at 7am as we had a morning slot…and the waiting began.
“We had to wait for seven hours before being taken up to the Dragons. It wasn’t until early afternoon that we got the call. Pitch time.”
YOU’RE ON YOUR OWN
“There are no advisers on hand to answer any questions or to give you advice in terms of your pitch. What makes the show so great is that it’s completely real.
“The first time you see the Dragons is walking out of the lift – it’s just like how viewers see it when watching from home,” Edward explained.
ONE SHOT TO GET IT RIGHT
Edward said: “After our pitch, our question and answer session with the Dragons lasted for 1 hour and 45 minutes.
“There are no cuts in the filming, no redos. There’s no staging from the producers or being directed to say certain things. It’s just you, pitching your business to the Dragons, then being questioned – all in one natural, real take.
“Final point – remember the cameras are still rolling when you’re in the lift.
“Richard proceeded to curse non-stop for about 30 seconds when we walked in after our pitch. Unsurprisingly this didn’t make the final edit.”
NO NICETIES
Richard, 39, from Farnborough explained: “Walking out of the lift, I intentionally tried to make eye contact with each of the Dragons.
“From memory, Sara and Deborah were smiling and settled me down (Peter Jones was a little more stern).
“There are no niceties though, we were straight into our pitch. Three minutes, one opportunity – thankfully we made it through. In fact, it went better than most of our practices – nothing like a bit of pressure and adrenaline to get you through. The Dragons were less intimidating and more supportive than I imagined.”
HOW DID COVID IMPACT FILMING?
Richard explained: “Viewers will have noticed Edward and I were separated by a partition in the lift.
“We stood apart for the pitch, and the conversation flowed. After some cheese puns we received 3 offers (Peter, then Steven and Touker).
“Edward and I headed to the wall to discuss – but due to the fact we had to be socially distanced, I’m the first to admit that I didn’t hear a huge amount of what Edward was saying.
“But I knew the gist and after a short negotiation, we agreed a deal with Steven. Result. Then we had some awkward, socially distanced first bumps before making our way back to the lift.”
BATTLING NERVES
Richard told us: “Edward and I travelled to Manchester the night before to avoid any last-minute travel hiccups, but I proceeded to get absolutely no sleep and felt anything but refreshed.
“I tried to eat but it took me 30 minutes for a bowl of Cornflakes. Not a good start. We arrived at the studio at 7am as we had a morning slot…and the waiting began. I tried and failed to eat again.”
Edward added: “Containing nerves is pretty tough but remember the Dragons want you to be good.
“The first thing I noticed when I walked into the room was how big the smiles were on the judges’ faces.
“We felt really welcome, and the Dragons genuinely want you to do well. And again, none of them knows your business better than you.”
Edward also explained how entrepreneurs can deliver the perfect pitch…
WATCH EVERY EPISODE
He said: “I watched every single episode of Dragons’ Den that was available online or on catch up ever recorded prior to going on the programme.
“On numerous occasions my wife Rose found me watching it in the middle of the night. I wanted to ensure I had thought of every possible line of questioning that the Dragons might deliver on the day of the pitch.
“I also wanted to make sure I was prepared for any possible negotiations, should we be made an offer.
“By watching the episodes I learned what made a great pitch, and which pitches went really badly.
“This meant I could identify the most common mistakes made by business owners, as well as the things that earned credit and praise by the judges. The closer we got to the day, I actually found that watching more episodes was having the adverse effect and making me more nervous – I imparted a self-imposed Dragons’ Den ban in the week before filming.”
PRACTICE MAKES PERFECT
“I practiced our pitch a lot. And then more. And then again. I probably rewrote our pitch around 20-30 times if not more and read it more than 100 times.
“You have only three minutes to make your pitch when you’re in front of the Dragons, so every single word counts. Don’t just practice the pitch in front of your family or the same person, make sure new people hear it otherwise you go into cruise control when talking, which means you won’t be fully prepared for the ‘shock’ of pitching to the Dragons.
“We even practiced it in front of cardboard cut outs of every Dragon! We even replicated the lift entrance, made sure we were the appropriate distance apart and tried to make it as close to the Den as possible,” he told us.
DO YOUR HOMEWORK
Edward explained: “I researched each of the Dragons endlessly – what had they previously invested in, what was their set of skills, what were their likes/dislikes/sense of humour.
“We even found out Deborah Meaden only ate a very specific sort of cheese, so ensured we tailored the taster boards we let the Dragons try during the pitch accordingly.
“They have no idea who you are when you walk into the den, but you have the chance to research them in fine detail and find out about their experience, and their business interests. Knowledge is power.
“As with any investor, they are investing as much in you as your business, so it’s in your interest to show yourself in the best light, and to show that you are someone who has incredible attention to detail.”
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LEARN WHAT MAKES A GOOD PITCH
“You can tell the entrepreneurs who are prepared when they walk into the Den, and have put in the time beforehand to make sure they know their business. Nobody knows your business better than you.
“If you’re prepared when you go into the den, you give an answer for any line of question that’s thrown at you because you’ve put in the hard work.
“People connect with stories, and entrepreneurs who structure their pitches like stories perform better. The formula behind a great pitch is that it has to be easily relatable and understandable to someone who isn’t an expert in your business.
“My advice is to explain any problems using real world, everyday examples, revealing what your solution is, and the size of the opportunity.
“Be clear on where your solution or proposition is different or unique. You want the Dragons to come on that journey with you, so the pitch has to flow – problem, solution, size of opportunity, USP; and statistics and market research are also a valuable weapon,” Edward said.
WHAT’S THE ONE BIGGEST MISTAKE MADE BY ENTREPRENEURS IN THE DEN?
Edward confessed: “The biggest mistake is not knowing their finances. It’s not OK to say ‘I’m not a numbers’ person’ or ‘I am not good at the business side of things’.
“This is your business. If you don’t know what is going on behind the scenes, then how can you expect an investor to understand and be comfortable enough with it to make an investment?
“Each of the Dragons is making a decision on the spot whether to invest in your business, so why make it harder for them?
:When pitching, remember not to ramble or waffle. When a Dragon asks a question, be confident enough to answer it clearly, get straight to the point, and then stop talking.”
