Dragons' Den is a great way for inventors to make more money from their product ideas. If you're planning to start up a business around your new invention, the cash investments and industry experience these entrepreneurs offer can be invaluable. Pitching is not for the faint-hearted, and the Dragons are hard to impress, but with a well-developed product and a strong presentation you have every chance of securing their support.
Getting onto the Show Every year, thousands of people apply to appear on Dragons' Den. What sets apart those who are featured, from those who are not? According to Sam Lewens, the series producer, "the production team look for specific criteria to demonstrate an entrepreneur has an investable idea."
These criteria include:
• Marketability - who will buy your product? What problem does it solve? Essentially, it needs to be something that will sell!
• Intellectual Property - do you have intellectual property protection in place for your idea? This will ensure that competitors cannot copy it, increasing its value to investors.
You will need to explain how your idea meets these criteria on the initial application form. So, it is important to make sure you can give the right answers!
You need to determine which market your product could fit into. You could also discover how much money that market generates and who its main players are, allowing you to impress the selectors right from the start.
You should also look into your options for intellectual property protection. Different ideas require different forms of protection, so it is important to establish which kind would best fit your needs. Most inventions are best served by a patent. The patent application process can seem daunting, so it s advisable to contact professionals who have extensive expertise in this area and are well placed to help you. It is always recommended to conduct a worldwide patent search, to investigate any relevant patents already filed, and more information on this can be found at Patent My Idea. With this complete, the most effective route through the patent application process for your new product idea should become clear.
Success in the Den Once you're on the show, you will need to have a fully developed product, rather than a basic idea. Regular viewers might remember episode one of series seven, where Deborah Meaden refused to give investment to an inventor named Alan Mandel Butler on the basis that he had a good idea, but no viable business proposition.
So, how can you take your idea to the next level and make it into an attractive business opportunity? You will need to:
• Establish how your product will work and which components it will require - this will reassure the Dragons that your idea is technically feasible and could be manufactured.
• Illustrate how the intended user will interact with your product. This will demonstrate the benefits of owning the product, and hence why it will sell.
• Visualise how the finished product may look, allowing the Dragons to picture it in context or on the shelves.
• Display these images on professional presentation boards. These can form the backbone of your pitch.
Product designers, such as Innovate Product Design, can help with the development of your product to inspire confidence amongst the Dragons, demonstrating that you have a considered, professional and investable product.
Prototypes Many inventors approach the Dragons with a prototype. These can be of great benefit in the Den, as they further demonstrate the investable nature of your product. Proof of principle prototypes can cost-effectively prove that a new concept works. Pre-production prototypes require greater development, but can show both how your product will look and how it will work.
Conclusion Dragons' Den is a fantastic opportunity for inventors to get their products into the public eye and potentially gain investment from business experts. However, getting onto the show is not easy, and expert input will significantly increase your chances of pitching to the Dragons. Working with the right people can help you develop your new idea into an investable product that could well be the next Rapstrap or Reggae Reggae Sauce!
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