Finally, the morning of the recording came around, which would see them included in the season starter of Dragons’ Den. Having been up since 05:45 and ready to pitch any time from 09:00-19:00, Plein realised fatigue could be one of the factors leading people to stumble in the Den, “rather than a lack of business acumen”. “We were put into a ‘green room’ with six other nervous entrepreneurs and went into makeup, mainly so our foreheads wouldn’t shine under the studio lights!” Plein said. “We had a pre-interview where they asked questions to introduce the pitch like, ‘why will people like your product’ and ‘who would be your ideal investor’. However, most of this time was spent reading inspirational meme’s Ben’s mum sent him – sadly these didn’t make it into the programme. “And then it was time. The BBC wants that first impression the Dragons get of you to be as authentic as possible. So, when we walked through that lift and stood in front of those five chairs, it was the first time they had seen us, and us them.” The two certainly wowed. Jenny Campbell offered the full £75,000 for the 15 per cent, followed by Touker Suleyman, Tej Lalvani, and Deborah Meaden who also offered all the money, but for 20 per cent of the business. Peter Jones negotiated for £75,000 and 25 per cent equity in Pouch. The trio already knew who they wanted to work with though. As explained by Plein: “It all came down to their brands, retail experience and the possible time they could commit. We hadn’t prepared for a scenario where all five Dragons were willing to be on board. It’s not something any entrepreneur would dare dream, but presented with that as an option we came up with the best scenario for the business.” To sate your curiosity, they agreed a joint deal with Suleyman, Lalvani and Campbell – £75,0000 for 18 per cent of the business, split equally between each Dragon. Plans have since been made for the future, with the funding due to be used on staff, not to mention the product. “We want to expand internationally and are currently focused on building and launching a world-class mobile and tablet product by the end of the year,” Plein explained. “We also aim to make shopping more seamless for consumers. That means helping retailers improve conversion rates and develop a better understanding of customers.” He does offer some words of wisdom for those looking to similarly go on Dragons’ Den. Research is key – know who you are speaking to. Knowing your numbers is just as important. Not only will you need it for the due diligence process, but, as Plein explained, “it is the most common place people fall down and the easiest place to impress.” “Back yourself in your answers,” he added, “whether it is a Dragon or any other investor. No one knows your business as well as you do. And don’t bullsh*t. If we had grossly exaggerated any part of our business during the application process we would not have made it into the Den. “More important thought is that you give it a go. Apparently ‘real entrepreneurs’ don’t go on Dragons’ Den. If you can tell me another way that 3.5m people will hear about your business, please email me. I would love to hear it.”
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.