Media Displays MD talks about his Dragon's Den experience
Having secured an £80,000 investment from Dragon’s Den entrepreneur James Caan, Ian Taylor, managing director of Media Displays talks to The Drum about his experience on the hit BBC TV show.
Why did you decide to apply for Dragon's Den?
I was featured with digi-bikes in Bright Idea’s section of the Telegraph, when I received a call from the BBC inviting me to apply for the programme
1) How would you describe your experience of entering The Den?
It’s been a fantastic journey, the BBC’s Dragon’s Den team have an amazing due-diligence process, they screen thousands of Entrepreneurs each year, then eventually get 120 to film at their studios. Their goal is to get 10 or more offers. I am personally camera shy, so to have six BBC cameramen and a production team all watching the pitch and not to forget five Dragons in front of you, it’s a unique but really rewarding experience, especially if you get an offer.
2) How did you think you were doing during the pitch?
I thought I did well, but I was in the Den for two hours, it’s a real challenge to answer all their questions and it is not permitted to have any notes.
3) You managed to secure the backing of James Caan. What do you think he will be able to do for the company?
James and I are still in final negotiations so I am unable to comment.
5) Would you say you actually enjoyed it?
Now I can relax, well should I say I no longer have to keep it confidential as to who made the offer, but I am getting stacks of sales enquiries, all of a sudden people know what digi-bikes are.
4) Would you recommend Dragon's Den to other entrepreneurs?
This is not an ego massaging exercise, some people confidently walk in, expecting that a Dragon will understand their unique business proposition and fail miserably. My advice is, do your homework, get your pitch right, know your numbers and most of all be open and honest, if they feel you’re not telling the truth, they will kill you and rightly so.
7) What was it that James saw in the company which made him want to invest?
James could genuinely see that mobile digital screens have terrific potential. After the Den, I met him and he said two things: firstly I invest in the Entrepreneur, then the idea. He thought that, with his expertise, my grit and determination we would make a great team. Secondly, the product or products have amazing potential, they allow advertisers to get their message to their target audience when and where they choose. I echo his sentiments.