The 7 P's

What I look for in a Dragons’ Den investment

Preparation
Have they prepared and really thought everything through? Product, market, figures, research, market opportunity, sizing, themselves.  Preparation is crucial.

Passion
Do they really want it? There is a difference between enthusiasm and passion – I want passion. To me, passion is having the character to do something about it once the emotion has gone. You have got to have that conviction and unquestioning belief in what you are doing in order to be successful.  Are they willing to make sacrifices? If you are not prepared to put yourself out, and you think success will come to you simply because you’ve got a great idea, then you are not the person I’m looking for.

Presence
Are they credible & believable? Could I do business with them?

Persistence
Have they been knocked down and got up again? How long have they been trying? What will they do if they get refused today?

Product
Is it a good product with a market need? The first thing I need to know is that the idea is tried and tested. I probably won’t be interested in something that is just a plan on paper. I need to know that it has been developed, it works and it has market acceptability. Market acceptability means that it has been demonstrated to a number of people who have come back and said yes, this is something I would like to buy.

Projections
Do the figures stack up? Can I see a return?

Presentation
How have they prepared for today and what sort of presentation are they giving?  I must be convinced that they are passionate enough about their idea to showcase it effectively.