For this month’s blog we welcome a guest blogger.

‘Peter the Speaker’, alias Peter Hill, is best known for having successfully pitched at Dragon’s Den.

In this blog Peter shares an insight into his early life as a potential entrepreneur and inventor and gives you his 10 Top Tips for preparing to enter The Den!

10 Top Tips for Making a Successful Sales Pitch in the Dragons’ Den!

“I watched Dragons’ Den from the first series.  It showed me that inventors didn’t have to be eccentric men with pipes and massive beards, or genius designers with PhDs and massive budgets.  Under the stress of the cameras, the inventors on Dragons’ Den are shown to be just ordinary, fallible people.  If they could do it, maybe I could too.

My first brush with Dragons’ Den occurred in 1992.  At the age of 14, I made my first money walking Mr and Mrs Jenkins’s dog called “Kai” in Market Drayton, Shropshire. Years later their son Nick would go on to make millions from Moon Pig before taking his own chair in the Den.

As a child, one of the first inventions I created was a two-metre straw for reaching a glass of water without having to get out of bed. The prototype didn’t work very well.  No matter how much Sellotape I used, it always leaked.

Every summer, I camp out in the woods by the beach.  Here, I created the world’s first self-heating camping bath. Two large pails of water placed above six candles and a four-foot-long storage container with bubble bath nearby.

I love my candle-powered camping bath, but I don’t think the Dragons or the world would have much interest in it as a consumer product. If you’re looking for a great invention you need to find a great problem; something which lots of people struggle with, but which doesn’t have an easy solution. An invention is only as good as the problem it solves.

I didn’t feel any nerves entering the Den.  No one ever remembers the names of the inventors on Dragons Den (Levi Roots doesn’t count as his real name is Keith).  I knew shortly after the broadcast everyone would have forgotten me, at best I’d be referred to as “The Guy with the Pet Bowl”.

Pedaldish: “The Lunchbox for Pets” began just like my camping bath.  It was a homemade invention which made my life better.  The first Pedaldish was a pedal-bin with a ramp attached.  Built to stop my cat food being spoiled by flies, it saved me a huge amount of waste.  Unlike my camping bath I knew this product could be of interest to many other people.

The creation of Katfone: “The Ultrasonic Whistle for Cats” was a lot more accidental.  At night, I would whistle to owls in the trees behind my garden.  Rarely, was I visited by an owl but increasingly my cats would turn up for some late-night fuss.  Eventually, with just a couple of whistles, my cats would come running home.  When I told other people, I was surprised how many used a high-pitch whistle to call their cats.  Because cats’ hearing range is much higher than that of humans, I knew that a high-pitch whistle could be an ideal device for calling them.

Whilst these products are good for cats, I didn’t know if they would be suitable for Dragons.  Having watched every episode, I knew the Dragons tend to like environmentally -friendly products and a clear, concise presentation.  I’d also found out that at least two of the Dragons had been cat owners.  Before entering the Den, I had thought about all the weaknesses and potential criticism of my products and business, and tried to turn them into positives.  Being well researched, rehearsed and in a positive frame of mind are the keys to success in the Den; and maybe in life too.

For anyone thinking about applying, these are my top tips for preparing for the Den.

1. Practice your pitch. Perform in front of a panel of stand-in Dragons who’ll ask you all the difficult questions. Try and use two or three people you’ve never met before who have some good business knowledge.
2. Research each Dragon. Find out from their history why each might be a good fit for your business.
3. Don’t be intimidated by celebrity. The Dragons are just people too, with their own hopes, fears, dreams and worries.
4. Be positive. Even in the face of bad feedback stay upbeat and positive.  An optimist with conviction and passion will always come across better than someone who is defensive and confrontational.
5. Watch the show. There are loads of Den pitches on YouTube. You’ll see what buttons to press to get a good response and identify some of the pitfalls to avoid.
6. Don’t argue with the Dragons. The Dragons have the wisdom of celebrity. This trumps any specialist, expert knowledge you may have in your industry. When they’re being critical, reassure and mitigate their concerns rather then tell them they are wrong.
7. Keep your valuation realistic. Ask for too much equity and you’ll be shown the door; ask for too little and you’ll have no room to haggle.
8. Dress in light clothing. Whilst dressing smartly is a must, you’ll be on your feet under studio lights. There’s a reason why so many entrepreneurs are seen sweating on the show.
9. Think critically about your business. Think of every negative criticism which could be levelled at your product or service. Consider the most positive way you could answer each point. And most importantly….
10. Have a plan B. Have a course of action you can follow if you don’t get investment. If you have no Plan B the Den will become a make-or-break situation, with all the stress and desperation this brings.”

Peter will deliver a FREE workshop for the Marches Growth Hub Shropshire on Wednesday 17^th January 2024 at University Centre Shrewsbury.

Mastering the Big Three: Pitching, Networking and Business Success

In an immersive and interactive session, you’ll be coached, as a group, to pitch any product, service, business or idea. Enjoy a high-energy session that will balance learning life-changing skills and knowledge with lots of fun and a great chance to meet new contacts from the local area.

Book here : https://www.eventbrite.co.uk/e/mastering-the-big-three-pitching-networking-and-business-success-tickets-740716191067