Sometimes a little help goes a long way. In any facet of work or life, to be successful means you have to be humble enough to ask for help when you need it. And tonight’s episode of Dragons’ Den proves the Dragons are no different. For the first time ever, the Dragons invite three industry experts to weigh in on the pitches presented.
n their own careers leading up to Dragon status, the Den’s panel of entrepreneurs have become experts in their own fields — but that doesn’t mean they know everything about everything. And considering the incredibly wide range of business ideas that are pitched on the program, some are bound to be in markets where the Dragons are less than 100-per-cent confident.
These money-savvy millionaires don’t want to miss a fantastic opportunity just because it lies outside their comfort zone. So bring on the expert advisors.
Consulting an expert can benefit anyone. If you’re trying to get your boss or a team member to buy into your idea, it can definitely pay off to do a bit of research. Have other companies used the strategy you’re proposing? Is there a famous quote from someone with proven experience that backs up what you’re saying? It definitely adds to the credibility of your presentation if you can show you’ve done your homework.
You’ll see tonight how an expert opinion can help, or hinder, a presentation. Daniel Diamond and Demetrius Lloyd of Calgary brave the Den with a specialty tool they’ve invented. They know their product inside and out, but they need help turning their invention into a business. And they know the wealthy Dragons can help them, if they can explain the opportunity properly.
Luckily, home inspection guru Mike Holmes is there to help. As Arlene admits, “Thank goodness you’re here, Mike, because he lost me at rebar.”
Even the toughest of critics, Kevin O’Leary, appreciates an expert’s help in the den.
“We’re basically trying to determine the risk of the market or product or service. And an expert’s opinion is a great way of determining that risk,” he said.
But proving your point with a little backup won’t necessarily get you a deal or drive home that sales presentation, especially when looking for capital, or CASH as the dragons fondly refer to it. An expert helps, but it’s still up to you.
As Kevin O’Leary points out, “In the end it’s my own money and the only expert I trust is me.”