By Mackenzie Ford, Gustavson External Relations co-op student
“Hello, Dragons” was the famous opening that I heard twenty-five brave entrepreneurs recite to a panel of Dragon’s Den producers on Thursday, March 7th. As a fourth-year Gustavson student specializing in entrepreneurship, I was lucky enough to get the chance to volunteer at the auditions for the well-known CBC show when they were in Victoria looking for the next big thing. It was a once-in-a-lifetime chance to get the inside scoop of the show’s inner workings and what it truly takes to sell your idea on TV. If you are like me and have watched the hit show for years, wondering what it is like behind the scenes, let me first confirm one thing—it was just as exciting as it appears on TV.
Over the course of the day, 25 entrepreneurs of all different ages, stages and walks of life nervously wrote their name on my audition clipboard before taking a seat to practice their pitch and wait their turn in front of the panel. I was struck by the diversity in the waiting room. Individuals ranging in age from twelve to eighty five, men and women, groups and singles all sat patiently waiting for their turn in front of the show’s producers, proving that any person with a great idea can create their own business.
The ideas also ranged tremendously, from a homemade boat rudder to a children’s card game and an appetite suppressant—the ideas crossed all business sectors and consumer demographics. I was personally fortunate to watch numerous pitches, and with each pitch, I was able to reflect on what each entrepreneur did well and how I could apply their technique to a future pitch of my own. Two auditions in particular stood out to me.
My favourite pitch was delivered by a husband and wife. They pitched their nutritional yeast salad dressing, Yeshi, which delivers flavour through all natural, high protein, vegan ingredients. Their pitch was flawless yet personable. They were hardworking people, currently bottling 500-700 bottles each day in their home, and their dressing sales had progressed from a farmers’ market stall to numerous local grocery stores. What wowed me was their composure and kindness when answering all of the producer’s tricky questions: what makes your product so special compared to the hundreds of other salad dressings out there? Do you really feel prepared to enter such a competitive industry? Why would I ever pick your brand from off the shelf? Their calm and collected responses showed me that preparation and passion go a long way. They also handed out samples and were creative in their presentation, which we all know makes for terrific TV.
The second pitch that wowed me was by the “Pierogi Lady”. She discussed the inception of her company, stating that during a difficult time in her life, she found a community within Victoria that wanted to share food and camaraderie in a safe space. Since creating her own delicious pierogi recipe, she has hosted Pierogi Parties and cooking classes and was at The Den looking for funding to buy her own event space to expand her teaching practice and to host more parties. This pitch demonstrated how to use storytelling and emotion as a powerful marketing tool—the producers seemed to love her pitch just as much as I did.
After watching many show hopefuls, it was clear that although strong financial projections are helpful to create a solid pitch, it was the presentation of the facts and the weaving of the company’s story that differentiated the pitches from one another. It was personality and passion that made the incredible pitches stand out from the rest.
As a young business student, this is an important reminder for me and my classmates to remember while we are early in our careers, especially those of us who are creating our own businesses. Every company has a story to tell, and if we can tell the story of our company with authenticity and emotion, people will be compelled to listen to what we have to say. Although we may not have thousands of units sold or hundreds of dollars of revenue to show for our ideas, the ability to translate a passion into a clear vision can go a long way to secure funding and support—and maybe even a spot on TV!
