“7th December 2018”
The most awaited day has come. We have been continuously preparing for this and we are all set to pitch!
A small recap before talking about the event – As I have mentioned in my previous blogs that we have to come up with a startup and we already have set up our teams of four. We have been working on multiple issues faced by people in London by empathizing, bodystorming, brainstorming and finding innovative ideas from past two months. Then we used critical thinking and design thinking process to develop our idea. Also taking help with our mentors and colleagues to streamline our business model. Further we made prototype to test with users. Now we are ready to pitch our startup idea to Judges.
Talking about Dragon’s Den – It is similar to what we see on the TV show where entrepreneurs get 3 minutes to pitch the idea to multi-millionaires who are willing to invest in potential ideas. But our Dragon’s Den is quite different from that, the judges are there to asses us on the basis of how we have developed and what we have learnt in just two months. How well we have inherited the guidance from our mentors, also from the lessons taught. Each team will get 15 mins to pitch their ideas and a 10 mins Q&A round with judges following that. They will mark us on the basis of: Elevator Pitch – the need or problems aroused – product/service innovated – relevant information about alternatives and competitors – market entry and overall presentation.
We carefully prepared our script as per their judging criteria and rehearsed a couple of time before to be confident at the time of final presentation. We also discussed same in front of our colleagues. Finally our turn to pitch our startup of “Cosy-book” came. One by one we explained each of our parts to judges. About how we came to innovating this idea of a book a like seat pad which provides warmth on cold public seating and is easy to carry too. Later we talked about the competitors, pricing and our upcoming strategies of advertising these through social media printed fliers, bus stop posters and advertising in local magazines. After the pitch we received beneficial feedback from judges. Our intellectual property mentor “Naomi” was contented to see the prototype and showed willingness to purchase one. She also told us check whether the name of our firm and product is available and not registered under any trademark.
Further, “Fazl Hasnain” (Chairman of the Governing body of Tiffin Girl’s school) said that it is a great concept and can come out well if worked more and pricing has be reviewed once again. Our alumni “Rebecca” (Founder & MD at The Unified Wolves) guided us to look more on the customer segment and we have to narrow it down. “Jose Ivars-Lopez” (Director of New business & Key accounts and Ria Financial) agreed with Rebecca and told us to work more on it. Whereas another alumni “Luke” (Founder & Directore of Fairlight Studios) asked us work further on design and make it sleeker so that females can carry it in small bags as well.
I and my team have noted all the reviews and we will work on them closely to revise the product and will be ready with a better approach during upcoming Trade-fair in January.