Business Simulation Dragons Den Development Activity
Our Dragons Den Development Activity is based upon the popular TV series Dragons Den where entrepreneurs pitch their ideas for a business to secure investment finance from elite business entrepreneurs.
Teams have 3.5 hours to form and create a business product or service, and define a market. They need to be clear about their target market, who exactly is going to buy their product or services and how the product or service will be a benefit to consumers. After lunch they put together a ‘pitch’ for investment from the Dragons.
Spectrain’s Dragons will come along to evaluate the presentations and following some critical strategic questions they will select the winner based upon specific Dragon criteria and provide valuable feedback on your business ideas, and your teams performance during the presentations.
- Work in teams
- Research, collaborate and come up with a business idea
- Produce a range of evidence to support your pitch and influence the Dragons that your business is worth investment
- Develop your presentation
- Present your idea aim to influence to the Dragons
The dragons are looking for the following competencies:
- Evidence of ability to accommodate the ideas of others and utilize team talents
- Creative approaches to product/service marketing
- Organisational ability and able to meet deadlines
- Confident and creative when presenting clear about the benefits of the product/service
- Clear and concise answers demonstrating your well thought through strategy
And also for your ability to demonstrate the following:
- Research – Establish and provide evidence of what customers want, define who your customers are
- Product – Demonstrate that your product that satisfies your customers needs
- Price – To justify how you have arrived at a price, so your customers can afford the product but also you and the dragons must be able to make a profit
- Promotion – Present ideas about how will you promote the product…which channels will you use?
- Places – Identify where you will sell the product?
Dragons Den Development Activity
I really enjoyed the dragons den activity during our strategic planning course. Pitching to senior managers provided an opportunity to demonstrate that we understood our market and could contribute to our organisations development