BBC 2's Dragons' Den offers budding entrepreneurs the opportunity to pitch their idea or product to the Dragons (five business experts) in the hope of persuading the millionaires to take the plunge and invest in their product.
In early 2006 James Barnham, the inventor of Nova-FloTM decided to pitch his business to the Dragons for investment to manufacture Nova-FloTM and take it to market.
Of filming, James says:
"It was very daunting as you don't get to see the Den or meet the Dragons until it is your turn to be filmed, although you are briefed on the type of questions to expect. Also with the studio crew watching and the studio lighting it was a surreal environment, almost like walking into your television set, as well as being very hot in there! Once you climb the steps and enter the room, your throat goes dry, you start to perspire and you forget your lines! Luckily for me I took a couple of deep breaths and it all came back to me."
Filming lasted for about an hour with no retakes but this was edited considerably for the TV.
James feels that the BBC sadly cut out some of the best bits, but concludes that it was very exciting although the most frightening experience he has ever had.
The offers of investment were gratefully received although the 40% equity stake was far more than could be seriously considered, so James walked away from the deal.
Since the show, offers of investment have been flooding in (excuse the pun!) and the decision to take on a number of smaller investors was made.
In January 2007 an investment round was completed which bettered the Dragons' offer enormously. This will now enable full production to commence. The investment opportunity resulted in the company being seriously oversubscribed on the first day, so sadly we had no choice but to turn away a number of investors, of whom we would have been very keen to involve.
In August 2007 James was featured on 'Dragons' Den Where are they now', following up on one year since he entered the den.
The BBCs Dragons' Den site can be viewed at: http://www.bbc.co.uk/dragonsden
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