Dubai: It promises to be nothing less than a head-on confrontation with dragons.
An upcoming series on Dubai One that will identify a winner from 10 UAE based entrepreneurs takes its cue from the Dragons Den series in the UK. It will have four ‘dragons' assessing the contestants who will compete against each other in challenges and competitions that mirror The Apprentice.
Telecom operator du, in partnership with Dubai One and Sony Entertainment, has designed the eight-part series to seek out and foster entrepreneurs in the UAE. The show is open to anyone who is older than 18, is a resident of the UAE and has a business licence.
So what is a Dragon looking for? James Caan — a UK-based entrepreneur, author of The Real Deal and one of the original dragons in Dragons Den — has listened to thousands of business pitches. This is what he does for a living by helming Hamilton Bradshaw, a private equity firm which invests in ‘people with passion'.
"You only have a short period of time to make an impression on screen — both before the world and the judges," Caan said.
"Don't miss this opportunity to send a message about your attitude. If your turn comes up and you've not made an effort, what impression does that give?
"Secondly, learn and rehearse your presentation thoroughly because you are talking to the four judges simultaneously. Make sure you have communicated the fundamental; ‘Why would someone pay money for the service or product?' Are there sales figures?
Know your numbers
"Show these and minimise the risk and maximise the chances for investment. Most importantly, know your numbers, or bring a team member who does, and then practice going through them backwards, sideways, short term and long term.
"You need to have thought of all the questions that you could be asked because being prepared will significantly increase your chances of success."
The winner of the show on Dubai One will receive Dh1 million in funding and services such as office space, mentoring and PR for 12 months. Applications are accepted until March 31.
"I am bombarded by people with pitches every single day of my life — 90 per cent of new businesses fail because their founders have failed to ask themselves the simplest of questions," Caan said.
"There is success in learning when to have the courage to say ‘I'm out' so that you drop a not-so-good idea fast and giving you the opportunity to move on and hone your next."
Mandeep Rai is a freelance writer based in the United Kingdom.
