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Dragons’ Den Q&A Interview – The Experience of Pitching to the Dragons

The Original Bottle Cap Lure Company’s pitch aired on the 13th season of CBC’s Dragons’ Den on November 22nd, 2018. Watch the episode here:

Bottle Cap Lure Company Pitches on the Dragons Den
Dragons’ Den Q&A Interview – The Experience of Pitching to the Dragons

Q: How did you apply to be on the show?

A: We heard that auditions for Dragons’ Den were being held in our city and decided to take advantage of the opportunity. We would have preferred to wait a year before going on the show since we were still a young company, but decided it was best to try nonetheless. At the audition, the staff instructed participants to pretend as if they were pitching to the dragons and if their story was not interesting, they would stop them and show them the door. While we were waiting for our turn, there were people coming in and out in less than a minute. Well, our story was good and our audition lasted about half an hour. A few months later, the producers contacted us as successful candidates and we began to work with them on our pitch.

Q: What was your experience of filming in Toronto?

A: The Dragons’ Den staff on set were all energetic, friendly, and very helpful. They worked hard to ensure that everyone had what they needed, worked to relax all the participants, and helped us maintain a positive attitude. In the den, we were treated fairly by the dragons. Some dragons were interested, but the dragons that didn’t fish didn’t seem to understand our product.

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Q: Are you satisfied with the results?

A: As far as edits go, they treated us fairly. We were in the den for 45 minutes, but they had to edit the content down to 10 minutes. That being said, there was a lot of information that was cut out – and that is TV. We set out to hook a dragon, and that’s what we did. Jim is very easy to deal with and Boston Pizza is a great company. All in all, it was a great experience.

Q: If you could do it all again, is there something you would have done differently?

A: Instead of using an aquarium as a prop, I think a short video of how the product works would be more successful. It can be challenging to explain to people who don’t fish how to use our product unless they actually see it in action.

Q: What are the plans for the future?

A: Promote and craft custom lures, introduce new lure designs, create product videos, and establish a BCL community.

A: We have received a lot of offers from other investors and sales have increased. At the moment, we are going through some growing pains as we’re making changes to the company, but we have big plans for the futur

Q: What advice would you give to other entrepreneurs who want to go on the show?

A: If you want to attend an audition, be prepared the same way you’d be entering the den. Be able to explain clearly and concisely what you are selling and about your marketing strategy, who your competitors are, proven sales, and future forecast. The dragons don’t want to be test pilots for your product, so make sure you have sales and your figures are correct. Also, get to know the dragons and what they do. Be prepared, know your numbers, and most importantly, be truthful.

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