The Dragons’ Den
About a month ago our team, Hi-Phive, participated in our first Dragons’ Den at Kingston University. As part of our Design Thinking for Start-ups module, we have to create a real start-up, and this was our first chance to show it to the world.
As I explained in a previous post, we created a three in one shopping bag called Edamame Pod. Here is our design (created by our talented designers Whan and Apeksha):
As part of the Dragons’ Den we had to pitch our idea in front of a panel of judges. There were some marking points that we had to address in five minutes.
First we had to deliver an elevator pitch to explain in a few words what we were selling and how it worked. To make it more interesting we tried to put a twist on it, we thought of using role-play to show the problem. We made a small play showing the problem we were addressing and how our product could help solve that problem. We had a good reaction to that, it was short and concise. We had to practice a lot though but it came through.
Then we also had to address the problem and target group specifically and explain the reasons for that. After that it was time to explain the product itself and the key features. For that, we had a prototype just to get the judges and audience an idea of how it could work and what it may look like. Although it was not a full MVP (minimum viable product), it was good to have something tangible to show.
Lastly we had to talk about the market and the customers, who would they be and why.
We had a good response of the judges and we were overall happy with our presentation. I think it was a memorable one. They gave us some pointers to think about like the materials and the market as well as price. We are definitely putting all that into account to move forward with our product.
It was an amazing experience and opportunity to learn and practice in a professional environment.