Step by Step Approach on how to apply for Lions Den
Lions Den is a business reality show that gives young and innovative entrepreneurs across Nigeria the chance to pitch their business to 5 successful Nigerian investors, referred to as Lions. This is a sort of a replica of the popular American business reality show – Shark Tank.
The programme is funded by 5 renowned venture capitalists who has both the cash and experience to turn any good idea into a global brand. The Lions (investors) are looking to give back to the society and help Nigerians fulfill their dreams and ambitions in business. As such, if they see the potential in the entrepreneurs’ business, idea or products, they will invest in the business, in exchange for some equity in the business. Lions den is definitely a welcome development in the Nigeria entrepreneurship ecosystem where there are a lot of brilliant ideas in the minds of young people but they are unable to secure the needed funding to turn them to viable businesses.
If selected for the final stage of the competition you will be required to appear live on television where you will pitch your idea to the investors. The show is sponsored by Ecobank.
Frequently Asked Questions
What is the maximum amount one can apply for in Lions Den?
There is no maximum amount to apply for. Whatever amount your business requires, feel free to apply with that amount. As long as you can convince the Lions you will get the money you are asking for
Is the money received from lions Den refundable?
No. It is an equity investment and not a loan. So there is no chance of you refunding anybody.
Apart from the financial investment what else can an entrepreneur gain from the Lions Den?
Apart from the cash investment, the entrepreneur stands a chance to gain from the rich network and wealth of experience of the investors who are businessmen and women of their own.
How will the investors in Lions Den get back their investment?
They are equity investors, so they have become partners and stakeholders in any business they choose to invest in. So they will be sharing from the profits the business will make.
Will the 5 Lions become stakeholders in an entrepreneur’s business?
Not exactly. Each of the Lions is in the panel as an individual and their decisions are independent on that of others. So whoever among them that makes the decision to invest in your business is the one that will be a stakeholder
Can one turn down the offer of the Lions while already in the show?
Yes. It is your business. If you don't like their offer, you have the right to turn it down and walk away. However there is room for negotiation.
Is it a good idea to pitch in the Lions Den?
You will not get a better funding opportunity in Nigeria, so go for it immediately.
HERE ARE THE 5 SIMPLE STEPS TO APPLY FOR LIONS DEN
- Get an idea
- Take time to analyze the idea
- Develop a business plan for your idea
- Make sure the the value preposition of your business is clear enough
- Make sure that your unique selling point is obvious even to the blind
- Ensure that your market is well defined and big enough
- Most importantly, be sure that the idea is scalable.
- Be sure to have an account with Ecobank. And if you don’t have one, just click here to open an account in 3 minutes.
Also Read:
Meet the Billionaire Investors of Lions Den
BENEFITS OF THE LIONS DEN
- You get any amount you want for your business: This means there is no limit to how much you can pitch for. Michelle Omoregha from Season One got 100 million naira.
- It is equity investment and not loan: This is a good news to all those who wants to built to last. Unlike the short term loans from banks and individuals in Nigeria that puts an entrepreneur under tremendous pressure to deliver on the immediate, Lions Den investors offers equity investment. With this an entrepreneur can relax and plan for long term success.
- Automatic business partners: As equity investors, any of the Lions that invests in the business automatically becomes a partner. As partners and shareholders they bring their wealth of experience and networks to help the business succeed.
OTHER THINGS TO NOTE ABOUT THE LIONS DEN
- It is not every application that will get an invite for the show. This is because it is quite quite competitive. And only the best of the best will get to appear on the show.
- During the reality show you have to be at your best to impress the investors. If you can’t convince them with your pitch you will go home empty handed.
- If you impress them with your pitch you tell them how much you need for a particular percentage of the business.
- The equity share is negotiable. What this means is that if for example you are seeking for 50 million naira in exchange for 5% of your idea, they can tell you that they are willing to offer you the 50% but in exchange for 20%. If it get to this point you have to put on your negotiation cap and also apply wisdom.
- Finally, it is not a must that the 5 of them will buy into your idea. It can even be only one person that will decide to deal with you.
HOW TO APPLY
Simply click here to begin your application process.
Don’t hesitate to let me know in the comment section if you have any challenge applying.
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