7 Ways to Make It in Dragons’ Den

DM When I consider investment in food or drink I am of course looking for taste and quality, but also relevance to current and forward food and drink trends. Food is very much like the fashion industry in that the consumer is always looking for something new and exciting to be part of… even if that new and exciting thing is buying into something traditional and perhaps forgotten.

JM Stay ahead of trends. In the food industry things can change quickly – ingredients can lose favour or become very much in demand swiftly. Have a clear plan for the business but be flexible if other opportunities present themselves.

DM When making a presentation, be honest, know your stuff and present it in your own way. I don’t want to see the slickest pitch in the world, I want to understand the business and the people behind it. I am acutely aware that over-rehearsed slick presentations can mask the reality.

JM Don’t be afraid to change your mind about the direction your business should take if better opportunities present themselves or if this one looks like it is not going to be as lucrative as you first thought. To build your business you will have to make sacrifices.

DM I can be a pretty bold investor, provided I can buy into both the product and the investees. What can really turn me away from making an investment is a lack of understanding of the market and clarity on the opportunity – if you don’t know why consumers would want your products then you don’t know they will!

JM If you are aiming at retail, then products with shelf stand-out which are clear about how you use them and are in packaging which is convenient for the end user are key. Ideally you want to get more than one product listed – a range of three or four will give you more shelf presence.

DM Relying too much on personality and not enough on substance will drive investors away. I am not looking for a friend to go down the pub with, I am looking for someone to invest in – someone who I can trust to run their business well and be able to deliver the results we set out to achieve.

Find more expert advice from Deborah Meaden and Jane Milton in our October issue, downloadable here