Janani Prabhakaran is the Founder and CEO of Unbaggaged, a company which she began developing as a student at the University of Strathclyde, with the support of Strathclyde Inspire. In this blog, she gives us a behind-the-scenes look at her time on the BBC programme Dragons' Den, and reflects on the experience.
Navigating the Dragons’ Den: A Behind-the-Scenes Look at Entrepreneurship
Entering the Dragons’ Den—a renowned platform where dreams are made, investments secured, and business ideas scrutinised—can be both exhilarating and nerve-wracking for any entrepreneur. Having recently navigated this formidable arena myself, I'm here to share insights into the journey, the challenges, and the lessons learned from my appearance on the show.
How Did I Prepare?
Preparing for my appearance on Dragons’ Den involved meticulous planning, refining my pitch, and knowing my business inside out. I conducted thorough market research, analysed potential questions from the Dragons, and rehearsed my presentation countless times with my team members, friends, family and at networking events to ensure clarity and confidence.
Application and Selection Process
The application process for Dragons’ Den was rigorous yet rewarding. It involved submitting detailed business plans, due diligence, financial projections, and a compelling video pitch outlining why our business deserved investment. The selection process was stringent, every statement included in the final pitch required justifiable evidence and it took a whole month to go through the process.
Backstage Atmosphere
Shooting was held in Manchester which means all of the prop materials such as golf bags, baby strollers and tons of bags were transported in advance. Amidst the nervous energy, there was also an undeniable sense of camaraderie among fellow contestants—each of us sharing the same hopes and fears, united by our entrepreneurial spirit. Most of the screen time such as getting into the lift, pre and post interviews were shot well beforehand to save time. As the pitch and Q&A itself was taken in one take, these tasks kept the mind distracted, yet there was a spontaneous excitement.
The Most Challenging Part
Undoubtedly, the most challenging part of pitching to the Dragons was maintaining composure under the intense scrutiny of seasoned investors. It required not only presenting a compelling business case, but also demonstrating resilience in the face of probing questions and potential rejection.
Memorable Moments
During the pitch, unexpected moments unfolded—a mix of adrenaline, excitement, and apprehension. From the raised eyebrows to the nods of approval, every reaction from the Dragons was a rollercoaster of emotions. One particularly memorable moment was when Deborah Meaden expressed the need for our product, validating years of hard work and dedication. Steven Bartlett, in a moment of high praise, inscribed my name in his book, signaling his belief in my inevitable return to the Den, not as a pitcher, but as a Dragon myself. Peter Jones, Touker Suleyman and Sara Davies’ constructive feedback and high praises provided credibility not only for Unbaggaged but for myself as an entrepreneur. Being called the “Dragon in waiting” was totally unexpected and an emotional moment which took me by surprise. Although an investment was not secured, their comments were precious to me and have sharpened my focus even more on my goals.
Advice for Future Entrepreneurs
For aspiring entrepreneurs considering a leap into the Dragon's Den, my advice is simple: be authentic, know your numbers, and believe unwaveringly in your business. Embrace feedback, learn from every experience, and never let fear of failure deter you from seizing opportunities.
Lessons Learned and Key Takeaways
The Dragon's Den experience taught me invaluable lessons in resilience, adaptability, and the power of conviction. It reinforced the importance of concise communication, strategic thinking, and the ability to think on your feet. It also highlighted the significance of building relationships and leveraging mentorship to fuel business growth.
Next Steps for Our Business
Following our appearance on the show, the journey continues. We're committed to capitalising on the momentum gained, leveraging investor interest to propel our business to new heights…
Unbaggaged stands at the cusp of significant expansion, with imminent plans to extend its innovative luggage storage services to Manchester, followed by Birmingham and London. This growth trajectory is not only about increasing geographical coverage; it's about setting a new standard in travel convenience, positioning Unbaggaged as a pioneering force in the tech and travel spaces, akin to Uber's transformative impact on personal transportation.
The upcoming crowdfunding campaign, bolstered by venture capital confidence, speaks volumes of the faith in Unbaggaged's model and its market potential. As I liken Unbaggaged to the "Uber for luggage," it's clear that the ambition is not just to change how we store luggage but to redefine the very experience of travel itself, making it seamless, hassle-free, and more enjoyable.
In conclusion, venturing into the Dragon's Den is not merely about securing investment—it's about embracing the journey, embracing the challenges, and emerging stronger, wiser, and more resilient than before. So, to all the dreamers, innovators, and aspiring entrepreneurs out there; dare to dream, dare to disrupt, and dare to make your mark on the world. The Dragon's Den awaits.