Get ready for Kingston University Dragons’ Den!

dragons den

The purpose of our December Dragons’ Den is to give you an opportunity to evaluate if your business idea is something that is wanted by your audience, is capable of making a profit and possible to accomplish in the time given.

You will present to your classmates as well as a panel of experienced professionals acting as judges. All teams must be present for all presentations.

To prepare for the Dragons’ Den, you will complete the Bright Ideas competition entry form as your feasibility study and submit for competition AND on Canvas by 23:59 on 1 December. Over the years, teams in this module won £1000s in prize money with this assignment, so it may be a source of funding for your business if successful.

The feasibility study will not be marked as it is a formative assessment, but you will get real feedback from real experts, so do your best!


Here is what you need to know to prep for the Dragons’ Den:

You will have 5 minutes (and not a second more) to present your idea. You can NOT use slides of any sort. We like prototypes, posters and props –  you can bring anything you want as long as you bring it on your back!

You will be “marked” on each category on the Bright Ideas form:

1) Elevator Pitch
Did you clearly explain what you are selling, in a compelling and direct way at the start?

2) The need or problem you are addressing, & the target group
Have you provided key information about the problem or need you have identified, and the market or group of people who experience the problem? Who will buy/use your product or service?

3) The product/ service
Did you provide an outline of the product/service or project and how it meets the identified needs of your market segment? How does it work? What are its key features and how does it benefit the target market?
(storytelling/product demos are useful here!)

4) Alternatives & Competitors
Did you demonstrate an understanding of who your competitors are? Did you then explain how your product or service is different from what is already available in the market? Did you also explain why customers should buy from you, rather than your competitors?

5) Market entry
Did you explain how you will attract your FIRST customers? How will your product/service be made available or distributed to your target market/audience? What longer-term plans do you have? How could it expand or grow?

6) Overall Presentation
Did you, as a team, demonstrate excellent presentation skills needed by entrepreneurs? Will the judges remember your presentation?

Here is the feedback sheet that our judges will be using: dragons-den-feedback-sheet-stage1-2019


IMPORTANT:

Know and understand what your business is and what it does really well. Judges are people, too – don’t bore them, engage them.


Make use of the Bright Ideas Guidelines and think about your financials – judges are bound to ask questions about costs and where you are getting the money from. Be prepared for those questions.


Practice, practice, and practice your presentation as a team. Each team member needs to say something to contribute to the presentation. You need to look and sound coordinated as a team. Show that you are all playing your roles on the team. Also, decide how you are going to answer judges’ questions. What questions do you think they will ask you? Practice.


Avoid business management jargon. Don’t lecture the judges on theory. It is annoying and you will trap yourself. Judges know what it all means far better than you do. You don’t want to find yourself answering questions that you don’t know how to answer.


Bring your product, or your prototype if the product isn’t ready. Think when you are going to show it to the judges.


Dress to look the part. Dress to look like a team. For some teams, this will mean dressing formal, but this dress code may not be appropriate for all teams – it depends on the sort of a business you are. In any case, look like you are serious about your business (because you are, right?). You will also feel better and more confident if you look the part.


NEVER argue with judges.  LISTEN. Even if you don’t agree with what they are saying to you as part of their feedback, you should never argue with them. If you have something smart and valid to reply – great, but please keep calm, and stay polite. Dragons will mark you down if they think you have issues with your attitude. They need to like you, not only your idea. You are selling yourself to them as much as you are selling your idea.


Have fun. SMILE.


Mobile phones off & away. No exceptions.


You will present to your peers as well as a panel of judges. All teams must be present for the entire Dragons’ Den session because this is a learning session. No exceptions – thank you. 


See you all in our team meetings and on Friday!

 

Congratulations to our six Bright Ideas finalists

Congratulations to six teams from our class who were selected from 700 submissions for the Bright Ideas Grand Final that took place yesterday! We are very proud of you – and you should be proud too of this achievement.

Our teams in the PRODUCTS category:

  • COZY BOOK

Compact, stylish seat pad that always ensures you have somewhere warm and cosy to sit on cold days.

  • TASCA 

Chargeable pocket bag.

Our teams in the SCIENCE, HEALTH & WELLBEING category:

  • THE FOLDABLE TRAY

Personalised tray for manual wheelchair users.

  • DANZZA

Danzza is a top amplified with shock-absorbent material that provides protection to dancers in the most fashionable way. 

  • TRUSTEAM

On the go steamer mug which gives you healthy steamed food in under 6 minutes.

Our team in the VIRTUAL category:

  • FIT ME!

A competitive exercise game that helps people to stay motivated to exercise regularly. 


CONGRATULATIONS TO TEAM TRUSTEAM

on their award in the Science, health and wellbeing category! 


Bright Ideas workshop on 23 November 4PM

bright-ideas-and-chill-information-session-for-students

 

Bright Ideas is Kingston University’s annual ideas competition, just for KU students. It is designed to give students from any discipline the opportunity to develop an idea, have it evaluated, and win a prize. Along the way, entrants can develop their entrepreneurial thinking and capabilities.

You need no prior business experience to enter Bright Ideas. It’s open to all Kingston University students – the only requirements are open mindedness, creativity and enthusiasm! You can enter as a team, and also individually. Deadline: 5pm on Friday 2nd December 2016


For us on the Design Thinking module, your Bright Ideas Competition team entry is your team’s FEASIBILITY STUDY (see Assessments page on this blog).

Purpose: To determine if your business idea is something that is wanted by your audience, is capable of making a profit and possible to accomplish in the time given.

You will submit your feasibility study as your Bright Ideas Entry by 5PM on 2 December, and present your feasibility study during a Dragons’ Den type presentation to a panel of judges on 9 December. You will need to:

  1. Read BRIGHT IDEAS GUIDELINES (as given in class), then fill out the form and discuss it with your mentor(s).
  2. submit it online to the Bright Ideas competition by 5PM on 2 December.
  3. submit it online on StudySpace via Turnitin on the same day (1 submission per team only please).
  4. present your feasibility study in a team Dragons’ Den presentation on 9 December (5 minutes). This is compulsory.

The feasibility study is formative. You will receive feedback for this assignment in the following ways:

  1. in class – from lecturers and peers
  2. from the judges – on the day of your presentation
  3. during the Bright Ideas Competition pitching session in February

 Bright Ideas Prize Ceremony is on Wednesday 8th February 2017.

Trigger KU 27th – 29th January 2017: All Bright Ideas entrants are invited to attend this student-led weekend, where they will be able to develop their ideas and pitches in preparation the final event. Students from this module who attended this event in 2015 and 2016 said it was a key factor in their success. It’s also not a coincidence they went on to win the university startup competition and national startup competition later! Book this in your calendars.

If you haven’t already done so, take a look at the Feasibility Study Guidelines on this blog and go to the competition page to register and start the process.

 


PRIZES

5x £1,000

5x £250


IMPORTANT DATES:

  • Bright Ideas Workshop: 23 November 2016 4PM (consider sending 1 team member if it helps with time management)
  • Bright Ideas Submission deadline: 2 December 2016 by 5PM
  • Trigger KU: 27th – 29th January 2017 – All entrants are invited to attend this student-led weekend, where they will be able to develop their ideas and pitches in preparation the final event. –
  • Bright Ideas Final: Wednesday 8th February 2017

WHERE TO SUBMIT YOUR BRIGHT IDEAS?

Submit your ideas: https://beta.younoodle.com/competition/bright_ideas_competition_2016

Good luck, all! If you win any of the prizes as previous students have many times, you have the money for the development of your idea – handy, no?

 

bright-ideas-competition-image