Being a Dragon

In October 2007, I joined the panel in the fifth series of BBC Two's Dragons' Den, alongside Duncan Bannatyne, Peter Jones, Deborah Meaden and Theo Paphitis.

I’m with a very good bunch of people who are, without doubt, extremely successful in their own right so it’s a really excellent panel to be part of. When you walk into a situation where everybody knows each other, that can actually be quite hard for the new person, but they've been really friendly and gone out of their way to help me feel comfortable.

A lot of people said to me, “Are you scared that you are going to put all this money in and it won’t work?” Funnily enough, that was the least of my concerns because investing money and taking risks is part of my character, it’s what I do for a living.

But the Den posed its own unique set of challenges to contend with. Apart from adjusting to the cameras, the accelerated process of doing deals came as something of a shock as I’m used to conducting transactions over the space of days – weeks, sometimes - rather than an hour. That was when reality set in - I'm sitting in the Den and I'm thinking, I've got five minutes to work the person out, I've got ten minutes to work the product out, I've got three minutes to work out the financials and I've got two minutes to do the deal. At the same time I'm competing with four other people who've been doing this longer than me.

Occasionally, the other dragons’ experience can also count to their advantage because the entrepreneurs are more familiar with them and their specific areas of expertise. I think as a new dragon you actually have to work quite hard to convince the individual that you can add as much value as everybody else. If it’s a good deal then we all want it and sometimes the person is more interested in going with somebody he or she has seen on TV or read about. I quite understand that, but we’ve all got something different to offer a business and I think that people can get a sense of who’s right for them - it’s not just about the money.

What I’m looking for in the Den is as much about the person as their idea. Through mentoring and development, I am confident I can turn anyone who demonstrates real potential into a success. That said, I’m no pushover and can quickly tell when somebody is completely out of their depth. Viewers constantly see people walking into the Den with delusions of grandeur. Reality is different. When these people make mistakes it isn’t theoretical money they’re wasting - we’re dealing with real money. So, though I make decisions quickly, I never make them lightly. Dragon’s Den is a lot of fun, but investment is a serious business.

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