After months of anticipation, the Nigerian version of the globally acclaimed business reality television show, Lions’ Den, that gives budding entrepreneurs across Nigeria investment opportunities through successful pitches, last Sunday, premiered and offered one useful lesson to the contestants on its maiden episode.Tagged originality, the episode parades five Lions, who are regarded as potential investors in the businesses of the budding entrepreneurs that pitch their business ideas on the reality show.
The Lions, who are successful business leaders in their own right, are looking to give back to the society and help bold and passionate entrepreneurs fulfill their dreams and ambitions. As such, if they see the potential in an entrepreneur’s idea or product, they will invest in it in exchange for some equity in the business.
On this episode of the show, the Lions who are five high-flying entrepreneurs include Kyari Bukar, co-founder and managing partner, Trans Sahara Investments Corporation; Adenike Ogunlesi, founder and creative director, Ruff ‘N’ Tumble; and Paul Onwuanibe, founder and CEO, Landmark Group. Others are Dan Ngerem, chairman, Hensen Group; and Bolaji Balogun, CEO, Chapel Hill Denham.
The debut episode which aired on DStv’s Africa Magic on Sunday, October 10, features four budding entrepreneurs: Oke Ese, maker of a power stove equipment which could also be used to charge phones and sundry devices; Bukola Adebomi, owner of Scentify, producer of scented candles and room sprays; Ese Okey Oruade, owner of SEIL, a firm that produces non-contact hand-washing machines, and Michelle Omoregha, founder of 989Spaces, a brand whose unique selling point is the provision of affordable, functional and flexible work spaces for people.
The four entrepreneurs came to the Lions’ Den with high hopes, pitching their business ideas in exchange for millions of naira as investments from the gurus in the Den. At the end of the day, only two of the budding were successful with their pitches. They are Oke Ese who came looking for N40 million for his firm and Michelle Omoregha.
Satisfied by her pitch, four of the Lions forked out N40 million to earn 40 percent shares in Oke’s audacious idea. They hinged their investment decision in the business to his ability to spot opportunities and knowing his onions in the sector. However, Paul, one of the Lions, declined and advised Oke to go look for bank loans rather than splitting his equity.
Michelle’s pitch for N100 million in exchange for 10 percent of the equity of her 989Spaces was successful. Four of the Lions bought into the company but Paul once again declined on the grounds of transparency, having known Michelle before the show.
The duo of Scentify’s Bukola and SEIL’s Oruade were not successful with their pitches; they were turned down due to the non-scalability and un-bankability of their business ideas.
Produced by Ultima Studios, the reality show is sponsored by pan Africa bank, Ecobank and Chapel Hill Denham. The show, which is also supported by the Bank of Industry (BoI) and Development Bank of Nigeria (DBN), will run for the next three months.
