The Dragon’s Den Experience..
On 6th of December 2019, we have presented our idea to the audience, we have also requested them to evaluate our idea, to assess its validity for people’s need.
We were nervous as we were asked to present our idea in front of a team of experienced professionals, referred to as The Dragon’s Den. We were asked to present our idea within 5 minutes, and allow 3 minutes to answer questions from audience and rulers.
Our evaluation will be based on 5 criteria:
Did you explain your idea clearly and convincingly?
2) The need or the problem you are addressing & the target group:
Provide basic information about the problem, and the people who are experiencing the problem, and who will buy the product.
3) The product/ service:
What is the product?
Explanation of the product and how it meets the needs of the market?
4) Alternatives & Competitors:
Who are the potential competitors in the market?
5) Market entry:
How will you attract your customers?
How will the product be provided?
The targeted audience.
6) Overall Presentation:
Show excellent presentation skills needed by entrepreneurs
We had a meeting as a team, created a prototype of the product, and the product name changed from SMART TRAY to EASY -OUT
We all worked, and we enjoyed the idea
We have presented in front of each other to practice and to avoid mistakes
We have agreed on wearing one uniform for the presentation.
Below is the presentation’s script:
When we visit a crowded restaurant or seasonal market like Christmas market and couldn’t find a table or a seat, we often find ourselves in an awkward situations where eating with no table or eating with one hand and holding all the items with the other hand. All those issues lead to eating uncomfortably and ended up with unpleasant experience. Our perfect customer will be a person who still wants to truly enjoy their meal, after they bought foods and drinks from a crowded restaurant or food stalls but couldn’t find a table or chair to eat immediately.
“Easy-out is a mobile, foldable, reusable tray made from bamboo woods. It has a deep compartment with few separate sections and a cup holder to secure items, and it does also have a strap in its tow side in order to carry it around the neck. Our tray aims to make the user feel more convenient and have better experience when visiting a busy and crowded places such as restaurant at peak time.With Easy-out the user will be able to eat more comfortably and conveniently.”
It is a mobile tray which you can bring it to wherever you prefer and whenever you like. The flexibility of eating and carrying multiples items is in your control. After we did some research we found other products that might be our alternative or a potential competitors such as 16 compartment craft storage tray, 4 compartment plastic divider box, and commercial plastic tray with shallow surface. Our tray is not a shallow tray, but it has deep compartments that allow customers using it without worrying about food being slipped out of the tray our tray has a strap that the customers can wear it on, so that their hands are free and they are able to do much more than just to hold the tray. The materials that are made up from sustainable materials making sure we show our love to the planet and promote a green platform for the users to use the product and being friendly with the environment.
“Our plan for introducing the product to initial customers is through direct selling to the people who visit the Christmas market, but our product will also be available to purchase through our official page on social media. For the time being we are looking into B2C market but in the future we will be thinking to bring this to B2B since there is an opportunity to sellit for B2B.”
What is a Lean Canvas?
Lean Canvas is a one-page business plan methodology that was developed by Ash Maurya. Lean Canvas was adapted from the Business Model Canvas by Alexander Osterwalder. The plan features several blocks to help you map out the key points that will help you turn a business idea into a concrete business plan. The Lean Canvas is created especially for entrepreneurs to make it easier for them to get a clear and simple idea of what they are doing.
It contains nine sections featured on Lean Canvas which we have filled in our idea
- Problem: Understanding the key problems of customers is essential.
- Customer Segments: Understanding who your customers are is a vital step.
- Unique Value Proposition.
- Revenue Streams.
- Cost Structure.
- Key Metrics.
After filling our idea on Lean Canvas, the idea became clear and simple.