IT’S A DEN DEAL
A move to BBC1, a record sum invested... Dragons’ Den is back with series 18 – and it’s the most competitive yet, say the Dragons
Dragons’ Den has been delivering high-stakes TV drama since 2005, so it’s no surprise its unique mix of brilliant (and often barmy) business ideas and epic bidding wars between the absurdly wealthy Dragons has finally earned it an upgrade from BBC2 to BBC1 for this, its 18th series.
The show, in which budding entrepreneurs have three minutes to pitch their ideas to the five Dragons in the hope of securing financial backing, has been a hit thanks to its successes – and failures. Remember the woman whose taxi-based board game was scoffed at by the panel only to become a bestseller at Hamleys? Or musician Levi Roots, who strolled into the Den with his guitar and sang a ditty about his Reggae Reggae Sauce, paving the way for recipe books, a TV show and even his own restaurant?
And it’s still going strong. A record €2.3 million is invested on the new series, with 36 deals signed, despite the scourge of the pandemic. The entrepreneurs are invariably nervous as they give their pitches to the ruthless Dragons, who add to the intrigue by trying to outwit each other when they sense a potential money-maker.
Deborah Meaden, who made her fortune in leisure and retail, couldn’t be further from her formidable TV Dragon persona today though, laughing about her
‘l love the ideas – good, bad or crazy’ DEBORAH MEADEN
‘riding hat’ hair. ‘I try to ride every day – I’m a much nicer person when I’ve been riding,’ she says. ‘I can never get too big for my boots because I’ve got four rescue horses to look after, which is very grounding.
‘I learnt very young that lying or trying to pretend to be something you’re not is not a good thing. There was a moment when I first started on Dragons’ Den where people expected me to have a boat and a big car, and for a fleeting minute I thought, “Maybe I should do more stuff like that.” And then I thought, “What are you doing?” Being honest gives you an innate confidence because you can just say what you think.’
Deborah, 62, has been on the show since series three but her investments aren’t all about huge profits. She’s backed some very eclectic businesses, and there’s another one in this series. ‘I invest for many different reasons. I don’t think this particular business will take over the world but I think it’ll change a lot of people’s lives,’ she says. ‘I’m in a situation now where I can choose what I want to do.
‘I have to say, the minute I first sat in that chair on Dragons’ Den it felt like home. I love people. I love investing. I love entrepreneurs. I love the ideas – the good, the bad, the crazy and the wonderful. I’m lucky.’
She and the longest-serving Dragon Peter Jones, who’s been with the show since day one, are friends and co-investors off screen, but he still keeps her guessing as to his tactics in the Den. ‘You’re not going to meet a more competitive individual than Deborah, and my biggest thing is keeping her on her toes,’ he laughs. ‘I like to change my tactics, and this series you’ll see me do more of that to try to get some of these businesses, because they were unprecedentedly high in standard. I’ve tried to get in quick and explain why something isn’t a great investment, then I wait until the end before I strike.
‘In this series there are a lot of alcohol-type businesses, and I think that’s a reflection of the pandemic. One in particular is unique and the viewers are going to think, “Wow, why didn’t I think of that?” So I reckon this new series couldn’t be better timed – we all want some inspiration.’
Today Peter, 54, who started in computers and phones, is the wealthiest Dragon with an estimated fortune of more than €460m, but he wears it lightly. ‘We’re competitive, yet not about money. I’ve never thought, “Oh, I’m the richest Dragon,” or “Deborah’s the richest Dragon.”’
His modesty may come from the hard lessons he learnt in his 20s when his first computer company failed and he had to move back in with his parents. ‘I lost everything – around €1m – through making mistakes, giving credit to companies that couldn’t pay, and then the recession hit. Now my mantra is, “There’s no such thing as failure, only feedback.”’
The Dragons are saying goodbye to mild-mannered vitamin mogul Tej Lalvani, 46, who has announced this will be his last series as he wants to spend more time on his own businesses. ‘It’s been five years of great fun because you have to decide on the spot whether to invest,’ he says. ‘This series has been the most competitive of all, with each of us trying to throw the others under the bus. There’ve been some brilliant ideas. Without Dragons’ Den I’d never have invested in Wool Couture, for example. I thought knitting was for grannies; I had no idea it was so big.’
The newest Dragon is Sara Davies, and at 36 she’s the youngest ever. She made her fortune founding Crafter’s Companion, which sells craft-related products, after dreaming up the idea at York University. ‘When I went for my interview for the show they said, “Sara, you’re a fantastic businessperson but you’re too nice. We need you to channel your inner Dragon.” So I try to be very Dragon-like, but I fall to pieces when one of the entrepreneurs becomes a gibbering wreck. I’ll give them a smile, sometimes a wink.’ When it comes to cutting a deal though, she says she’s as tough as the others. ‘I can hold my own better now.’
At 67, retail tycoon Touker Suleyman, a Dragon since 2015, is the elder statesman of the Den. He says he can spot potential a mile off. ‘I sense if somebody wants something badly, and they’ve gone the extra mile. Sometimes you look back and think, “Thank God I didn’t invest in that,” or “Oh God, I should have invested in that.” That’s what makes the show so dynamic.’
Like Peter, he also lost everything and rose again from the ashes. ‘At a very young age I was the chairman of two public companies. But I didn’t do my due diligence and it went down like a pack of cards. What it taught me was not to lose faith. My end will be when I’m 6ft under the ground.’
n Lisa Sewards Dragons’ Den, Thursday, 8pm, BBC1