I have been an entrepreneur for a long time, and just like my fellow entrepreneurs would agree with me, it wasn’t and still challenging coming up with a pitch that would wow an investor at the first instance. It would take a lot of polishing and practice to finally come up with a pitch someone would be interested to listen to.
As a result of this, several startups have missed on the opportunity of attracting funding into their ventures.
A good number of us have either watched or heard of the show Shark Tank where budding entrepreneurs get the chance to bring their dreams to fruition by pitching to convince any one of the sharks to invest money in their idea.
Some of us have always looked forward to having a local version of the same as the vibrant entrepreneurial environment in Kenya keeps growing daily.
Just like Shark Tank, Kenya Commercial Bank (KCB) has entered a partnership deal with the Nation Media Group to launch an entrepreneurs’ focused reality show called The Lion’s Den.
The show which will start early September this year is part of the Ksh 50 billion 2jiajiri initiative that is targeting around 500,000 startups in a period of 5 years.
The show will give local entrepreneurs a chance to showcase and pitch their ideas to local entrepreneurs, venture capitalists, among other players in the investment space. And all these players will be investing their own money in the successful ventures.
Entrepreneurs aged 18 and over, with solid business ideas are welcome to apply either online or to pick up an application form from any local KCB branch.
Quick Facts About The Game
- Entrepreneurs must be aged 18 and above
- Lions will invest their own money
- Entrepreneurs will have three uninterrupted minutes to pitch their idea
- Entrepreneurs must state how much investment they are looking for and what percentage of equity in their business they will offer the Lions in return
- Entrepreneurs must have the authority, if shares/joint ownership and a partner not present, to negotiate on equity
- Entrepreneurs cannot bring crib sheets, prompts re financial questions but can bring proof of e.g. patents and granted order.
- Lions must not contact contributors directly afterwards if they have turned them down in the Den.
- Deals struck during the program are between the respective Lions and entrepreneurs and subject to contract. NTV, QBF and KCB Bank are not a party to such deals.
To apply go to https://bankika.co.ke/lionsden/apply/ by 24th July 2016 and you might just impress the hungry lions.