The entrepreneurship reality show KCB Lions’ den season 2 finally came to an end with a total of 13 episodes being aired. The lions in this season just like they were in season one included Kris Senanu, Wandia Gichuru, Darshan Chandaria, Olive Gachara and Myke Rabar. We saw 63 entrepreneurs battle it out in the den to have their businesses invested in. At the end of the season, the lions invested over ksh140 million which was a bit lower than the first season in which they invested ksh150 million. Only 36 entrepreneurs out of the 63 who qualified to pitch their businesses to the lions got investment deals which was higher than the 30 entrepreneurs from season 1.
KCB Lions’ den has proved to be one of the best entrepreneurship shows in Kenya. During the entire season, I got entertained and sometimes a little bored. The sets of advice that were given by the lions throughout the show helped both entrepreneurs in the show and at home improve their businesses. When the second season started, I could never have been sure of what to expect in matters entertainment but one thing I was sure of is that I was going to watch very good business pitches that would show how innovative Kenyans can be.
In this season, one business that really stood out for me was the Hela game pitch which was made by Jamnic Maina. He noted that the number of pyramid schemes in Kenya had risen over the years, and it showed how Kenyans had little information on making wise investment decisions. He found a gap and wanted to fill it and that is how the game came up. The Hela game is simply a stock market simulation game that helps you know how to invest in the real NSE market. This game gives you the live NSE data as it is, in stock exchange market. In the game, you use virtual currency instead of real money, so you can be able to learn how to trade in the stock exchange market. With as little as ksh100, you get 100,000 virtual currency, tutorials and business news.
Another business that got my attention was one by Luwi and Alfred with an innovation which lies inside the helmet. Most Kenyans always opt to use a motorcycle ride especially when there is a lot of traffic and/or are in a hurry. Most often than not, when a person wears the helmet, it is usually smelly and full of dust. The entrepreneurs invented a bag called Hellena, that someone can wear on their heads before putting on a helmet. Its main aim was to prevent the passenger from smelling the bad odor due to the sweet smell of Hellena and to protect the head from dirt. The advantage of having the bag is that it is recyclable and it is affordable and goes for ksh5. The amazing fact about this company was that it was only one week old and hadn’t made any revenues but the lions still invested in the business. They got a deal of 1 million in exchange of 30% equity.
Something that really stood out for me in this season was how entrepreneurs would recycle used products and make gold out of it. For example, the house of David, GMK briquettes among others. In this season, there were entrepreneurs from the health sector making pitches on health and wellness, and applications that will help in connecting the patients with doctors and pills shop. There was also this pitch by Nicholas known as the Kenyan riders which encourages Kenyans to engage into the sport of riding bikes. Nicholas needed ksh 100 for equity of 15%. I wondered if there was catch with that ask because it sounded like a joke to me.
Unlike the first season, the lions were more competitive in getting their business deals. They would at times compete against each other and this made it fun to watch because I wanted to see which lion had the final and biggest bite. The lions this time also had diversified the businesses in which they invested in, they didn’t only invest in businesses that they were conversant with. They spread their wings and invested in businesses that they felt they loved and had faith they would grow.
Every entrepreneur should take charge of his/her business and actually put in all the time and effort to make it work. Here are some of the lessons I learnt from watching KCB Lions’ Den season 2.
- Learn how to pitch your business. Remember a great idea is as good as the way it’s presented. You might have a good idea but poor presentation might make someone miss out on the important aspects.
- Entrepreneurs need to come up with a proper business plan for their business because it will clearly help you articulate what’s missing and at what point you need an investor and for what purpose. Investors will look also at this to gauge whether your business is worth being invested in.
- You have to prepare well before pitching your idea to any investor. This includes knowing your product and/or service in and out in terms of production, costing, marketing and distribution. You should be in a position to explain for example how you arrived at the product price.
- Know your valuation well. Some entrepreneurs were asking for money they couldn’t justify how they arrived at. Know your company’s worth because this will inform how much you ask for.
- Finally, be bold. I was told that investors might not like your product or service but they might like your confidence and passion for the business. Investors are confident about someone who’s confident with their business and vice versa.
We look forward to seeing the third season of KCB Lions’ Den on our screens come next year and hopefully more ground-breaking ventures being showcased and invested in. This program should definitely continue because it has helped many entrepreneurs access a pool of mentors and financial support to help them expand their economic opportunities, contribute to their communities, and become responsible members of society.