Another riveting episode of KCB Lions’ Den Season 3 aired at 8.00pm on KTN Television on Tuesday 18th of September. With a viewership of almost 3 million people, the show continues to provide entrepreneurs a platform to pitch their ideas and seek investments from the country’s top business leaders.
This week on KCB Lions’ Den Season 3 episode 3,the Lions were confronted by eager entrepreneurs who included; Urban Laundromat – with their laundry solutions, Elizabeth- with her gluten free cassava products, BMA –with their social impact enterprise to create jobs and finally Emily and Saitoti –with their Maasai Duka.
After making the bold and brave move to apply for the program, the entrepreneurs had to undergo the usual grueling process of having their business gone through with a fine tooth comb, answering questions from the Lions about their business ideas, valuation and projections.
This week on KCB Lions’ Den S3 Episode 3 we had two entrepreneurs who were lucky enough to get deals from the tough Lions’ Den panelists. The two gentlemen from Urban Laundromart were the first to get a deal of KES 2.5 Million for 30% equity from the vibrant Joanne Mwangi.
The duo pitched about providing a better alternative to “mama fua’s” laundry services. Their business which targets urban dwellers picks laundry from a client’s home, washes, dries and delivers clean and folded laundry back to their clients’ doorstep in just 6 Hours. @Joannemwangi praised them for their brilliant presentation, passion and their steadfast work ethic. She also recognized the fact they had all their information at hand when they came to the show.
The second lucky entrepreneurs to make a deal on episode 3 were, Emily and Saitoti from Maasai Duka. Their business is a social enterprise that helps artisans sell high quality ethnic artifacts to consumers, both local and foreign.
Despite not being confident about Maasai Duka’s business model, the PR, publishing and media mogul, Olive Gachara made a deal with them for KES 5 million for 20% equity. She told them that she would give them a deal under the condition that she would change their business model, The duo were more than happy to comply.
Lessons learnt from KCB Lions’ Den Episode 3
- Understanding your costs and understanding your business is the Key to securing an investment.
- Startups need to give an accurate view of their businesses current standing by highlighting on the positive. Pitching Lies and being overly optimistic about your future plans puts off the investors.
- In the event that entrepreneurs are unable to secure deals in the Den, somebody somewhere else can see the value of their business and choose to invest in the future. They can use the lessons learnt from the show to create better strategies that can help them grow their business from backstage oblivion to front stage stardom.
Check out our review of season 3 episode 2.