Peter Jones wasn’t shy in criticising what he believed was a lacklustre pitch on Dragons’ Den, calling it ‘bloody dreadful’.
In the most recent episode of the BBC series, award-winning food writer Richard Johnson entered the Den in search of a £60,000 investment in exchange for a 9% ownership in his company, Street Food Ventures.
After admitting to being ‘terrified’ about appearing on the show, he spoke about his enthusiasm for street food, adding that he founded the British Street Food Awards in 2010, which was followed by the European Street Food Awards seven years later.
He revealed his ambitions to establish the awards in America and stated that he was looking for an investment that would provide’sponsorship and worldwide franchising prospects’.
The Dragons, on the other hand, were perplexed by his business plan, with Peter being particularly harsh.
‘I don’t get your business,’ the businessman said, adding that he enjoys eating street food.
‘What’s the plan, the next 12 months? What are you going to do?’ Peter asked, to which Richard responded: ‘Well, at the end of the year we launch in America.’
‘But launch what?’ the Dragon continued, as he received the answer that the American Street Food Awards were set to be launched.
When asked how Richard planned to monetize the event, it was revealed that the entrepreneur had a “sponsorship person” in the United States.
‘But what are you asking for… Richard, this is painful. What are you asking them for? What’s your pitch to them? Maybe I can get there with that,’ Peter continued, striving for some clarity.
Peter delivered the last punches of the pitch after the four other Dragons – Sara Davies, Touker Suleyman, Deborah Meaden, and Steven Bartlett – indicated that they would not be investing.
‘I think that this is awful. I’m not going to pussyfoot around, because I think that you are somebody that can take constructive feedback and go do something about it,’ he put bluntly.
‘You’re clearly an acclaimed writer, and I’ve looked at your book by the way, which I think is superb. But from a business perspective, you have not got a clue.
‘You’re unable to explain what the business does, you’re unable to explain how you’re going to get income. You have to start out with the basics of a business idea and see it through to the end to have any chance. And your pitch today was bloody awful.’
On a slightly more positive note, he concluded by adding: ‘So I’m going to wish you well on your way and say that I’m out but good luck.’
Dragons’ Den returns next Thursday at 8pm on BBC One and BBC iPlayer.
