The reality TV show Dragon’s Den is very popular. However, like almost all reality TV, it’s not very ‘real.’
The second you point a camera at people, they start to perform. In my experience, the format of the show is not that ‘real’ either. I have attended VC meetings for over a decade, where sums from hundreds of thousands to millions have been discussed, and it’s never been anything like the Dragon’s Den TV show.
That’s EXACTLY as it should be though! The TV show is designed to entertain, which it does very successfully. Typical meetings with angel investors are a little dry for mainstream TV. Those that are not, are far too animated for prime-time viewing.
I was talking with an angel investor last week and he told me that since the TV show, some people seeking investment funds are expecting the real process to be like the TV show. He said that when they do, he calmly explains that the format of the Dragon’s Den show is about as accurate as the show’s title:
“Dragons don’t live in dens. Dragons lived in lairs. LIONS live in dens!”
I then wondered why I had never thought of that!