UEA Dragons’ Den 2023 - Win £250 (Round 1)

Calling all budding entrepreneurs! The UEA Business Society are looking for participants in our next competition: UEA Dragons’ Den 2023. If you have a business idea this is your perfect opportunity to showcase your idea and even win a £250 prize!

The competition will consist of two rounds: the first will require you to produce a formal business plan and if we see potential in your idea then you will be selected to go through to the final! Only 7 lucky applicants will be chosen, so make sure you produce an effective plan.

The competition final will involve you having to pitch your idea to a board of local entrepreneurs, investors and NBS staff. After each pitch, the Dragons will have the opportunity to ask you questions about your venture. The best idea will win £250! (We will contact you with the further details for the final).

We strongly encourage you to consider entering UEA Dragons' Den even if you feel your idea isn’t completely developed. The plan can even be a paragraph about your idea, alternatively you can write up to two pages, we just want to see your ideas are viable and well thought out. You can enter as an individual or as a group. 

ADVICE ON WRITING A BUSINESS PLAN

Your plan can be up to 2 A4 pages and there is no minimum length. Often the most effective plans are short and concise.

As a minimum, however, your plan should:

• Be logical and objective. Make sure your idea is viable and establish that there is a market for your product.
• Communicate the purpose and vision of your company. Describe management responsibilities, detail personnel requirements, provide an overview of marketing plans and evaluate current and future competition in the marketplace.
• Create a brief financial proposal for investors and judges to evaluate your company.

Most business plans follow this structure:

1. An Executive Summary – a snapshot of your business. You can provide a brief description of products and/or services, summarise objectives and describe the current market. Include a quick look at the competition and your advantage. Demonstrate your potential for growth and funding requirements.
2. Overview and objectives – Establish what you will provide, what you will need to run your business, who will service your customers and who your customers will be. Make sure you have identified your industry, customer and explain the problem you will solve and how you are going to solve it. Including these simple answers in your business plan will make sure you are prepared to answer any questions the dragons will have on competition day.
3. Service or product – products or services you’re offering. Explain what makes your products or services different and the timeline for bringing them to the market. Establish whether your operating costs will be low enough to allow a reasonable profit margin. How will you acquire the products? Do you assemble them using components supplied by others or are you the manufacturer? Will there be a steady supply of products available if your business is successful?
4. Marketing and sales – how you’ll market your business and your sales strategy. What is the size of the market and what segment are you planning on targeting? How will you stand out from the competition? What do customers expect to pay for products and services? Focus on the benefits of your brand and what problems you will solve. Also, include how you will determine if your marketing efforts are successful. Include a brief pricing strategy.
5. Funding request – how much money you will need for the next 3-5 years and how the money is being invested (this only needs to be a rough estimate).
6. Financial projections – Disclose your revenue expectations over time. This doesn’t need to be in great detail.

HOW TO ENTER - IMPORTANT INFORMATION (deadline is Friday 24th March 2023):

• Send us an email (ueabusinesssociety@outlook.com) with your idea/business plan by Friday 24th March 2023
• Get your FREE ticket from the SU website (this page). Make sure you have got your ticket by the deadline!

Any questions please feel free to drop us an email at ueabusinesssociety@outlook.com or message us on our Instagram