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Peter Jones didn’t hold back when chastising what he deemed to be a lacklustre pitch on Dragons’ Den, claiming that he thought it was ‘bloody awful’.
On the latest episode of the BBC series, award-winning food journalist Richard Johnson entered the Den to seek out a £60,000 investment for a 9% stake in his business, Street Food Ventures.
Having admitted how ‘terrified’ he was feeling about going on the show, he enthused about his passion for street food, explaining that in 2010, he set up the British Street Food Awards, which was followed by the European Street Food Awards seven years later.
Revealing his plans to launch the awards in America, he shared that he was seeking an investment that would provide ‘sponsorship and global franchising opportunities’.
However, the Dragons were left confused by his business model, with Peter being especially critical of what he had put forward.
‘I don’t get your business,’ the businessman stated, while adding that he does enjoy eating street food himself.
The Dragon said it was ‘painful’ trying to get answers (Picture: BBC)
‘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.
After asking how Richard would monetise the event, it was explained that the entrepreneur had a ‘sponsorship person’ over in the US.
‘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.
Richard unfortunately walked away empty-handed (Picture: BBC)
After the four other Dragons – Sara Davies, Touker Suleyman, Deborah Meaden and Steven Bartlett – declared that they wouldn’t be investing, Peter delivered the final blows of the pitch.
‘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.
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The Dragon said it was ‘painful’ trying to get answers.
