This week we held the finals of our 2016 Dragons Den competition.
All students taking IGCSE Business Studies work in small groups of up to 4 students and are asked to come up with a viable new business idea. Each idea has to be researched, a target market identified as well as convincing is that it is viable on a practical level. An outline business plan is put together in the form of a presentation pitch to the Dragons. The format is similar to the TV show, Dragons Den, that is now franchised in over 30 countries.
Each business class choses one business idea and team to represent their class. This years finalists had very different business ideas, each with a clear target market. Four teams presented in the finals to our panel of dragons; Truc Ba Ha, Chief Representative Officer at QatarNational Bank, Lucy Glynn our in house Digital Marketing Expert and Tim Deyes our newly appointed Principal at BIS.
First up was Pencil Face who wanted to tap into the lucrative but very competitive stationary market with their customisable pencil cases. These were premium priced but they assured us that the research showed there was demand for their product. They were followed by Supercoal who wanted to introduce us all to the benefits of using charcoal as a skincare and a tooth whitening product. Both teams were able to present a sample of their products. It was clear that Supercoal, in particular, had given a lot of thought to their packaging which was very well designed.
Third up was Zoom with their innovative portable projector for use with a smart phone. Their idea came from trying to read small subtitles while watching foreign TV shows on a phone. The product combined a simple case with a lightweight magnifying sheet. Last up were Ting Ting who wanted to set up a short journey Xich Lo transportation service in Thao Dien. They emphasised their eco credentials and had big expansion plans for the future. Their simple yet effective business idea and a confident pitch combined with sound financials secured them the Dragons Den crown for 2016, and even an investment proposal from one of the Dragons!
All teams impressed the judges with their confident pitches and adept handling of the dragons tough questions. One person stood out on the day, and was awarded Best Speaker as a result. Congratulations Jasmine from Supercoal who was particularly impressive when answering questions from the Dragon's.
Well done to all four teams the standard keeps improving every year. Big thanks also to all the Year 10s who came to support their friends.
Pencil Face - Jordan, Jacob, Trang,Sofia
Supercoal - Jasmine, Elliot, Mai Thi, Vivian
Zoom - Ashley, Helen, Jasmin, Thu
Ting Ting - Charles-Minh, Aryan, Saebom, Crystal
Deirbhle O Neill | Head of Business and Economics