Dragons Notice Entrepreneur Pitching From Cue Cards | Dragons' Den Canada

Summary

Vancouver entrepreneur Jordan Yuridi pitches his startup, ultimateadventure.ca, to the dragons seeking $30,000 for a 20% stake. The business model revolves around organizing group adventures at reduced prices by leveraging bulk buying. Despite Jordan's enthusiasm and personal experience in adventure tourism, the dragons express concerns over the scalability and logistics of the venture. They question the company's preparedness and ability to guarantee merchant discounts without assured participation. Ultimately, the dragons decline the investment, citing the business model's lack of scalability and the high risk involved.

Takeaways

• 🚀 Jordan Yuridi, a Vancouver entrepreneur, is seeking $30,000 for 20% of his business, UltimateAdventure.ca.
• 💡 The business model aims to address issues faced by merchants and customers in the daily deal industry by offering organized group adventures at reduced prices.
• 🎯 Jordan's company leverages bulk buying, a strategy proven by the daily deal industry, and combines it with event planning to offer unique experiences.
• 🏔 The adventures range from once-in-a-lifetime experiences like skydiving and bungee jumping to more accessible activities that appeal to a broader audience.
• 💼 The revenue model involves negotiating with merchants for discounted rates in exchange for guaranteed customer numbers, similar to Groupon and LivingSocial.
• 📈 Jordan emphasizes the business's ability to guarantee specific dates and numbers of attendees, which is a key differentiator from traditional daily deal sites.
• 📉 The dragons express concerns about the scalability and logistics of organizing such events, questioning the business's long-term viability.
• 💸 The business is in its early stages, with Jordan valuing the company despite having no inventory, brick-and-mortar presence, or distribution concerns.
• 🚫 The dragons ultimately reject the pitch, citing the business model's lack of scalability, high risk, and the inability to leverage the large adventure tourism market effectively.
• 💭 The dragons also critique Jordan's pitch preparation, suggesting he was unprepared to address their concerns and did not effectively communicate his business strategy.

Q & A

What is the name of the startup that Jordan Yuridi is seeking funding for?

The name of the startup is ultimateadventure.ca.

How much funding is Jordan Yuridi asking for and what percentage of his business is he offering in return?

Jordan Yuridi is asking for thirty thousand dollars for twenty percent of his business.

What problem did Jordan identify in the daily deal industry that his company aims to solve?

Jordan identified problems with both merchants and customers in the daily deal industry that his company aims to fix.

What is the unique selling proposition of Jordan's company?

The unique selling proposition is organizing group adventures and offering them at a reduced price to the public by using the method of bulk buying.

What kind of adventures does Jordan's company offer?

The company offers a range of adventures from once-in-a-lifetime experiences like skydiving and bungee jumping to more everyday activities.

How does Jordan's company plan to make money?

The company plans to make money by negotiating with merchants for lower prices in exchange for guaranteeing a specific number of customers on a given date.

What is the main difference between Jordan's business model and traditional daily deal sites like Groupon?

The main difference is that Jordan's business model guarantees a specific date and number of people for the merchants, which allows for better negotiation on pricing.

What is the risk that Jordan's company takes on by guaranteeing a specific number of people for an event?

The risk is that if fewer people show up than guaranteed, the company still has to pay the merchant for the guaranteed minimum number of seats.

What are the operational advantages of Jordan's business model?

The operational advantages include having no inventory, no brick and mortar, and no distribution, which reduces overhead costs.

What concerns do the investors express about Jordan's business model?

The investors express concerns about the lack of scalability, the high risk involved in guaranteeing events, and the early stage of the business without any proven revenue.

What is the final outcome of Jordan's pitch to the investors?

The investors decline to invest in Jordan's business, citing concerns about the business model's scalability and the lack of preparedness for the pitch.