Dragons Notice Entrepreneur Pitching From Cue Cards | Dragons' Den Canada
Summary
TLDRVancouver 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.
Outlines
🚀 Pitching an Adventure Startup
Jordan Yuridi, a Vancouver entrepreneur, is seeking $30,000 for 20% of his business, ultimateadventure.ca. He moved to Vancouver to work for a daily deal company and identified issues with both merchants and customers. His startup aims to resolve these issues by organizing group adventures at reduced prices, leveraging the bulk buying method from the daily deal industry combined with event planning. Jordan explains his business model, which involves negotiating with merchants for lower prices in exchange for guaranteed customer numbers, and discusses the risks and challenges of his venture, including the lack of inventory and the need for logistics in organizing events. Despite the potential for high costs and effort, he believes his business model is scalable and justifies his request for funding.
📉 Critique of the Business Model
The second paragraph reveals the dragons' critique of Jordan's business model. They argue that many businesses fail due to underfunding or overexpansion, and they believe Jordan's pitch lacks preparation and a solid strategy. The dragons point out that Jordan's model is not scalable and has no leverage, as he cannot guarantee a minimum number of customers to merchants. They also express frustration that Jordan has not provided any revenue figures or a clear plan to capitalize on the $1.9 billion adventure tourism market in BC. The dragons feel that Jordan has wasted their time and that his idea is not investable, leading them to decide against funding his venture.
Mindmap
Keywords
💡Entrepreneur
💡Funding
💡Bulk Buying
💡Event Planning
💡Daily Deal Industry
💡Merchants
💡Risk
💡Inventory
💡Scalability
💡Investment Perspective
Highlights
Jordan Yuridi, a Vancouver entrepreneur, seeks $30,000 for 20% of his startup, ultimateadventure.ca.
The business model combines bulk buying with event planning to offer group adventures at reduced prices.
Jordan highlights the problem-solving aspect of his business, addressing issues faced by merchants and customers in the daily deal industry.
The company organizes a variety of adventures, from once-in-a-lifetime experiences like skydiving to more accessible options.
Jordan emphasizes the cost and effort savings for customers by organizing these adventures.
The business negotiates with merchants for discounts in exchange for guaranteed customer numbers.
Jordan explains the difference between his service and daily deal sites like Groupon and LivingSocial.
The business model carries no inventory and has no brick-and-mortar operations, reducing overhead.
Jordan acknowledges the business is in an early stage and requires funding for further development.
Investors express concerns about the business's scalability and logistical challenges.
Jordan is challenged on his preparedness and the investability of his business model.
One investor is critical of the lack of leverage and scalability in the business strategy.
Jordan is told that his business idea is not investable in its current form.
The discussion reveals a lack of revenue and underfunding as potential issues for the business.
The investor panel decides not to invest, citing concerns about the business model and its potential for growth.
Jordan's pitch is criticized for wasting the investors' time and not presenting a viable business strategy.
Transcripts
next up a Vancouver entrepreneur who
hopes to find funding for his
adventurous startup
[Music]
hello dragons my name is Jordan yuridi
I'm from Vancouver BC
I'm here today to ask you for thirty
thousand dollars for twenty percent of
my business ultimateadventure.ca
it's two and a half years ago I moved to
Vancouver to work for a daily deal
company and found that there were many
problems with both the merchants and the
customers
um
my company not only fixes these problems
but puts together organized group
adventures and offers them at a reduced
price to the public
we take the proven method of the bulk
buying excuse me we take the proven
method of bulk buying from the United
States if you're running a cue card you
don't know your deal
if you can't explain your business
you're never going to sell it to me
so give me the cue cards
all right sorry man that's real life you
can do it you know you know it you seem
very competent relax
so what my company does is it takes a
takes the proven method of bulk buying
that the daily deal industry has proven
and combines it with event planning to
be able to offer these sort of
Adventures to the everyday public at a
reduced price
so bulk buying a like skiing or ski
event trips or yeah so what we'll do is
we'll put together a an adventure of
some sort whether it be something that
is a once in a lifetime experience like
skydiving like bungee jumping or so on
so forth all the way down to something
that appeals to the everyday person what
are we looking at here with all the
pictures going on these are actually
pictures of things that I've done just
to show you because not only do I speak
from experience on this but I'm able
wait a minute what's that Adventure
uh that is an Oktoberfest event so that
would be something that has a little bit
more of a Mass Appeal to the broader
market we've got a pretty exciting life
going on I have actually oh my God yeah
so the in order to do something like
this on your own it can be quite
expensive it can take a lot of uh a lot
of time and effort to try and find
somebody to go with a lot of
coordination okay I get that but how do
I make money so how you would make money
is we've seen from the daily deal
industry such as Groupon and living
social we take that same sort of concept
and go up to the merchants and say you
know what I'm going to bring you a bunch
of business but you need to give it to
me at a significantly lower price
because i'm doing all the work and
bringing you all the business but what
makes you different than the daily deal
what makes us different is we're able to
guarantee a specific date a specific
number of people
so let's say a tour operator a
helicopter ride operator has in a day
100 seats available and you want to tie
that whole day up with your idea so
you're going to guarantee him a hundred
people and he'll drop his price by what
20 30 percent okay well with that so
part of the negotiation is I will go
deal with the merchants and I say I'm
not going to guarantee a specific number
because I have no way why would he give
you a discount because I'm guaranteeing
you a minimum seats wait I'm about to
get there so no matter whether someone
shows up or not you're going to pay me
right
what we can do is we can arrange some
sort of payment on that now you might
want to know exactly what does that mean
does it offset the risk on you now to
get 25 people in those seats
yes it is it does put a lot of risk on
me
now one of the great things about this
business model is we have no inventory
no brick and mortar no distribution we
don't have to worry about any of that so
and you also have no sight
it is very early and that's part of the
reason I'm asking for the thirty
thousand dollars here's the big problem
this is not an automated online business
this is uh no you roll up your sleeve
I'm not worried about you coming into my
adventure facility I'll take the
business at 20 off if I'm worried about
your business because when you start
having to organize all these events
you're talking Logistics are going to
kill you it's going to be it's not going
to scale
I do see your concern with that now one
of the greatest you do see a concern
with that I do concede your concern with
that I'm out
it is very early there's not a huge huge
amount in terms of the valuation of what
I'm valuing the company at but this is
what I need right now the company is a
domain name number one it is but number
two you're a tour promoter you're just
using the internet a little bit here and
there to help the people register but
from an investment perspective I don't
think it's ever going to be investable
okay so for that and a lot of other
reasons I'm out good luck
okay
Jordan you demonstrated that business is
probably the scariest Adventure you can
go on and that started right from when
you came in here right you've done a lot
of stuff absolutely ever being more
scared than you were right then you look
more comfortable with that blonde in
Germany than you did coming out here but
my gonna be this I think
you're out there I'm not sure
[Music]
I'm not 100 sure I'm following what you
mean by that I
okay so many businesses fail because
they're either A underfund or B they try
to grow too fast so one of the things
that I want to do is obviously to
reinvest a lot of the revenue backwards
you don't have any Revenue you weren't
even ready prepared to come in here to
pitch us for this
I I was prepared over no you weren't um
you're not prepared for a pitch you
don't get the money I'm out
Jordan let's take stock
you want me to give you thirty thousand
dollars to experiment with a business
strategy that most people here think is
stillborn right out of the gate because
you have no leverageability and you
can't scale it 1.9 billion dollars in
the province of BC alone was spent on
what they call Adventure tourism you
have no way to make money off that
information and here's the issue this is
a very valuable space you stand in
thousands of people try and come here of
which a few hundred get a chance
you've completely wasted our time and
made sure that somebody else had a
better idea that I could have made some
money on isn't there instead which
really drives me crazy I'm very unhappy
with you
I'm out okay
[Music]
Kevin you didn't need to be that mean to
him not mean
you can help them understand what's
wrong without it's not my job I'm not
here teaching anybody this is the advice
then
that sucked you don't need to give
advice just don't have to wait that's a
jerk
next
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