Episode 6: Oliver Fegan
Q: Explain your Dragon's Den experience?
A: It is an experience I would recommend anyone to do. My time on the Den was made tougher as it coincided with the week we were launching Temptster. My pitch was not honed although I know my business backwards. My initial pitch was predominantly made up on the spot which brought a few outer body experiences during the initial 2 minutes as I had no idea what my next sentence would be!
Q: Who was the toughest Dragon?
A: I think all were fair and asked pertinent questions. Gavin was probably the most vocal in his opinions but brought personal experience in the restaurant sector to the table. This certainly brought very specific questions about our model. They all had particular areas of interest and this shone through as the questions were batted about.
Q: Were you nervous?
A: Yes, extremely. However, once I threw my pitch out the window and went with my heart, it helped ease 'some' of the nerves. It is hard to prepare facing the Dragons, the cameras and the nation.
Q: Were you surprised by some of the questions?
A: No. I was expecting tougher grilling on our financials and valuation though.
Q: Who was most interested in your idea?
A: This is tough to answer. We obviously received investment off Sean so it would be hard not to say him. He also has direct experience of location based services so I'd say he was by far the most knowledgeable. I thought Romona and Gavin had really interesting contributions also but from the get go, I never considered them potential investors.
Q: Would you have done anything differently?
A: Yes. I would have prepared more. Made my pitch more consumer focused and considered how I would accept an investment or not in advance!
Q: Would you recommend applying for Dragon's Den to any other budding entrepreneurs?
A: 100%. It is one of those experiences which I think makes you 'man up' and you have to think on your feet. I believe anyone who has 100% confidence in their product or service should definitely go on it. I was lucky that the Enterprise Ireland funded New Frontiers Programme somewhat readied me for the experience.
Know your figures and have passion for what you do and you should be fine.
Q: What does this mean to you personally?
A: It is the culmination of 12 months work all boiled down to one moment of success. It vindicated all the hard days and sleepless nights worrying about Temptster. It has given me great confidence in what we are building and has strengthened my work ethic to make this an internationally successful business.
The investment from Sean and the involvement of Bill Liao is also a huge boon for us. I have met Bill once and although he has asked really tough questions, his track record shines through. It puts massive pressure on us to deliver but the drive to ensure we do just that.
Q: In five year's time where do you see your product/company?
A: I see Temptster changing the way we socialise. I see both consumers and the venues forming a new relationship which are mutally beneficial. It will drive profit and value at the same time.
It is our ambition to be in 58 cities in 5 years and we plan to enhance our offering to allow for in-venue promotions to sway consumer spending.
Q: What is your lasting memory of the Den?
A: Probably walking into the room and realising this is not a dress rehearsal. Nothing can prepare you for that moment. It was a great feeling also.
Q: At any point did you think you wouldn't get the investment?
A: Yes. To be honest, going in, I never expected an investment. I didn't think anyone bar Sean would be interested in taking such a large investment on an untried app.
During the pitch, I think it started well but I could tell from the facial expressions of 3 dragons, they were never keen. When Sean made the investment offer, I was honestly startled and didn't know whether to jump or stay composed.