Kenya Commercial Bank (KCB) is looking for local entrepreneurs looking to scale their businesses. Through a business show that is to be hosted on NTV dubbed the Lion’s Den. Aspiring entrepreneurs will get to pitch their business ideas and products to a panel of Kenyan business moguls who have the cash and the know-how of what it takes to succeed. Lions Den Kenya will launch this August and aims to identifying innovative, exciting, and promising businesses, designs, products or ideas in Kenya.
Do you know of any great students entrepreneurial ventures that should participate in this local version of the show? If you do, please encourage them to apply! Winners will not only receive investment in their business ideas, but also mentorship, access to influential networks and other forms of support.
Kenya’s most daring entrepreneurs will have an opportunity to step into the den to convince the Lions that their business is worth investing (cash) in and offer a share of their company in return. The Lions have pledged millions of shillings of their own personal wealth towards investing in ground-breaking ideas through Lions’ Den, powered by KCB Bank, the largest commercial bank in East Africa. But beware, it takes more than passion to convince these boardroom giants that an idea is worth their attention, and if the entrepreneurs disappoint or anger the Lions, they will walk away with nothing.
The show is a spin-off of the popular Dragons’ Den/Shark Tank programme in the United States, and will feature prominent and successful African business leaders as the judges and mentors (‘Lions’).
In each episode of the show, exciting new ideas are presented and the panelists grill the contestants on the appeal of the product or business idea and the viability of their business plans and projections. Lions battle each other as well as the contestants to determine who gets what. The rewards for the competitors are substantial – a sizeable investment in their company and a leading East African entrepreneur as a partner in their business.
In parts of the world, some of the companies that the Lions’ Den have invested in have gone onto become million dollar enterprises. The Lions themselves help build successful businesses and profit from their strategic investments. In addition, the show has an intrinsic educational value. New business ideas are analysed and dissected. The panelists interrogate the competitors and determine whether their ideas make sound business sense. This forms the basis on whether they decide to invest in a venture.
- Entrepreneurs must be aged 18 and over
- Entrepreneurs must fill in the application form and consent to the terms and conditions
- Lions will invest their own money
- Entrepreneurs will have three uninterrupted minutes to pitch their idea
- Entrepreneurs must state how much investment they are looking for and what percentage of equity in their business they will offer the Lions in return
- Lions will be given the time they need (not exceeding 1 hour) to ask the entrepreneur further questions about the business and decide whether or not they want to invest.
- Entrepreneurs must secure the full investment asked for or they leave empty handed
- Visual aids are permitted for the pitch after prior inspection and approval by the production team
- Lions who are not interested in investing must declare themselves out and cannot re-enter negotiations
- Lions cannot confer but can enter into joint deals
- Entrepreneurs can call on an advocate to help them with e.g. financial or marketing issues
- Entrepreneurs must have the authority, if shares/joint ownership and a partner not present, to negotiate on equity
- Entrepreneurs cannot bring crib sheets, prompts re financial questions but can bring proof of e.g. patents and granted order
- Entrepreneurs can refuse offers
- Lions must not contact contributors directly afterwards if they have turned them down in the den
- Deals struck during the program are between the respective Lions and entrepreneurs and subject to contract. NTV, QBF and KCB Bank are not a party to such deals
How to Apply
To apply, please visit www.bankika.co.ke/lionsden/join and submit the attached form by no later than July 24th.