What's really going on at Dragons' Den shows

Entrepreneur Abeer Iqbal was encouraged to apply to the BBC's Dragon's Den with his sleep and wellness brand, Remy. Although he didn’t secure an investment, he was offered a job by Peter Jones, which he declined to focus on his business.

Iqbal shared his behind-the-scenes experience of Dragon's Den, shedding light on the intense yet rewarding process.

Stepping into Dragon's Den feels like entering a stage. The setup is designed to create a surreal environment, with cameras all around, spotlights on each of the Dragons, and a spotlight on you. The nerves are palpable while waiting in the back room, and they intensify as you stand in the fake elevator before entering the den.

The set is on a single floor, and while you press the elevator button for TV purposes, it's not a real elevator. It’s just two sets of doors, and once the second set opens, you’re in.

Remy was founded by Iqbal and his wife to address the lack of effective sleep products that also alleviate anxiety. They noticed that since the COVID pandemic, sleep had become one of the most googled topics within the wellness industry, yet many existing products focused more on bedroom decor than actual well-being.

While attending the Balance Wellness Trade Show Festival in London, Iqbal received a call from a Dragons' Den producer encouraging him to apply. It was late in the application process, but they were actively seeking more entrepreneurs, particularly those with experience.

The producer had noticed Remy’s innovative products, like their bean bags and weighted blankets, and believed they would be a perfect fit for the show. Despite being approached by the show, Iqbal still had to go through the same rigorous application process as everyone else, including due diligence and interviews, all within a tight timeframe.

The filming day itself was long, with multiple entrepreneurs pitching in both the morning and afternoon. Iqbal arrived around noon but didn’t get his turn until late in the evening. The waiting room gradually emptied as other entrepreneurs were called in, heightening the anticipation and nerves.

Iqbal spent much of his time rehearsing his pitch, focusing on the first two minutes, which are uninterrupted. This part of the pitch is crucial, as it’s the only segment you can fully prepare for, given that the Dragons' questions are unpredictable.

Interestingly, the producers advised Iqbal to adjust his pitch, particularly regarding the valuation. Originally seeking £100,000, he was encouraged to lower the ask to £80,000 to fall within the Dragons' typical investment range. Reflecting on this, Iqbal wondered if asking for a smaller amount might have increased his chances of securing an investment.

The producers, who had seen countless pitches, also suggested Iqbal jump into the bean bags after his pitch, adding a memorable visual element to his presentation.

During his time in the back room, Iqbal connected with fellow entrepreneur Jasmine Wicks-Stephens, who pitched just before him. Their conversation led to a lasting business relationship, with both now collaborating on PR and other services—a significant positive outcome of his Dragon's Den experience.

In the den, Iqbal regretted not engaging further with Sara Davies, who expressed interest in his passion and industry but hesitated over the valuation. He feels that had he been more open to negotiating, she might have made a counteroffer.

Despite not securing an investment, Iqbal received a job offer from Peter Jones, which was briefly shown on TV. The actual conversation was much longer, with Jones expressing serious interest in Iqbal’s potential. However, Iqbal’s focus remained on his business, and he politely declined the offer, though he appreciated the validation it provided.

Filming concluded late at night, and Iqbal returned the next morning to pack up. In a chance encounter in the car park, Peter Jones reiterated his job offer, further affirming Iqbal’s impact on the Dragons.

While Iqbal didn’t leave the den with an investment, the experience was overwhelmingly positive, offering new opportunities and connections that continue to benefit his business.