Expert insight
Dragon's Den investor Deborah Meaden shares food and drink fundamentals
Meaden, who has invested nearly £3m in start-up businesses throughout her time on the BBC show, recently invested £50,000 in Yee Kwan ice creams and sorbets.
She spoke to organisers of the International Food & Drink Event (IFE) about what makes a product special, how to be an entrepreneur and why a good online presence is fundamental.
How do you rate the business climate for new food and drink products right now?
I think it’s a very interesting time – for the right product. Consumers are getting a lot more adventurous; they’re looking for something new and different. You can really see
As you’ve invested in food and drink businesses; what’s the secret to attracting investment? What drew you to these businesses in particular?
The most important thing for a business seeking investment is to be able to quickly convey to the customer why they should eat their food or dine at their restaurant. What can they talk about that’s different from everybody else? They have to convince me that have the skills, knowledge, energy and commitment to succeed.
How do you take a good idea and make it commercially successful?
Imagine your end product and what your business is going to look like, then work backwards. It’s like making a map and that’s what a business plan is really all about. The most common mistake people make is to overthink and overcomplicate things; before you know it their idea’s out of date or already being done.
Can you learn to be entrepreneurial? What are the skills you have to have for success?
The successful entrepreneurs I know have a key set of characteristics. They’re all very different people but they’re all brave, they know how to take risks, they’ve all got very good emotional intelligence, they’re always looking for opportunities and they’re interested in how people live, eat, breathe and sleep. You have to understand the basics of business, of accounting and how to make the best of the internet. Know enough to know what you don’t know and when you need to look for help.
Do you see businesses that still don’t understand how to use the internet?
I think any business not taking their online interface seriously is absolutely mad. We speak in a different language now and behave in a different way. We have to be engaged with social media, we’ve got to be talking to our customers in many different ways and consumers expect to be able to click a button and find absolutely everything they need to know in an instant.
The International Food & Drink Event takes place at the ExCel in London from 22-25 March 2015 and features exclusive interviews, discussions and Q&A sessions with prominent figures in food and drink such as Co-op food CEO Steve Murrells, Asda CFO Alex Russo and Nisa CEO Neil Turton.
