UltimateAdventure.ca
Why Ultimate Adventure did not get an Investment from the Dragons:
Ultimate Adventure is an online company owned by Jordan Uyede. The company will organize events and offer them at a reduced price to the public. To do this, Uyede will guarantee the merchants a minimum number of people at a specific date in exchange for a discount. He asked for $30000 in exchange for 20% of his company. However, at the end of the session, Uyede did not receive any offers.
Jordan Uyede walked into the room with an air of confidence around him. However, it soon faded and it became obvious that he was not prepared. Uyede constantly resorted to his notes for what to say next and it was obvious that he did not know what he was pitching. When the Dragons asked Uyede what made his company different from competitors such as Groupon, he answered that Ultimate Adventure guarantees a specific number of people to the merchants. After further inquiry from the Dragons, he changed his answer from a specific number to a minimum number of people. Uyede contradicts himself here and through his actions, he comes off as an unreliable person. As mentioned by Kevin O'Leary, being on Dragon's Den is a spot thousands of people want but only hundreds get. Uyede managed to secure such a precious spot on the show but came in without enough preparation. Selecting the right business partner is important and Uyede did not make the cut.
Aside from Uyede's character, there were other reasons as to why he did not receive an offer, such as, his flawed business model. As mentioned before, Uyede stated that what differentiates Ultimate Adventure from competitors is that the company will guarantee the merchants a minimum number of customers. Ultimately, even if no one shows up, the merchant will be paid. This in turn puts risk onto the company. If Ultimate Adventure were to start up as a company, they will first have to build up their cliental. This is a long process and the company will be incurring any loss until it builds up a strong platform. At the same time, it is unsure whether or not the company will succeed. Uyede's business model is risky to any investor, and even more so because Uyede himself did not invest any capital into the company. He entered the Den with nothing but a domain and it implies that if the company fails, the one who will suffer is the Dragon.
There is clearly a lack of initiative on Uyede's part. He did not come to the Den prepared, he did not bother to create a site, and in essence, he just had ideas. As mentioned by the Dragons, if Uyede starts the company, the logistics will kill him. Even if he were to build a up a client base, sooner or later his company will not scale. This is important because if not all parts of the business are growing, it becomes difficult to operate and complications arise. Of course, with the right education, it is possible, however, Uyede does not have that. Lastly, it is impossible to valuate the the company. This will once again increase the necessary risk. In the end, Micheal Uyede did not receive an investment from the Dragons due to a lack of responsibility and initiative, a flawed business model, a lack of Uyede's investment be it in time or capital, and the fact that the Dragons do not believe Uyede is capable of running the business.
Ultimate Adventure is an online company owned by Jordan Uyede. The company will organize events and offer them at a reduced price to the public. To do this, Uyede will guarantee the merchants a minimum number of people at a specific date in exchange for a discount. He asked for $30000 in exchange for 20% of his company. However, at the end of the session, Uyede did not receive any offers.
Jordan Uyede walked into the room with an air of confidence around him. However, it soon faded and it became obvious that he was not prepared. Uyede constantly resorted to his notes for what to say next and it was obvious that he did not know what he was pitching. When the Dragons asked Uyede what made his company different from competitors such as Groupon, he answered that Ultimate Adventure guarantees a specific number of people to the merchants. After further inquiry from the Dragons, he changed his answer from a specific number to a minimum number of people. Uyede contradicts himself here and through his actions, he comes off as an unreliable person. As mentioned by Kevin O'Leary, being on Dragon's Den is a spot thousands of people want but only hundreds get. Uyede managed to secure such a precious spot on the show but came in without enough preparation. Selecting the right business partner is important and Uyede did not make the cut.
Aside from Uyede's character, there were other reasons as to why he did not receive an offer, such as, his flawed business model. As mentioned before, Uyede stated that what differentiates Ultimate Adventure from competitors is that the company will guarantee the merchants a minimum number of customers. Ultimately, even if no one shows up, the merchant will be paid. This in turn puts risk onto the company. If Ultimate Adventure were to start up as a company, they will first have to build up their cliental. This is a long process and the company will be incurring any loss until it builds up a strong platform. At the same time, it is unsure whether or not the company will succeed. Uyede's business model is risky to any investor, and even more so because Uyede himself did not invest any capital into the company. He entered the Den with nothing but a domain and it implies that if the company fails, the one who will suffer is the Dragon.
There is clearly a lack of initiative on Uyede's part. He did not come to the Den prepared, he did not bother to create a site, and in essence, he just had ideas. As mentioned by the Dragons, if Uyede starts the company, the logistics will kill him. Even if he were to build a up a client base, sooner or later his company will not scale. This is important because if not all parts of the business are growing, it becomes difficult to operate and complications arise. Of course, with the right education, it is possible, however, Uyede does not have that. Lastly, it is impossible to valuate the the company. This will once again increase the necessary risk. In the end, Micheal Uyede did not receive an investment from the Dragons due to a lack of responsibility and initiative, a flawed business model, a lack of Uyede's investment be it in time or capital, and the fact that the Dragons do not believe Uyede is capable of running the business.