As a Business Navigator, I was delighted to be invited to join the Dragons Den at Trowbridge College with Business & IT Lecturer Julia Acklam. The student’s assignment was to develop their ideas for a Dragons Den format presentation, for which they were filmed. The presentation of the business ideas were excellent. The students outlined their business ideas, and how they would be developed in a similar format to the TV program. Julia & I as the Dragons questioned their concept and how it would be executed.
In our Dragons role we
questioned how did they identify a market? , where it could be sold ? and who
was the customer audience ? how profitable could the business be?
Julia led the questioning, and I was focussed on how the product
would be marketed to the candidates. We aimed to test their business ideas and
how they thought they would bring them to market successfully.
The first candidate
into the Dragons Den was Ollie, which was focussed on the production of honey
which carries many health benefits, which he presented with confidence, and a
dash of humour. Key to Ollie’s plan was then, the genius idea of
supercharging honeys benefits, by adding cannabis oil to the honey.
Cannabis oil health
benefits are well-known, the effectiveness of cannabis oil on a series of
conditions e.g., anxiety and depression, along with development in a wide scope
of conditions is developing into a fast-growing industry. Pain relief is
a well-known characteristic of cannabis oil, there is promising research that
diabetic conditions are seeing results too. Finally, further serious conditions
like Alzheimer’s, MS and Parkinson’s are also in testing with cannabis oil to
treat these complex diseases with positive testing results.
Ollie identified a
market that promises extraordinary growth, reporting from the US market alone
predicts a global marijuana market
that is predicted to grow at a compound annual growth rate of 21.6% from
2023 to 2030.
This would reach a worldwide valuation of USD 65.9 billion by
2030. Looking to the
future Ollies business will navigate the legal/regulatory issues and make
decisions about the markets his honey and cannabis oil product will serve.
Social mores around cannabis oil, and its use have changed a great deal with
social acceptance as to its use.
Ollie has addressed a market with a huge array of options,
flexibility to cross markets, with a product having a phenomenal growth rate. His
choices in terms of a growing market, with many market channels is inspired,
and enables added options to serve complementary markets.