1. How do I know if I am eligible to apply?
You are eligible to apply for Lions’ Den if you meet ALL the following criteria:
- You are a Nigerian citizen or a resident of Nigeria
- Your product/service meets a need in Nigeria
- The base of operation of your business is located in Nigeria
- You are not related to ANY core member of the project and/or production crew of Lions Den.
**Note: Ultima Studios retains the sole discretion to determine the eligibility of potential candidates.
2. How do I apply?
To apply for Lions’ Den, the following tasks MUST be carried out::
- Open an Ecobank personal or business account and deposit the sum of N10,000.
- Make a N10,000 deposit in your existing Ecobank Account.
- Register on Lions’ Den using your Ecobank account number.
- Fill the application form on the website.
- Upload your elevator pitch video.
- Wait to be contacted for verification.
3. What happens after I apply?
After your application has been processed, you will be contacted by Ultima to verify your business.
If your business is found to be investment-worthy, Ultima will work with you to develop a business pitch for the Lions.
4. What happens to the 10k I deposit
The money deposited into the Ecobank Xpress Account is solely yours.
If you do not get contacted by Ultima by the 15th of February, 2021, note that your business did not qualify for this season and you are free to do with your money whatever you please.
5. When do applications close?
The application for Lions’ Den will close by the 31th of December 2020.
6. Where will Lions’ Den recordings take place?
The Lions’ Den recordings will take place at:
Amore street, Off Freedom Way (Behind This Present House), Lekki Phase 1, Lagos state, Nigeria.
7. How can I cancel my application?
You can request to cancel your application when we call you for verification. Kindly wait for the verification call.
8. How do I receive my investment ?
This is dependent on the agreement between you and the Lion(s) who have offered to invest in your business. This will however, only happen AFTER the episode you appeared on Lions’ Den has been broadcast and the Lion(s) have conducted due diligence on your business.
9. What happens to the investment I receive?
Investment terms are dependent on the agreement between you and the Lion(s) who invested in your business.
10. What questions do they ask on Lions’ Den?
The questions asked on Lions’ Den are largely dependent on the information provided in the application form, as well as other information the Lions might deem necessary.
11. If I have a partner or co-founder, should we apply separately or together?
Your business can only send in one application. You can apply with your partner or co-founder, but it is not mandatory for both parties to make an appearance on the show.
12. What items am I required to bring to the den?
You are required to present product samples or a prototype for display as well as important financial documentation/records. You might also bring along important distribution documentation if it applies to your business.
13. I have been contacted by an outside company charging an additional fee to apply, what do I do?
Kindly disregard any information that is not specified on our website.
14. How will the winner be decided?
Lions’ Den will produce multiple winners.
Every entrepreneur who walks into the den stands a chance to walk away with the investment they came asking for.
15. What does my business need to apply?
To apply for LIONS’ DEN,
- Your company must be registered in Nigeria.
- All of your paperwork must be valid and up to date.
- You are required to present available products, sample products or prototypes.
16. How many people can I have on my team?
To pitch your business on Lions’ Den, kindly note that your team can only be made up of a maximum of 3 persons including [yourself]. If your presentation will require models/ushers; this will be communicated to you prior to your appearance in the den.
17. Can more than one lion invest in my business?
As many Lions who are interested can come together to give you a requested investment, if they reach an agreement together. Sometimes however, one Lion might be all you need to get your requested investment.
18. My business isn’t registered yet. Can I still apply?
Yes, you can apply. However, you will only be invited to pitch if your business idea is compelling enough
19. If I currently have a board of directors, do I need to dissolve the board to accommodate the lion?
If you currently have a Board of Directors you might not need to dissolve the board but we advise that you be willing to consolidate a new Board of Directors that may include the Lion(s) investing in your business, or the Lion’s nominees. The final decision will be between you and the Lion(s) investing in your business.
20. What if I’m affiliated with any staff?
Family members of staff of Ultima Group are completely exempted from participating in Lions’ Den however, should you be a friend, acquaintance, or associate of a member of staff of Ultima Group, kindly declare in your application.