Is it all just a show? Two-thirds of the founders surveyed by the digital association Bitkom do not want to appear on the startup show "Die Höhle der Löwen." The majority do not expect the TV show to add any value to their own business.
A new season of the startup show "Die Höhle der Löwen" (The Lion's Den) starts tomorrow on Vox. In 12 episodes, founders will once again pitch to investors Judith Williams, Frank Thelen, Ralf Dümmel, Carsten Maschmeyer, Dagmar Wöhrl, and Georg Kofler every Tuesday for an investment. But as tempting as the combination of public advertising for their own product and the chance to attract a prominent investor may sound, most German founders prefer not to appear. At least, that's the conclusion of a recent study by the digital association Bitkom.
Bitkom surveyed a total of 300 German startups about startup shows on television. Two out of three (65 percent) would definitely not participate in such a show. Only just over one in four (28 percent) could imagine participating. Jenny Boldt, startup expert at Bitkom, is nevertheless positive about startup shows:
"The startup programs on various channels have brought the topic of startups and founders closer to an audience of millions. They make an important contribution to making startups known to the general public and bring the entrepreneurial spirit into society."
One third fears damage to image
The vast majority (57 percent) of respondents do not expect any added value for their startup by participating in the show. Around half (48 percent) criticize the unattractive terms of the investment deals offered on television. 40 percent believe they would not benefit from the professional feedback from the "lions." For one in three (33 percent), the effort required to participate seems too high. Another third even fears that participating in such a show could damage their startup's image. Jenny Boldt of Bitkom believes that whether an appearance is worthwhile depends largely on the individual founder and their product or service:
“Anyone aiming for the mass market will certainly achieve a different result than a startup that occupies a niche or primarily targets select corporate customers.”
Those startups that could imagine appearing on a TV show primarily rely on increasing their company's visibility (98 percent), attracting new customers (78 percent), and attracting investors (59 percent). One in three would welcome the advice of the jury or mentors, and around one in four respondents (29 percent) say they would simply enjoy a TV appearance.
