BEST Dragon's Den
Following feedback from the BEST Leaders Open Space event held in September 2007 and Employee Excellence Groups held throughout the year, we propose to hold a BEST Dragons’ Den based on the popular BBC2 series where budding entrepreneurs pitch their business ideas to secure investment finance from business experts — the "Dragons".
Using the Dragons’ Den style concept this will enable teams to be creative and be able to carry out their BEST actions. Our dragons will not be billionaires, but instead dragons who care about our customers, team working, partners and the BEST values.
Workshop – BEST teams hold their workshops during which they decide on actions and report back to directorate team.
Application form – Based on the actions from their workshop teams assess any actions that need extra funding/ resources (in line with the Dragons’ Den guidelines). The Dragons’ Den application form is filled out and submitted to BEST (Lotus) or 0121 675 1638.
Review - Application forms are reviewed by the BEST team against the guidelines and criteria. Successful applicants are invited to attend the next available Dragons’ Den session.
Dragons’ Den - Applicants (this can be anyone from the team or and does not have to be just one person.) attend one of the sessions and present their ideas to the dragons – decisions will be made on that day, this will be based on a majority decision.
Contract/ Agreement - Successful applicants will be asked to sign a contract stating that any funding received will only be spent on the project outlined at the Dragons’ Den. In this contract timescales are outline, an agreement to feature in a success story where appropriate and an understanding that all actions will be followed up by the BEST team.
Funding - Funding will then be transferred from the Dragons’ Den and allocated to the correct budget code. Timescales for this may vary dependent on local finance processes.
Review - Actions are reviewed on site by the BEST team and evidence for success stories are collected, written and published.
6 Month Review – A 6 month review will take place looking at the following - what were the benefits, how has service improved, can this be shared as best practice across similar service areas and what else (if anything) could be done to take this further.
Applicants that are unsuccessful at any stage of the process will be notified and offered guidance as to why they were not successful. Applicants are eligible to reapply to the dragons for funding at anytime.
Dragons’ Den Terms & Conditions
Applicants can apply for funding from £1-£1000 for any action resulting from their BEST workshop *
Any applicants that are successful are agreeing to take part in a success story to be used internally in inner voice/Leader Reader on inline and externally via the BEST website **
All actions that are granted funding are subject to checking. Teams using the money allocated for any purpose other than that agreed with the dragons’ must repay the money to the Dragons’ Den.
The BEST Dragons’ Den panel will consist of 4 dragons from various levels of the organisation and one guest dragon as a representative of the sponsors.
Funding supplied by Dragons’ Den is for BEST actions and is therefore not to be used as an extension of your usual budget and as such will not cover staffing costs etc.
Funding/ resources will be allocated based on a majority decision. The decision of the Dragons is final.
All applicants must understand that actions which are allocated funding are subject to internal checking by the BEST team and will be subject to a 6 month progress review
Funding will be transferred from the Dragons’ Den budget to the budget of the relevant team – no cash will be exchanged. However, where possible invoices/ voyager records must be kept for records and reviews.
More funding may be available in exceptional circumstances
** Consideration & guidance is given to those working in sensitive areas e.g. with vulnerable adults