Imran Hakim Interview

Dragon's Den First Millionaire!

I first met Imran Hakim at this year's Business Show held in Bolton. Imran was delivering a keynote speech about being an Entrepreneur and his journey with iTeddy . Imran has a very positive energy and you only have to speak to him for five minutes to realise why this young Entrepreneur is so successful.

Imran possesses a 'can do' attitude and clearly thinks outside the box which makes him a real inspiration for Entrepreneurs who embark on the wonderful and exciting journey of becoming an Entrepreneur.

In February this year 29-year-old Bolton Entrepreneur Imran Hakim succeeded in winning over the infamous Dragons of Dragons' Den and secured £140,000 investment for an innovative new 'edutainment' toy. Since then Imran has enjoyed unprecedented interest and success with his invention which brings the traditional teddy bear into the 21st century with a built in personal media player, allowing kids to play their favourite cartoons, bedtime stories and much more.

The idea was conceived in November 06 by Imran Hakim, an optometrist and serial Entrepreneur from Bolton, who has a passion for taking on new challenges. The idea came to him when he was challenged by his younger brother Zubair to invent a better gift than his in time for their niece's first birthday.

So who is Imran Hakim? I asked him the following questions while Imran gave me a few minutes out of his busy schedule.

Who was your childhood hero?

My childhood hero before Dragons Den was Sir Richard Branson because I really like his story mainly because he had lost his fortune and built it back up again. Despite being knocked down, he rose again and has consistently performed decade after decade in so many sectors. He has achieved so much, has an amazing business model and he is one of the few people who can promote so many businesses with one name 'Virgin'.

When did you first turn a profit and what was it with?

At the age of 13 or 14 I would organise trips for my school mates to Alton Towers. I would hire a bus or coach and negotiate with Alton Towers to get, for example, one place in every five free which was my profit.

When I was 15 years old I went to work at McDonalds and found that I was asking too many questions and I guessed that I could do a better job than the people around me. I felt controlled and it was not at all an Entrepreneurial environment. I also had a brief stint a Morrison's which lasted for about two days. I was asked to scan bar codes, I was totally bored and needed a challenge.

I felt that I really wanted to be pushed to the edge of my capabilities and pushed way beyond my comfort zone.

When you were growing up what factors had a major influence on who you are today?

My family! We all came from humble beginnings, my father worked as an interpreter and my mum was a house wife. My brother and three sisters went through some very tough times together and we all worked very hard which helped us appreciate the value of money.

I believed that if I worked hard that I could make it happen. I have always had a 'can do' attitude and knew that I could achieve anything.

What was your biggest challenge prior to Inventing iTeddy?

My biggest challenge was being in business at such a young age and having to balance my studying whilst running and developing my business. Mistakes are only mistakes if you make those same mistakes more than once.

When I created Ho2 Management I learned to let go and work on the business rather than in the business which has enabled me to have more time to work on new projects.

How many people did you pitch iTeddy to prior to going on Dragon's Den?

None! I was speaking at a networking event at the G-MAX Manchester and was approached by the Dragons Dens researchers to pitch my product to the Dragons. The idea was just a piece of paper in my back pocket and did not even have the prototype ready. The researchers asked me to pitch for 3 minutes but they had to drag me off after 8 minutes! Within three weeks I had a prototype and was standing in front of four Dragons thinking 'Well actually, what's so great about these guys? I think that I can do it.'

You negotiated Peter and Theo down from 45% to 40%. Would you have settled on 45% if you had to?

I would have gladly closed the deal at 45% and with what I know now I would have been pleased to do a deal at 95%!

What's it like working with Peter and Theo and what do they bring to your business mix?

Peter is very charismatic and full of energy. He has an ability to see an idea, delegate and energise to make it happen. Peter thinks outside the box and has the ability to step away and demonstrate to someone how to run a business and then provide the resources to make it happen. He is great with the media and we have used this to our benefit during the period I have been working with him.

I have really enjoyed working with Theo, what you see on the TV is exactly what you get in real life. Theo challenges me mentally with every suggestion and question which helps me to look at things from a different perspective. Within one hour Theo can pass on a decade of business experience. I have listened to his pearls of wisdom, have learned by him and I am now implementing them.

If you could have had access to an Entrepreneur Network like Million Impossible when you first started in business, how would you have used it to your advantage?

Without a doubt Networking is a massive part of what I do. When you network, you network for many reasons, not just business, it seems to open up new doors for you. Networking can provide an incredibly positive effect on your business and within one year you could have contacts that you would never dreamed you would have made before. Networking can be a massive part of your business growth.

You have recently teamed up with Ben Way and formed Rainmakers, which is a mixture between a VC and a business incubator, where do you both hope to take the business?

Rainmaker already has 27 companies in its portfolio and we focus on Green, Tech and Internet based businesses. We look to add value, expertise and combine both of our skill sets with gives Rainmaker a fantastic ingredient. This business is going to be massive and I get dizzy just thinking about it. With our new connections - Theo and Peter - the conveyor belt has started.

Is money or success more important to you?

Neither! Enjoying the journey is the best part, it's not the destination it's definitely the journey and the chase.

If you lost everything overnight and like your colleague Ben Way had to fightback again, what would the first thing be that would do when you wake up?

I would go downstairs have a coffee and smoke a Sheesha (which is a pipe smoked in the Middle East, Turkey and Morocco) and an hour later I would have 20 business ideas that I could start immediately.

Finally – if you gave one piece of advice to our members and readers, whatwould it be?

Take Action! If you do nothing you will get nowhere. I took one step and moved forward, then three steps and created momentum and then created a monster!

If I took you to dinner where would we go and what would we eat?

We would go to my Mum's house and she would cook us a wicked curry with rice and we'd smoke a Sheesha.

Imran Hakim – Interviewed by Bradley Chapman

Thank you Imran, we wish you every success in the future with Rainmaker and your other business activities.

To read this interview and more visit www.rawentrepreneurmagazine.com