“That gives grade 6”: Carsten Maschmeyer scolds unprepared “The Lion’s Den” founders

Created: 05/02/2022, 20:22

By: Jonas Erbas

In the IPPEN.MEDIA interview, Carsten Maschmeyer speaks openly about the general conditions on the set of "Die Höhle der Löwen" © RTL/Bernd-Michael Maurer

Carsten Maschmeyer has been the face of the successful Vox show "Die Höhle der Löwen" for years.

In the IPPEN.MEDIA interview, the investor takes a look behind the scenes and reveals what is different in the start-up industry away from the television screen.

However, he has had enough of unprepared founders.

Cologne – Carsten Maschmeyer (62) has become indispensable in "The Lion's Den" (all news about the Vox show).

The format in which up-and-coming inventors hope for a big hit with some fantastic, some strange ideas has been in existence for eleven seasons.

The entrepreneur himself feels that he is in good hands on the Vox show - even if he has to be very annoyed about some unprepared founders here and there, as the 62-year-old reveals in an interview with IPPEN.MEDIA.

Carsten Maschmeyer considers "The Lion's Den" to be realistic – Vox show with "small deviations"

"The Lion's Den" works on the start-up market as an entertainment program suitable for the masses.

To what extent is what is happening there a realistic reflection of the industry?

It is absolutely close to reality - with small deviations: The pitches in the studio on a recording day last a good hour on average, sometimes even two.

Then the highlights, such as in a sports program, are cut together to form a 'best of'.

Because with the eighty pitches in a season, we naturally have to keep asking certain questions – such as how the founders met, how they came up with the company name, whether they know the market and, of course, their figures in detail.

Viewers don't want to hear these similar questions in every pitch, so the pitches are cut flat in places.

There is also a special feature that is also very unusual for us lionesses and lions: we answer and ask questions in front of four competing investors.

This is not the case in reality, but of course it also has the charm that two or three investors form a coalition every now and then.

In "The Lion's Den" Carsten Maschmeyer competes against four competing investors - a situation that is otherwise rather unfamiliar to him, as the entrepreneur reveals in the IPPEN.MEDIA interview © RTL/Bernd-Michael Maurer

To what extent does the fact that the show is entertainment play a role in how a product is discussed?

Do these 'other' framework conditions even influence the decision-making process?

This is also very realistic with one clear difference: We lionesses and lions do not know in advance who is coming - that is of course different in real investor life!

Because normally you inform yourself beforehand about the company, the market and any competition.

That doesn't happen with "The Lion's Den" and it's also intentional, that's the only way it stays exciting for the viewers and for us.

Also, behind each investor there is usually an experienced team, each with a specific role.

Those people aren't on set.

Every now and then I'd like to make a quick phone call to them during the pitches to get additional information, but of course that's not possible.

Otherwise everything is very realistic.

And another special feature: good start-ups are always hotly contested, even outside of the "lion's den", and have offers from several investors.

So the roles are quickly reversed and suddenly the investor has to pitch, i.e. fight for the startup.

It's not always just about the money, but how the investor can provide additional support, for example through know-how, contacts or special industry experience.

Carsten Maschmeyer reveals classic "Lion's Den" mistakes - "That gives grade 6!"

What's a classic mistake Lion's Den creators often make?

It's actually quite simple: If you want to found a company, you need an idea!

If I hear that someone has founded something just because they wanted to found something, I consider them would-be founders.

The idea is important!

When founders fail, it is often for five reasons: resistance to advice and a lack of self-reflection.

Then some people overestimate their own innovative lead, which is now much smaller than it used to be due to globalization.

The importance of sales is often underestimated.

In addition, some founding teams lack crucial skills, i.e. if the team's skills are not complementary to each other - a point that I also sometimes criticize in "The Lion's Den".

And finally, one of the most important things: the lack of good employees.

There's a saying in London about this: “You are who you hire”. The difference between a good company and a great company is the people who work for it.

German start-ups often prefer to hire employees who are not so expensive so that the investors' money lasts even longer.

However, good employees pay off, either through creative ideas, a good network or just generated sales.

Costs for good talent are wages that pay off - they don't reduce the business result, but improve it!

Speaking of failure, what is your most defining Lion's Den deal breaker?

When founders embody a combination of several unfavorable framework conditions: They don't come from the industry, don't know their numbers and demand too high a valuation.

If you can't answer obvious questions well, you don't stand a chance with me.

Because you have to be able to expect that someone has watched the program twice beforehand, then he or she knows roughly what questions are being asked.