Tension was definitely a common element found in all the pitches we saw tonight and the Dragons truly unleashed their claws, roaring at the budding entrepreneurs that graced their territory.
Bees vs Dragons, as two beekeepers strolled into the den, ready and prepared to battle against the opposing Dragons. Fully attired from head to toe, Joe and Andy, founders of JustBee created an eye-catching impression as they shared their hope in receiving a £65,000 investment for 10 per cent equity in their healthy water drink business.
The concept is that they use honey to sweeten their beverages, as an alternative to sugar or sweetener, making the drink better for your health. The growing craze in healthy alternatives is something I think this pair can easily grow in parallel with, as I can already visualise the products in a number of delicatessens and brasseries.
Having top accuracy and confidence with their honest figures could not have provided them with a sweeter impression of their knowledge of their business and where it is positioned.
Although Deborah wasn’t a fan of the taste of the drinks, it didn’t stop Peter from making an offer of all of the money but for a 25 per cent share. His suggestion of creating a squeezable small product of the cordial used to put in water to have on-the-go, is clearly something he wanted to make a reality.
After countless discussions between the pair, they concluded that 15 per cent was their limit and Peter wasn’t prepared to drop that low, so he consequently declared himself out as the pair buzzed out without investment.
Next up to pitch was a product I couldn’t quite get my head around. Frances introduced her numerous dolls, with complementing stories to run alongside them and was asking for a £70,000 investment in exchange for a 10 per cent share.
The dolls are apparently award-winning for their quality and design but I couldn’t help but agree with the ‘eerie’ description Peter labelled them with. They are emotionless in the face and are wearing historic clothes that, although coincide with their stories and background, add to the weird vibe they exhale.
Their historic nature is apparently their USP, but I don’t see how this is actually appealing and believe that the eeriness could actually scare many young children.
Frances, having already spent £400,000 on the dolls – yes, £400,000, alarmed me at how much of a struggle the business faced to keep it going. The Dragons didn’t liken to the product at all and so Frances left the den with her dolls, and nothing else.
Damien was next to enter the den, asking for a £100,000 investment for a 10 per cent equity stake in his salon, spa and product range business.
Sparking some confusion as to what the business is and what makes it something that salon-owners cannot already set up themselves, Damien battles hard to dispel any doubts the Dragons share.
The pitch didn’t have the greatest start, with broken and dysfunctional product samples, not exactly setting the right foot in for a good impression.
With the unravelling revelations about the business, from owing money to HMRC to a general struggle with finances, the honesty was commendable from the entrepreneur but it didn’t demolish the concerns related to the issues he proposed.
Due to the fact Damien lacked proof that his franchise business model works, the Dragons were not confident enough to buy into this beauty combo.
Lastly, Agostino and Luca walked into the den asking for £45,000 for a 5 per cent stake in their business.
The Italian pair presented their attachable bicycle indicators which are supposed to help cyclists alert drivers and travellers around them of their directions.
The only problem is, the visibility is something that is key for this product but sometimes it’s not evident, especially depending on the size of the cyclist.
Despite the visibility concerns, Nick and Touker made their offers and Nick obviously ignited the budding entrepreneurs’ hopes as they accepted his investment of £45,000 for a 12.5 per cent share.
So from bees, dolls, beauty and bicycles the light was shining brightly for the Italian duo.
