One year after Nova-Flo appeared on UK Dragons’ Den

I recommend watching the Nova-Flo original pitch first. And then check out this video of Nova-Flo one year after their Dragons’ Den pitch. This video, in a sense, is a great answer to those that critique the “usefulness” of a show like Dragons’ Den (in Canada or UK, etc.).

Nova-Flo on UK Dragons’ Den

I quite enjoyed this Nova-Flo pitch from season 3 of UK Dragons’ Den.

UK Dragons interviewed by Mirror

Two UK Dragons are interviewed by Mirror.

Waterbuoy on UK Dragons’ Den

Here is a pitch by Water-Buoy in season 5 of UK Dragons’ Den. And the entrepreneur has added an ad at the end of the clip. And the website design is pretty cool.

Karaoke World Championship on Finnish Dragons’ Den

Karaoke World Championship asked for 2,000,000 € (euros) on Finnish Dragons’ Den.

Without subtitle, I understand not a single word of Finnish. But it was still fun to watch the similarity of the camera angles and the set design compare to the UK Dragons’ Den.

Oh, and that younger Finnish lady dragon is a such a cute hottie!

Dragons’ Den Season 2 episode 8 review

(Cross posted at Kempton with possible additional readers’ comments)

The following are my brief reviews and comments of the Dragons’ Den Season 2 episode 8 business ideas and pitches.

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House keeping comments:

I quite enjoy the “where are they now” updates of the entrepreneurs in this episode. I think it mixed very well with the pitches. In particular, it warmed my heart to see the Anivac entrepreneurs/husband and wife team making some progress in their businesses and getting into pets care.

By the way, I found many comments in the Dragons’ Den forum actually quite insulting to the entrepreneurs and to other commentators. I think the $5,000 (?) prize for people who vote and the $50,000 prize for the entrepreneur who gets the most votes certainly generated lots of excitement in the viewers. At the same time, I wonder if these monetary prizes got the viciousness in people out in open? And make the contestants and their friends much more willing to insult others?

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Pop-up Pylon

Some commentator in the Dragons’ Den forum found Packacone‘s idea similar to James’ idea. I did some more research and found the following. For Packacone’s patent, see US Patent 6338311, for James’ see Canadian patent application 2353127.

James wrote a pretty good reply on the difference in the DD forum, which I enclosed here in the comment section for completeness. As an aside, James’ reply is one of the clearest, most comprehensive and level headed reply I have seen from Dragons’ Den entrepreneurs.) There were so many accusations of people copying ideas (e.g. pizza box) in the forum that makes me wonder if these people actually took the time to read the patent before they accuse people?

Patent and market size: Now, it would have been great if James got both the US and Canadian patents. If only one can be obtained because of cost reasons, I say go with the US patent because of the market size.

Patent protection: James’ patent app is an interesting read for aspiring inventors. The drawings are pretty clear and it certainly helped me understand how the thing worked. Now, my concern is there is only one claim in the patent. May be it is enough, I don’t know as I am not a patent attorney. My gut feeling and lessons learned from my favourite video “How to Review a Patent App.?” is that I would definitely want to have a few more claims. Just in case some of my claims fail to withstand legal challenges.

Nice pitch James and all the best in your business.

Just my 2 cents.

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Smiles Made Easy

I write notes sometimes to love ones but I usually use a blank post-in note to create my own. Karem was pleasant and was able to stand her ground. But I have to agree with the Arlene that it was surprising that, with the amount of publicity and media attention, the sales level remained small. So it may be a good small business for her for now, it may become an investable business when it grows much bigger.

Check out an update on the entrepreneur here.

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Touchyourtoes.com

Soft-pron as business always has its market but how big and if a business person wants to be associated with the pron industry is a different matter.

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Carry Comfort, Pickers’ Mitt, Jamato Sweet Tomato Jam, Bottums Up, Bala Scarfa, The Hoodo

Some of these pitches were fun to watch (e.g. how Bala Scarfa turns a piece of scarf into a hat, etc.) but unfortunately they are not quite in the stage of investable businesses yet.

Why Dianne seems to wear the same outfit each week?

To me, questions like “Why Dianne seems to wear the same outfit each week?” and “How to apply to pitch the dragons?” are signs of Dragons’ Den getting new and loyal viewers. Questions like these are probably unavoidable but fortunately are already answered by the Dragons’ Den forum moderator Guin at this Frequently Asked Questions posting.

[via Sean Wise]

Update from Salsa Dave (season 1 episode 6)

Salsa Dave Pomfret, Great Canadian Salsa (Dragons’ Den Season 1 Episode 6) has sent me an update.

I’m meeting with a web designer tomorrow. [K: I asked Dave about his "Our website is coming soon!" message.] Right now, the facebook group is our website. We have close to 300 members. I’m getting orders from all over the country. And selling at retail, my margins are far better. People are even willing to pay for the shipping costs! Silly Dragons, Salsa is for EVERYONE! Thanks for getting back to me, Salsa Dave.

Well, Salsa Dave, thank you for getting in touch and sending me an update. Good luck and all the best.

Dragons’ Den Season 2 episode 7 review

(Cross posted at Kempton with possible additional readers’ comments)

The following are my brief reviews and comments of the Dragons’ Den Season 2 episode 7 business ideas and pitches.

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House keeping comment:

I am a big Dragons’ Den fan but I am very disappointed with the businesses and pitches in this episode. I haven’t reviewed any of the previous episodes so quickly and use so many, “Unfortunately, not really a business.” to review a business pitch.

I have to say this episode is probably my least favourite episode in season 2 and probably season 1 (allowing for time to learn). I really hope the remaining episodes will feature better businesses or pitches.

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Print-a-kid

On some level, I admire the entrepreneurial creativeness of Noemi Berius in creating her business as a result of “looking for an educational gift to give my goddaughter. I wanted to find a book with a hero that looked like her, with her darker skin, beautiful long brown hair and big brown eyes …“

At the same time there are three challenges that make this investment by Arlene (100K for 51% of the company) a risky one in some sense.

1) The stories can be copyrighted but the concept cannot. If others see the product profitable, there is nothing stopping them from entering this market and creating their own version of these customized stories, etc.

2) Even though Noemi suggested in the Dragons’ Den Forum that her primary motivation for this product was not for data mining. But the potential for comprehensive data mining of young kids (and targeted marketing to them and their parents) are clear and present dangers. I blogged about the potential abuse by current corp of multi-nationals (including brands like Barbie Girls) in an October blog entry, “Children’s Privacy Online” (with video) based on materials from Office of the Privacy Commissioner, so I won’t repeat my discussion here.

3) As a result of the privacy concerns expressed in #2, I don’t know how knowledgeable parents will react about giving up their children’s privacy in such a young age. The problem with an extremely customizable product full of personal details is that it will be quite a challenge to establish an acceptable privacy policy.

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Fryed Rockit

Not really a viable business. Kevin is known for his “personal style”. But it is a bit sad for me to see Kevin toy with the entrepreneur for paying him $50 to buy his prototype. I suppose it is his right to offer what he likes, and it is up to the entrepreneur to reject or accept. Still, based on the edited footage, the $50 offer seemed a bit insulting to the entrepreneur and appeared meaner than needed to be.

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Mrakic Gold Holdings

Unfortunately, not really a business.

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K9 Kamper

The entrepreneur should really try to sell her product first as oppose to raise money to buy inventory which she had yet to sell one (at taped time).

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Bluewater Technologies

Dragons’ Den is probably the wrong forum for seriously raising $10 million. On the other hand, the free national TV exposure can be a good thing for many companies that need to raise funds.

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Saxx

I know nothing about men’s underwear as a business.

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Aerotag

Unfortunately, not really a business.

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Stemcell Consumer Guide

Unfortunately, not really a business.

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Bend-No-More

Unfortunately, not really a business.

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Tampac

Unfortunately, not really a business.

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Stainless Steel Monuments

Unfortunately, not really a business.

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Garage Door Sports Screen

Unfortunately, not really a business.

Robert Herjavec and Hank the super cute dog in season 2 episode 6

Following is a video of Robert Herjavec and Hank the super cute dog in season 2 episode 6.

For some reason, the entrepreneur wasn’t able to bring a dog to pitch his high quality dog food business. So the wonderful Dragons’ Den producers had to find a cute and ready for TV dog for the show in the last minute. Don’t you think Hank is really cute?

Here is some more Hank. Notice the funny noise that Hank makes. So cute and adorable.

Interview with Dan Eisner, True North Mortgage

(Cross posted at Kempton with possible additional readers’ comments)

I was impressed by Dan Eisner‘s mortgage brokerage business, True North Mortgage, when he described how lucrative and profitable it was when I met him at the Calgary Dragons’ Den audition in April, 2007. So I was not surprised to see him invited to pitch in front of the Dragons and then got a deal offered to him. (See my comments of Dan’s business pitch here.)

Since the show was aired, Dan has updated us in his blog that “after much deliberation we decided not to go ahead with the deal“.

The following is my interview with Dan where he shared his Dragons’ Den experiences and a few things future Dragons’ Den entrepreneurs may find useful to know. Dan also talked about one behind the scene thing happened during the pitch, talked openly about his entrepreneurial experience, and a few other things. I hope you will enjoy the interview as much as I in making it. And hopefully will also get inspired by the chat.

“One week I was working at my old job. The next week I was working here.” – Dan

Dear reader and viewer, has the entrepreneurial bug bitten you yet? (big smile)

Interview with Jodie Urchyshyn, Lit Cosmetics

(Cross posted at Kempton with possible additional readers’ comments)

I met Jodie Urchyshyn, owner of Lit Cosmetics, when she had her two auditions for Dragons’ Den in Calgary in April, 2007. And then again in Toronto when she pitched for real before the Dragons. (See my comments on her business pitch here.)

As a side story, during her second audition in Calgary (where she knew she has been invited to Toronto to pitch in front of the Dragons), she impressed me (unknowing) by repeatedly giving up her spot to other entrepreneurs that came later than her but don’t have the invitations to go to Toronto yet. She could have gone ahead, taped her part and left. But she was really nice to the other entrepreneurs and I think the other entrepreneurs appreciated it.

Without further delay, here is my interview with Jodie at her Calgary store to talk about her Dragons’ Den experience and what has happened to her business since Toronto.

Jodie has all her sparkles named and she picked five for the Dragons. Can you guess who has which one?

Dragons’ Den Season 2 episode 6 review – True North Mortgage, CanadianStudentMarketing.com, UJeans, Barking Biscuit Bakery, Janac Sportswear, Pizza Box 2000, Fishing Fun-nel, and others

(Cross posted at Kempton with possible additional readers’ comments)

The following are my brief reviews and comments of the Dragons’ Den Season 2 episode 6 business ideas and pitches.

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True North Mortgage

Dan gave a pretty good presentation of his business in the Dragons’ Den. I am no expert in the mortgage brokerage business (especially retail, what is the rental cost of the high traffic location, etc.) but I have seen other mortgage brokerage businesses being ran successful . What I don’t know is if the business will stay good in a slowed down housing market (e.g. in Calgary) as a Dragons’ Den commentator has commented.

Like another commentator in the Dragons’ Den forum, I am not sure about the structure of the deal. It seems quite harsh to have a 7% interest charge on the “investment” which is basically a convertible bond.

If the business is generating a sizable monthly cash flow, why does it need the $250,000 convertible “investment” from the dragons? Won’t it be cheaper to get a loan from the bank and keep the equity? Or simply grow the business organically. There are not enough details dicussed on TV so I can’t really say much knowledgeably.

By the way, here is Dan’s True North Mortgage blog.

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Nov 6th update on True North Mortgage: Just read Dan’s Dragons’ Den blog update for some new developments. Here is an excerpt of the key part (emphasis mine),

The due diligence process was completed by the end of July and went fairly quickly and smoothly. We were given a letter of intent which very closely matched the offer made on the show. It included investments from Jim, Arlene and Kevin whom offered us a $250,000 debenture (loan) convertible into 50% of the company’s shares at the Dragon’s option.

However, the letter of intent did not include many of the details that we required in order to ensure the ongoing support of the Dragons. [K: ongoing support from the Dragons seem like a fair thing to have, given the level of equity (50%) given away as a means to help grow the business.] We went back to the Dragons numerous times with additional clauses but were repeatedly rebuffed.

Thus, after much deliberation we decided not to go ahead with the deal.

We could not get comfortable with the level of proactive leadership and tangible management support we would receive from the Dragons in the future given the level of equity we were giving up and the very modest valuation the Dragons’ were willing to place on this business. (~0.70 of 2007 EBITDA, for you MBA dudes) [K: 0.7 is of course not an audited number but it seems like a "modest valuation" indeed.]

True North Mortgage continues to grow organically, with a second store scheduled to open in February of 2008 and a third by mid 2008. The new stores will be located in the Calgary downtown core. [K: Growing organically seems like is a good steady approach to take. Not take in too much debt (my bank alternative) too early.]

Dan, as an “MBA dude”, has given a very professional account of what happened after the show which is good for him and important for his business.

In my original analysis, I didn’t have time to write and mention that Dan’s brand is still relatively young (1 year old) and there is not much barrier to entry in the mortgage brokerage (retail) business. In short, the competitions can come fast and in a hurry. But being an  “MBA dude”, I am sure he is prepared to deal with the extra business that being on National TV brings. And also the potential arrival of new competitions (in Calgary and other cities). But I think Dan gets this far already because of his business insights so it will be interesting to watch how things go with him in the future.

Good luck Dan.

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CanadianStudentMarketing.com

The entrepreneur bought six beautiful models with him to pitch. Unfortunately, those girls have nothing to do with his business except being pretty and standing beside him during the pitch and on-camera besides him.

A few Dragons mentioned that the UniversityParty.com site was already taken and in the age internet having no border, that is a problem.

And a commentator in the DD forum also mentioned Facebook.com as a competitor in the student space which is quite a valid point.

I enjoying seeing beautiful models on TV, I guess except when they were used only as props and have nothing to do with the business. As an aside, Bikini Weenie from Season one actually would have a perfectly valid reason to bring in pretty models to help her pitch!

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UJeans

This could be a nice niche small business but I have to agree with the Dragons that the current 4-5 weeks wait time for a pair of jeans may be too long a wait. Anyway, the market will be much smaller if the jeans can be delivered in a much more timely manner.

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Barking Biscuit Bakery

The dog was really cute. The business could be a nice small niche business if the cost was better controlled while the quality remains high.

In an age of pet food actually killing pets. I think pet owners may be willing to pay more for quality product. I think my friend who has a pet store probably knows a lot more about this.

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Janac Sportswear

Janet gave a professional and passionate presentation about her product. I am happy that Arlene and Laurence decided to invest.

After all four male dragons (including Laurence) complemented on Janet’s effort but rejected the idea of investing, Arlene’s initial offer of help in time and resources was nice.

But then, I think Laurence saw a market that Janet might be able to serve that a large company like La Senza would not be able to handle in a large chain environment. And by getting another dragon (in this case the marketing expert Arlene) to join in the investment, it also reduce the amount invested while getting another dragon to help.

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Pizza Box 2000

The Pizza Box is a nice idea but with a business valuation of $1.25 million on it, I can certainly understand Jim‘s reluctance in investing in something he has little direct knowledge of (without the ability to consult with his more knowledgeable friend first).

Now, the Pizza Box has generated the most discussion in Dragons’ Den forum. Many commentators thought that Jim has lost out on a great deal. I personally don’t think so.

It is the mark of a good business person to invest in a domain that he/she is competent in. Warren Buffet (check out this and this cool video) is well known for not investing in things that he doesn’t understand, and that includes his friend Bill Gates’ Microsoft.

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Fishing Fun-nel

I had the most fun watching this segment. And I think it is a fun game. I think three of the dragons had enough fun to pay about $500 for the hand made toy. (They probably know it was a bit of an expensive hand-made-toy.) But contrary to a few commentators believes, the dragons’ fun don’t make it a viable business selling for $50 each.

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Folding Bench

I met this nice and enthusiastic entrepreneur in the Calgary auditions. Not much of his pitch was shown and I’ve forgotten about most of his business case. So all I can say is best of luck to the entrepreneur and I hope the national TV exposure helps his business.

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BootyBoard

Having no idea if this game will be fun for its target audience, I can’t say much about it.

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The Menolith

The piece of granite looks nice but unfortunately, I don’t think it makes a good business. And I do agree with some of the dragons that the entrepreneur might have over-spent on developing the product (the machine tooling, etc.?), essentially a piece of thin granite.