Neil and Laura Westwood are the co-founders of Magic Whiteboard
and are perhaps most recognisable from their successful appearance
on BBC Two's Dragons Den, where they secured a £100,000 investment
from famous entrepreneurs Deborah Meaden and Theo Paphitis. The
idea of Magic Whiteboard is to be able to create a whiteboard from
a roll anywhere and in a few seconds. As owner of Rymans
Stationary, Theo Paphitis proved to be an invaluable investor and
Magic Whiteboard was launched in 240 Ryman stores quite literally
over night. The business has been a huge success and has expanded
its products to include blackboards, photo paper and blackout
paper.
In this video interview with the Westwood couple they talk about
how they registered their company on the day of their daughters'
birth and a laptop and broadband were the key tools for their start
up. Neil and Laura also talk about finance and how they would
prefer investment for equity rather than rely on a bank loan.
Having a pre investment turnover of £45,000 helped the two secure
investments from the Dragons' and they relate to how they used the
£100k to develop and improve their business. Neil refers to the
mentoring received from Meaden and Paphitis and how listening to
their customers and their needs led them to develop the Magic
Blackboard.
Neil and Laura Westwood are a great example of a Dragons' Den
success and they provide realistic advice on how to run a
business.
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