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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