It’s all well and good having a great business idea that has the potential to disrupt a competitive market but it’s essential to be aware of your competition. As Tom Harrington entered the den - albeit with slight trouble as technical difficulties with the lift slowed down his entry - his unique pay-per-view estate agent WeSold had all the credentials for a successful startup.
But his business slowly came undone, especially by Peter Jones and Kelly Hoppen, who felt the competition would push WeSold aside with ease. Though Duncan Bannatyne was supportive of Tom’s unique business model, the pitch ended without investment due to the competitiveness of the market.
With the coffee industry experiencing a boom over the last few years and doubling the sales of tea in 2013, it’s a great time to try and revive the tea market right? Entrepreneurial duo Omar Farag and Philip Perera are on a mission with their loose tea brand Phom Tea. Kelly Hoppen wasted no time in seeing the potential of the product and offered the full £50,000 for a 25% stake in the business.
Despite Deborah Meaden and Peter Jones both making late attempts for investment, Kelly’s early faith paid dividends as Omar and Phillip accepted her offer. But it was the duo’s enthusiasm and promising brand that secured the a dragon.
Akeem Ojuko and his business The Wild Peanut were after a £50,000 investment for a 20% stake. His flavoured natural peanut butter without preservatives or additives is hoping to disrupt a market that has grown 20% each year over the last 24 months. But as Akeem’s pitch on Dragons’ Den went on, it became evident that the five dragons’ were all singing the same song - that The Wild Peanut was fighting a lost cause.
Peter Jones admired his commitment and passion while Piers Linney advised the budding entrepreneur to come back with another product. As much as you may want your dream to be a success it’s essential to know when enough is enough.
Ralph Broadbent and Alex Dixon entered the den and were seeking a £40,000 investment for a 15% in their business Victor’s Drinks, a home brew kit for cider enthusiasts, and it didn’t go down too well. Apart from Duncan Bannatyne, the other four dragons weren’t persuaded by the potential of Victor’s Drinks.
However, they threw a spanner into the works when they revealed another business that runs six music festivals across the country - making an annual profit of £150,000 over the last three years. Their business experience and startup portfolio added credibility to the pitch and it ended up in investment as Duncan made the duo an offer.