In order to see this content you need to have both Javascript enabled and Flash installed. Visit ³ÉÈË¿ìÊÖ Webwise for full instructions
Name | Henry Clayton |
Pitching | The Millie-Mova |
Investment Required | £30,000 |
Equity Offered | 20% |
Brief Description | A device for chairs to aid carers when moving people closer to the table |
Read how Henry got on and let us know what you think using the comments below
With the help of his 11 year old grandson, Henry presents a polished pitch and produces some impressive figures: since February 2008 he has sold 800 units, with a recommended retail price well in access of the manufacturing cost per unit. He also reveals he has a full UK patent.
Shaf Rasul asks him how he will use the £30,000. He wants to use a third of the money for advertising and exhibition presence which means he has no distributor, an oddity for Shaf given Henry's margins are so high.
Julie has concerns about the application of his invention, finding it too niche and addressing an issue she does not consider a major one.
Shaf remains focused on the numbers and when Henry reveals under questioning that his current balance sheet is showing a loss of £29,000, the Dragon is concerned his investment will simply cover the deficit. Henry reassures him it will not. Shaf suggests he could monetarise the business by utilising his contacts in distribution, manufacture, storage and logistics.
At this point Henry drops his bombshell - while he has secured a UK patent, he is still waiting on a US one and that would not be part of the package he is offering the Dragons.
Shaf is dumbfounded. "I'm going to mentor you, teach you how to monetarise this and then you'll exploit the US market without me? I'm out".
With Shaf out, Julie acknowledges that Henry has achieved some financial performance from the Millie-Mova but can't see its mass appeal. Like Shaf she cannot accept that any investor would be prepared to be constrained by economic activity in one country. She too is out.
No investment
Missed any action? Catch up and find out more about the Online Dragons.
Evan explains the fundamentals, a full glossary, and links to further resources.
³ÉÈË¿ìÊÖ Â© 2014 The ³ÉÈË¿ìÊÖ is not responsible for the content of external sites. Read more.
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.