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Read how Matt got on and let us know what you think using the comments below

Matt presents fluently to the Dragons, offering glowing financial prospects that would deliver profits of £2.5 million after three years.

Shaf Rasul immediately queries Matt's figures and is unimpressed when the young entrepreneur admits his website has generated only £440 revenue in the last six months.

The Dragon then asks for his three year forecasts and is flabbergasted when Matt predicts a £40,000 lost in the first year, followed by only a modest £21,000 profit in year 2.

With his financial model exposed, Shaf Rasul then asks Matt about his competitors but the rattled entrepreneur struggles to name the market leader. The Dragon concludes Matt has no business plan, hasn't researched his market and is simply looking for seed capital to get his idea off the ground.

Julie Meyer asks Matt has he thought of other routes to market, particularly through the next generation of mobile phones. Matt admits he has only just started to explore this area.

Shaf Rasul agrees with Julie Meyer that a mobile phone strategy would strip out a huge amount of overheads and that Matt could do this himself with his own savings and so not involve the Dragons at all. He suggests Matt re-examine his whole business model and declares himself out.

Julie Meyer reminds Matt that investors get into projects so as to get out. Matt's financials aren't "sexy enough" for her, the technology is so fast-moving he could easily be out-flanked and for those reasons she, too, is out.

Matt leaves the Den empty handed, but with some interesting ideas has to how to move the project forward and stay ahead of the curve.

The deal done in the Den:

No investment