As its 2 years this month since Jordan was stood in front of the 5 dragons, let’s see what he thought about the episode that was on Sunday 31st July. Have you watched it? We suggest if you haven’t you should do so before reading this blog!
Let’s start with what Jordan thought of this episode.
The show as a whole was not the most exciting episode he has watched (of course the most exciting was his). Although Jordan always enjoys Dragons’ Den, as it takes him back to the time he was stood there and knows how that person is feeling, at that specific moment this was not the most interesting as some of the others have been. Jordan tends to never miss an episode now.
He went on to say what he would change if he was to go back in the den and being completely honest there would not be much he would change, maybe a different shirt! The one thing Jordan would change was to make sure the plasterboard for the set did not get damp on transportation, which resulted in Peter pulling the radiator off (this did not stop him or Deborah from going global). Jordan was very pleased with the way his pitch went.
CEO Marco of Pro-Gainz, was first to step into the den. Jordan thought that the concept of Pro-Gainz was a really good idea, relating the idea to people struggling to lose weight due to the type of foods they enjoy and don’t enjoy. Therefore being able to pick out of a variety and make your own meals is a good solution and said having someone come up with a personalised dietary plan is in need. Marco had obviously done quite well in short space of time as he already made a substantial amount of money. Marco should have gone in knowing all details about his business, as when a dragon asks you for an answer they expect it to be correct. Marco gave the impression he had a trade mark for his business but in fact after handing the piece of paper to Deborah, she noticed it was only an acceptance of submission letter, one piece of advice Jordan gave was you need to be very clear and precise over what you say as if you have said something that is not true the dragons will find out.
Light Lead sounds like a great product, Jordan doesn’t know a lot about this industry however concerts, music and bands are being played nationwide every day, therefore this has got to be a big market. Jordan thought the investment of £75,000 for 20% was quite high considering they haven’t actually taken the product to market properly yet. Jordan mentioned as there was 2 of them and one investor, he would suggest a percentage around the 33% mark, giving them all a third of the business. Peter mentioned that there would not be a great amount of repeat business, Jordan thought otherwise, as the item could get damaged, lost, stolen or even just had its time which would then mean they would need to buy more, however the repeat business would be steady. Light Lead had 3 prototypes one of which they gave out, which then left them with 2. Jordan went on to say you defiantly need more than that in order to prove your product to people but it was clear that they didn’t have the money in order to make more. Now they have gained investment he hopes they would spend some of that money on making more and then monitor the response. Jordan was very impressed that Danielle was the lead singer who sang “I got the key”!
Splashback was the third business to step in front of the dragons.
Jordan understood the concept of the business, however if he was sat in the chair he would not invest. He feels lots of people come up with an idea which is to do with their hobbies and get caught up in the idea of creating a business which is to do with this, as you do forgot others may not have the same hobby as you and may not get the passion behind it. The cost price of £28.99 is very high and think this may put some consumers off. Jordan can see the problem this solves but does not think it is a problem that occurs really often, he also pointed out that in fact most people have smart phones, Ipad’s and tablets now which has maps apps on, this means there wouldn’t be a need for this, as they can use them.
The last pitch of this episode was Lifting Key, Jordan thought Andrews pitch went really well and it actually brought out an emotional side to the dragons, which you wouldn’t normally see. Andrew came across very genuine and obviously had a very hard time at the start, this really drew the dragons in and they could see how much he believes in his product. Jordan’s main concern would be the patent lapsing as this means there is no protection from stopping your product being copied, if Jordan was Andrew, before pitching the product in the den he would have seen if the design could be changed slightly, in order to get a patent approved as this is what gives the value. However the idea and the concept of this product is very good and he could understand why it would sell.
If Jordan was a dragon listening to all these pitches this episode, he would have invested in Light Lead, although he does not know the industry and the contact, the product and their pitch really stood out amongst the others and with the right person on board it could be a very popular invention and wishes them all the best in the future.
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