Key Points:
- Investment: None; the entrepreneurs did not secure funding.
- Investor: All dragons declined the investment.
- Equity Offered: 5%
- Business: CityMaaS, focused on improving online and offline accessibility.
- Target Audience: Individuals with disabilities.
- Challenges: High valuation, perceived ineffective business strategy.
The Pitch, Financials and Offer
Andrew and Rene Perkins as well as Luis Canto E Castro of CityMaaS entered the Dragons' Den with a proposition to enhance accessibility across the internet and physical spaces. Their innovative solution included Assist Me, a plugin aiding website interaction for those with disabilities, and MobilityMap, a global accessibility information provider, among other tools. They sought £100,000 in exchange for 5% equity, valuing their business at £2 million.
Challenges Highlighted by the Dragons
The dragons raised significant concerns about CityMaaS' business model. The reliance on businesses to purchase the plugin, instead of offering a universal tool that could be used freely across different platforms, was a major drawback. Peter Jones and other dragons felt that the team's approach to selling the product one business at a time was inefficient and unscalable. They also worried about the startup's high valuation and the sustainability of their revenue model, which could hinder widespread adoption.
Conclusion
Despite the dragons' unanimous decision to not invest, CityMaaS' pitch underscored a critical societal need for greater accessibility. The dragons praised the team's commitment and the potential impact of their products. However, they advised a strategic pivot towards a more inclusive and economically feasible model that could reach a broader audience without imposing costs on users with disabilities. As CityMaaS continues to refine its approach, the lessons from Dragons' Den could steer them towards more effective solutions in making the world more accessible.