Key Points:
- Investment Sought: £120,000
- Investor: No investor secured
- Equity Offered: 15%
- Business: Grillstream Limited
- Target Audience: 2.4 million UK households, followed by USA and European markets
- Challenges: Uncertainty about market strategy, perceived lack of clarity in business planning
The Pitch
Peter Neath and Ian Wharton introduced their innovative Grillstream Technology—a new cooking system designed to collect excess fat during grilling, reducing flare-ups and simplifying cleanup. The technology is integrated into GS1 and GS2 units, which can replace existing grill pans or be used on barbecues.
Financials and Offer
The entrepreneurs sought £120,000 for 15% of their business, valuing Grillstream Limited at £800,000. Their business model revolves around launching the product through TV shopping, attending trade shows, and possibly creating infomercials. They discussed various spending plans, including £18,000 on press releases and £45,000 on trade shows.
Challenges Highlighted by the Dragons
The Dragons expressed concerns about the duo's lack of experience in the retail sector and their unclear strategic direction. The pitchers struggled to convince the Dragons of their capacity to manage the financial investment effectively, with doubts cast over their projected profits and business trajectory.
Conclusion
Despite an intriguing product, Peter and Ian failed to secure an investment. The Dragons were hesitant due to the pitchers' vague business strategy and uncertain market entry plans. The session highlighted the crucial importance of a clear and convincing business plan when seeking investment.