Key Points:
- Investment: £75,000
- Investor: No deal made
- Equity Offered: 15%
- Business: Not Dogs - Meat-Free Fast Food
- Target Audience: Meat reducers, vegetarians, vegans
- Challenges: Market niche, location concerns, competition with full-service restaurants
Meaty Hot Dogs Without The Meat? Deal or No Deal on Dragons' Den!
Jane Yates and Katie McDermott, the dynamic duo behind the meat-free fast food company Not Dogs, recently pitched their innovative business on Dragons' Den. The entrepreneurs were seeking an investment of £75,000 in exchange for a 15% share in their company. Despite their passion and the growing demand for vegetarian options, they left without a deal. Here's a closer look at their journey and the key points of their pitch.
Key Points:
- Investment: £75,000
- Investor: No deal made
- Equity Offered: 15%
- Business: Not Dogs - Meat-Free Fast Food
- Target Audience: Meat reducers, vegetarians, vegans
- Challenges: Market niche, location concerns, competition with full-service restaurants
The Pitch
Jane and Katie started Not Dogs out of frustration over the lack of satisfying vegetarian fast food options. With one being a vegetarian and the other a meat reducer, they saw a gap in the market for trustworthy and delicious meat-free alternatives. Their journey began with a food truck that toured music festivals across the UK, serving over 10,000 Not Dogs and generating a daily revenue of £2,000.
Achievements
- Exclusive Partnership: Not Dogs secured an exclusive relationship with Quorn, using their products to create unique vegetarian offerings.
- Awards and Recognition: The brand received acclaim and was even invited to Downing Street as one of the UK's food stars.
- Future Plans: The duo planned to open their first meat-free fast casual restaurant in the iconic Bullring in Birmingham, aiming to serve the 28 million meat reducers, vegetarians, and vegans in the UK.
The Dragons' Response
Despite the impressive presentation and tasty samples, the Dragons had reservations:
- Market Niche: Some Dragons felt the business was too niche and might struggle to attract a broad customer base.
- Location Concerns: There were doubts about the proposed restaurant's location, not being situated within the main food hall of the Bullring.
- Operational Challenges: Running a festival food truck is very different from managing a brick-and-mortar restaurant, a point emphasized by Sarah Willingham, a seasoned restaurateur.
Final Verdict
While the Dragons appreciated Jane and Katie's enthusiasm and hard work, none were willing to invest. Concerns about market size, operational challenges, and the niche nature of the business led all five Dragons to decline the investment opportunity.
Conclusion
Jane and Katie’s pitch on Dragons' Den may not have secured the investment they hoped for, but their journey highlights the challenges and rewards of pioneering in the meat-free food industry. With continued passion and perhaps a refined strategy, Not Dogs has the potential to carve out its own niche in the fast food landscape.