Key Points:
- Investment Sought: £75,000
- Investor Response: No investment secured
- Equity Offered: 15%
- Business: Odebuster, a toilet ventilation accessory
- Target Audience: Commercial and residential properties
- Challenges: Market need uncertainty, product application limitations
The Pitch
Patrick Smythe and Tim Hurst introduced their product, Odebuster, an innovative toilet accessory designed to eliminate odors by extracting air from within the toilet bowl and venting it outside. They requested £75,000 for 15% equity, highlighting the product's compliance with building regulations and its market potential in both residential and commercial spaces.
Financials and Offer
The entrepreneurs pitched the Odebuster with optimism about its market appeal, citing low maintenance and the elimination of traditional venting systems as key selling points. They aimed for initial sales targets that could result in significant revenue, underscoring the financial viability of their invention.
Challenges Highlighted by the Dragons
The Dragons raised several concerns:
- Market Demand: Doubts were expressed about the actual necessity of the product, as modern plumbing and ventilation standards already address odor issues effectively.
- Product Application: Questions were raised about the product’s installation and its compatibility with existing plumbing and electrical standards, particularly in commercial settings.
- Investment Appeal: The Dragons were skeptical about the potential returns on investment, given the niche market and the high costs associated with broad market penetration.
Conclusion
Despite a strong presentation and a clear understanding of their product’s benefits, Patrick and Tim were unable to secure an investment. The Dragons found the market too niche and the financials unconvincing for a substantial return on investment. This outcome serves as a poignant reminder of the rigorous scrutiny potential investments undergo in the "Dragons' Den" and the importance of a clearly defined market need and robust financial projections when seeking venture capital.