Key Points:
Investment: None
Investor: N/A
Equity Offered: 10%
Business: RoadRower
Target Audience: Fitness enthusiasts who enjoy rowing and cycling
Challenges: Market viability, product positioning, high price point, practicality for everyday use
Will This Product Get The Dragons To Break A Sweat?
Investment Outcome: No deal was made with the Dragons for Rupert Cattel's RoadRower. He sought £50,000 for 10% equity in his innovative fitness machine.
The Pitch
Rupert Cattel, the founder and CEO of RoadRower, presented his invention: a unique exercise machine combining the benefits of rowing and cycling, designed to be used outdoors. He emphasized its full-body workout capabilities and the added enjoyment of exercising in fresh air. Despite the machine being pre-revenue, Rupert priced it at £3,500 and demonstrated its operation to the Dragons.
Financials and Offer
Rupert requested £50,000 in exchange for a 10% stake in RoadRower. He justified the valuation by highlighting the innovative nature of the product and its potential appeal to fitness enthusiasts who find traditional indoor rowing monotonous.
Challenges Highlighted by the Dragons
- Market Viability: Peter Jones questioned the fundamental demand for the product, noting that potential users could simply jog or cycle outdoors without needing an expensive new machine.
- Product Positioning: Several Dragons found the concept interesting but doubted its practicality and market appeal. Stephen Bartlett suggested the machine might be better suited for leisure and holiday settings rather than everyday fitness.
- High Price Point: Sarah Davies pointed out that the £3,500 price tag was too steep for the general fitness market and suggested that it might only appeal to a niche segment of professional rowers.
- Practicality Concerns: Stephen Bartlett and other Dragons highlighted issues with the machine's usability, including its large turning circle and overall clunkiness, making it impractical for urban commuting or daily fitness routines.
Conclusion
While the RoadRower impressed the Dragons with its innovative design, Rupert failed to secure an investment. The main concerns revolved around the product's market viability, high price point, and practical use. The Dragons felt that despite its novelty, the RoadRower did not present a strong enough business case for their investment. Rupert left the den without a deal, but he remains passionate about his invention, hoping it might one day capture the public's imagination and perhaps even become a new sport.