Key Points:
Investment: £300,000
Investor: No deal was made
Equity Offered: 10%
Business: Three Rings Care
Target Audience: Families with elderly members living independently
Challenges: Lack of clarity on investment, no patents, concerns over technology effectiveness
Blog Post
Dragons’ Den: No Deal for Three Rings Care
In the latest episode of Dragons' Den, entrepreneur Steve Purdom pitched his innovative technology business, Three Rings Care, seeking a £300,000 investment for 10% equity. Despite a compelling presentation, no deal was made. Below, we delve into the key aspects of the pitch and the feedback from the Dragons.
The Pitch
Steve Purdom introduced Three Rings Care, a business inspired by his 84-year-old mother, Iris. The product is designed to provide peace of mind for families with elderly members living independently. By plugging in an appliance, such as a kettle, the system sends notifications to family members whenever the appliance is used, signaling that their loved one is okay.
Dragons' Reactions
Sarah Willingham
Sarah Willingham expressed interest in the concept but ultimately declined, citing her inability to add value to the business.
Deborah Meaden
Deborah Meaden questioned the clarity of the financial details, particularly the distinction between cash investment and consultancy services. She stepped aside, suggesting Peter Jones as a more suitable investor.
Nick Jenkins
Nick Jenkins criticized the lack of transparency in the financial details and deemed the valuation too high, leading to his decision to opt out.
Tuka Suleiman
Tuka Suleiman highlighted the lack of a secured patent and the simplicity of the idea as reasons for his withdrawal.
Peter Jones
Peter Jones, considered the most likely investor, questioned the product's effectiveness in emergency situations. He suggested a more immediate response mechanism would be more beneficial, ultimately leading him to decline the investment.
Conclusion
Despite the positive aspects of the Three Rings Care concept, the pitch fell short in several areas, including financial transparency, patent security, and the effectiveness of the solution in emergencies. This episode underscores the importance of clarity and robust protection in securing investment on Dragons' Den.