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It has the jeopardy of a game show. | 0:00:02 | 0:00:05 | |
If this offer isn't good enough for you, I'm absolutely not interested. | 0:00:05 | 0:00:09 | |
It has the characters of a drama. | 0:00:09 | 0:00:13 | |
I became jobless, penniless and homeless... | 0:00:13 | 0:00:17 | |
SHE EXHALES | 0:00:17 | 0:00:18 | |
But the secret ingredient of Dragons' Den is that it's all | 0:00:18 | 0:00:21 | |
happening for real. | 0:00:21 | 0:00:23 | |
So exciting! | 0:00:23 | 0:00:25 | |
Real people with real dreams, | 0:00:25 | 0:00:27 | |
meeting real investors with real money. | 0:00:27 | 0:00:31 | |
Hey! | 0:00:31 | 0:00:32 | |
I'm Richard Osman. Now, I'm no budding entrepreneur. | 0:00:32 | 0:00:35 | |
I haven't invented gluten-free tattoos | 0:00:35 | 0:00:38 | |
or an espresso machine for dogs. | 0:00:38 | 0:00:40 | |
But I am a huge fan of Dragons' Den. | 0:00:40 | 0:00:43 | |
For years now, I've been mildly traumatised | 0:00:43 | 0:00:45 | |
by Deborah Meaden's death stare... | 0:00:45 | 0:00:47 | |
..sent letters of complaint about Peter Jones's put-downs... | 0:00:50 | 0:00:53 | |
That looks about as practical as an ashtray on a motorbike. | 0:00:53 | 0:00:57 | |
A ladder for a carpet fitter. An ejector seat in a helicopter. | 0:00:57 | 0:00:59 | |
'Now, I'm the big man...' | 0:00:59 | 0:01:01 | |
-What do we think? -Richard's taller. -Ah! | 0:01:01 | 0:01:04 | |
Is that because of the hair, though? | 0:01:04 | 0:01:05 | |
'And it's my turn to interrogate the Dragons, to see how THEY like it.' | 0:01:05 | 0:01:10 | |
-Did you begin to worry that you weren't going to get any deals? -Yeah. | 0:01:10 | 0:01:13 | |
-You don't know your figures? -I don't know my numbers as well as I should... | 0:01:13 | 0:01:16 | |
You've come in here, you're on a documentary and you haven't done your figures. | 0:01:16 | 0:01:19 | |
'Tonight, I'm going to relive some jaw-dropping pitches...' | 0:01:19 | 0:01:24 | |
This is the most disrespectful pitch... | 0:01:24 | 0:01:29 | |
I remember just feeling my heart in my throat at that point. | 0:01:29 | 0:01:32 | |
'..find out what happened next to the businesses that walked away | 0:01:32 | 0:01:36 | |
'with the Dragons' cash...' | 0:01:36 | 0:01:38 | |
Hey! There we go. | 0:01:38 | 0:01:40 | |
'..discover the secrets of the Dragons' success...' | 0:01:40 | 0:01:43 | |
It's all gut feeling. | 0:01:43 | 0:01:44 | |
This is genuine, we want to find out how this business works... | 0:01:44 | 0:01:48 | |
'..and we'll find out if pitches really can lead to riches.' | 0:01:48 | 0:01:53 | |
Today, the company is worth £10 million. | 0:01:53 | 0:01:55 | |
Wow! | 0:01:55 | 0:01:57 | |
So, to make it rich, | 0:02:03 | 0:02:04 | |
the first thing you have to do is simply call the lift. | 0:02:04 | 0:02:08 | |
Then compose yourself... | 0:02:08 | 0:02:09 | |
..then have the bottle to walk out the other side, | 0:02:11 | 0:02:14 | |
and crucially, hope it doesn't all fall apart | 0:02:14 | 0:02:17 | |
when you come face-to-face with the Dragons. | 0:02:17 | 0:02:20 | |
On my first day, I walked into the Den... | 0:02:20 | 0:02:24 | |
Before I sat down, I went to the lift, turned round, | 0:02:27 | 0:02:31 | |
walked in and stood on that point. | 0:02:31 | 0:02:35 | |
There is a moment when the entrepreneurs | 0:02:37 | 0:02:39 | |
walk through the doors... | 0:02:39 | 0:02:41 | |
I kind of feel for them a bit, I mean, this is a big moment. | 0:02:41 | 0:02:44 | |
It is tough. | 0:02:44 | 0:02:45 | |
Really, really tough. | 0:02:45 | 0:02:47 | |
I'm looking for an investment of £100,000 for a 12.5% share... | 0:02:50 | 0:02:56 | |
I'm sorry, I've really lost it, I do apologise. | 0:02:56 | 0:02:59 | |
HE CLEARS HIS THROAT | 0:02:59 | 0:03:02 | |
You've got three minutes to make your pitch | 0:03:02 | 0:03:04 | |
and that puts a bit of pressure on. | 0:03:04 | 0:03:05 | |
I'm here to tell you about my new company, Golfer's Mate, | 0:03:05 | 0:03:08 | |
and my new product... | 0:03:08 | 0:03:09 | |
And I've gone blank again. I'm so sorry. | 0:03:12 | 0:03:15 | |
We...also supplied... | 0:03:17 | 0:03:22 | |
Um... We also... Excuse me. | 0:03:22 | 0:03:26 | |
We also supplied, um... | 0:03:26 | 0:03:28 | |
You can generally hear it in the voice, you can | 0:03:28 | 0:03:30 | |
hear nervousness in the voice when they first start to speak. | 0:03:30 | 0:03:34 | |
Oh, God... | 0:03:34 | 0:03:35 | |
You are looking for that escape route, | 0:03:38 | 0:03:40 | |
you're looking for the hole in the floor that you can get into, | 0:03:40 | 0:03:43 | |
crawl up and just say, "This never happened." | 0:03:43 | 0:03:46 | |
Children can choose from... Oh... | 0:03:46 | 0:03:48 | |
Sorry, please, can I start again? | 0:03:48 | 0:03:50 | |
You have basically got no business at the moment. | 0:03:51 | 0:03:54 | |
I'm not being funny, Amy, but honestly, you have no business. | 0:03:54 | 0:03:59 | |
Um... Sorry, I've just gone quite light-headed. | 0:03:59 | 0:04:02 | |
-Oh, are you OK? Do you want to sit down? -Sit down? Come and sit down? | 0:04:02 | 0:04:07 | |
I think it's the first time I've ever seen anybody faint in the Den. | 0:04:07 | 0:04:10 | |
Oh, don't fall over. Oh, God! | 0:04:10 | 0:04:12 | |
And I was a little concerned that that would be it. | 0:04:12 | 0:04:14 | |
There you go. | 0:04:14 | 0:04:16 | |
'She was just overwhelmed, tired, you know.' | 0:04:16 | 0:04:19 | |
You can't judge people just because it didn't go right on the moment. | 0:04:19 | 0:04:23 | |
What did I do to you? | 0:04:24 | 0:04:26 | |
'It's not nice seeing people struggle.' | 0:04:26 | 0:04:29 | |
You know, you want to help. | 0:04:29 | 0:04:31 | |
But in business, people don't rush to your side to help you. | 0:04:31 | 0:04:36 | |
-Whatever's there, you need to say. -Yup. | 0:04:36 | 0:04:39 | |
Clearly, pitching in the Den is not for the faint-hearted. | 0:04:39 | 0:04:43 | |
Or indeed, the light-headed. | 0:04:43 | 0:04:46 | |
Forgive me. | 0:04:46 | 0:04:47 | |
When Lorraine and Graham Hatton-Downward unveiled | 0:04:51 | 0:04:53 | |
their diving safety device, Lign Light, in 2015, | 0:04:53 | 0:04:57 | |
it all proved too much for Lorraine. | 0:04:57 | 0:05:00 | |
So, Graham and Lorraine, we are about to take a look at your pitch. | 0:05:00 | 0:05:03 | |
It's one of the more unusual pitches in the Den, I think, | 0:05:03 | 0:05:05 | |
if you don't mind me saying so! | 0:05:05 | 0:05:07 | |
And this was sort of seen as a final roll of the dice? | 0:05:07 | 0:05:11 | |
-Yes, it certainly was. -Let's take a little look, shall we? | 0:05:11 | 0:05:14 | |
Oh! OK, if we must. | 0:05:14 | 0:05:16 | |
The couple had spent 20 years and their life savings | 0:05:18 | 0:05:21 | |
on the device that warns divers when they are running out of air. | 0:05:21 | 0:05:26 | |
The Dragons were their last hope of getting from pitch to rich. | 0:05:26 | 0:05:31 | |
What strain has that put on you, financially? | 0:05:31 | 0:05:34 | |
A lot. A big strain. | 0:05:34 | 0:05:35 | |
-Tell me about that. -We're strapped. | 0:05:35 | 0:05:37 | |
Strapped for cash, it's the last stop, the last post, | 0:05:37 | 0:05:43 | |
and we've spent near £200,000 of our own money... | 0:05:43 | 0:05:46 | |
RICHARD EXHALES | 0:05:46 | 0:05:48 | |
-It's a lot of money. -A lot of money. | 0:05:48 | 0:05:50 | |
We have really invested. | 0:05:50 | 0:05:51 | |
And you are both, if I may say, wearing your heart on your sleeves. | 0:05:51 | 0:05:55 | |
It's our baby, and we believed in it so strongly. | 0:05:55 | 0:05:58 | |
And what I can't understand is why that hasn't turned into | 0:05:58 | 0:06:01 | |
somebody wanting to go into partnership with you. | 0:06:01 | 0:06:04 | |
How are you feeling now, now that the heat | 0:06:04 | 0:06:07 | |
is being turned up slightly? | 0:06:07 | 0:06:08 | |
This is where panic, for me, starts to set in. | 0:06:08 | 0:06:13 | |
We had worked out a system whereby, if I squeezed Lorraine's hand, | 0:06:13 | 0:06:18 | |
that meant "Shut up." | 0:06:18 | 0:06:20 | |
And she started to waffle... | 0:06:20 | 0:06:24 | |
Um, I had my first open heart surgery. | 0:06:24 | 0:06:27 | |
I was only in my 40s then... | 0:06:27 | 0:06:29 | |
So I started off giving her hand a little squeeze, | 0:06:29 | 0:06:32 | |
and then it was a bit harder... | 0:06:32 | 0:06:35 | |
We lost our house, we lost our investments... | 0:06:35 | 0:06:38 | |
And then I was, like, pulling her hand, "Shut up!" You know. | 0:06:38 | 0:06:42 | |
-But she didn't. -I just carried on! | 0:06:42 | 0:06:45 | |
-Whatever's there, you need to say. -Yup. | 0:06:45 | 0:06:49 | |
We lost everything, Deborah. | 0:06:55 | 0:06:56 | |
We had mental breakdowns... | 0:06:58 | 0:07:00 | |
We were really ill... I'm so sorry. | 0:07:00 | 0:07:04 | |
Forgive me. | 0:07:05 | 0:07:06 | |
When I walked off, it was very hard. | 0:07:09 | 0:07:13 | |
I... I completely... I lose it. | 0:07:13 | 0:07:18 | |
-I felt as though I'd completely let him down. -Yeah. | 0:07:19 | 0:07:23 | |
-And I love him so much, I do, and my heart bled. -Yeah. | 0:07:23 | 0:07:27 | |
-You and Lorraine have had a very emotional journey. -Yes. | 0:07:29 | 0:07:33 | |
-But let's just get to business. -Yes, of course. | 0:07:33 | 0:07:36 | |
-That's what you're here for. -Of course it is. | 0:07:36 | 0:07:38 | |
At that point, I'm sitting thinking, do I go after her | 0:07:38 | 0:07:41 | |
and make sure she's OK? | 0:07:41 | 0:07:43 | |
-Or do I stop and face the music? -Yeah. | 0:07:43 | 0:07:46 | |
-I was thinking, oh, what do I do? -But you decided to stick around? | 0:07:46 | 0:07:49 | |
I did. | 0:07:49 | 0:07:50 | |
Graham, don't let your legacy be that you had this great product... | 0:07:50 | 0:07:55 | |
-See, this is all valid. -..that could have saved lives, but you never did. | 0:07:55 | 0:07:59 | |
-Yeah. -Just license your product, make it happen. Good luck. | 0:07:59 | 0:08:03 | |
-Thank you so much. -I'm afraid it's not an investment for me. | 0:08:03 | 0:08:07 | |
I've never seen a lovelier five noes in my life. | 0:08:07 | 0:08:11 | |
Thank you very much, Dragons. Thank you. | 0:08:12 | 0:08:15 | |
SHE SOBS | 0:08:24 | 0:08:25 | |
Don't worry. You didn't let anybody down. | 0:08:25 | 0:08:27 | |
And so the million-dollar question. What happened after the Den? | 0:08:30 | 0:08:35 | |
The Dragons saying no, in a way, | 0:08:35 | 0:08:38 | |
was the best thing that could have happened to us. | 0:08:38 | 0:08:40 | |
Because we suddenly became masters of our own destiny. | 0:08:40 | 0:08:46 | |
-Yeah. -We had people offering to market it for us, people offering | 0:08:46 | 0:08:51 | |
to invest in it, people who wanted to go in as partners. | 0:08:51 | 0:08:56 | |
-Did you take their advice and license it? -Yes. -We did. And more! | 0:08:56 | 0:09:00 | |
-And it's wonderful. Absolutely... -We've got a fantastic deal. | 0:09:00 | 0:09:04 | |
We will be shareholder directors. | 0:09:04 | 0:09:07 | |
Anything that goes, then, into that organisation, | 0:09:07 | 0:09:11 | |
we will get royalties from that, too, and we are... | 0:09:11 | 0:09:14 | |
Makes you wonder why you didn't do it 20 years ago. | 0:09:14 | 0:09:16 | |
It all came from having the guts to get up there and go into the Den. | 0:09:16 | 0:09:19 | |
If it hadn't been for the Dragons, we would be still | 0:09:19 | 0:09:22 | |
not able to see the tunnel, let alone the light at the end of it. | 0:09:22 | 0:09:26 | |
'So, I've heard how the Den can sink the most buoyant of entrepreneurs. | 0:09:26 | 0:09:31 | |
'But when it's the Dragons' own money at stake, | 0:09:31 | 0:09:34 | |
'you need to bring your A-game.' | 0:09:34 | 0:09:36 | |
A lot of people don't realise, and I certainly didn't, | 0:09:42 | 0:09:44 | |
just how real it is. | 0:09:44 | 0:09:46 | |
We have absolutely no idea what is coming through the doors at all. | 0:09:46 | 0:09:51 | |
You're there, you're going to part with your own money, | 0:09:53 | 0:09:55 | |
you've got to do it right. | 0:09:55 | 0:09:58 | |
This is genuine, we want to find out how this business works. | 0:09:58 | 0:10:03 | |
What questions do I need to ask? | 0:10:03 | 0:10:06 | |
Is this somebody that we can work with? | 0:10:06 | 0:10:08 | |
It's all gut feeling. I say to myself, how can I add value? | 0:10:08 | 0:10:12 | |
How can I help this entrepreneur fulfil his dreams? | 0:10:12 | 0:10:16 | |
Well, you could give him your money, Touker. | 0:10:17 | 0:10:21 | |
When a great idea does walk into the Den, | 0:10:21 | 0:10:24 | |
the pressure is then on to secure the deal. | 0:10:24 | 0:10:27 | |
And after ten years in that seat on the far right, | 0:10:27 | 0:10:30 | |
no-one knows 100% about 100% of Dragon strategy like Peter Jones. | 0:10:30 | 0:10:36 | |
When someone comes in and you think, "Hold on, there is something in this," you immediately think, | 0:10:36 | 0:10:41 | |
"I need now to outmanoeuvre these other four people." | 0:10:41 | 0:10:43 | |
Yeah, and I think that's another twist that you get in the Den, | 0:10:43 | 0:10:46 | |
the fact that it's not just about the idea in the pitch, | 0:10:46 | 0:10:49 | |
it's about the four people to my right that I've now got to compete with. | 0:10:49 | 0:10:53 | |
So, you've got to play a little bit of a tactical game, | 0:10:53 | 0:10:55 | |
you don't want them to know... | 0:10:55 | 0:10:57 | |
You don't want to play your cards too early. | 0:10:57 | 0:10:59 | |
And the classic display of Peter's gameplaying prowess was when | 0:11:04 | 0:11:08 | |
a husband-and-wife team entered the Den with a saucy dream | 0:11:08 | 0:11:11 | |
that they hoped would take them from pitch to rich. | 0:11:11 | 0:11:14 | |
-Hello there. I'm Ben. -And I'm Sue Youn. | 0:11:14 | 0:11:18 | |
At the beginning of this year, Sue and I decided | 0:11:18 | 0:11:21 | |
that we would launch the UK's first Korean cooking range - | 0:11:21 | 0:11:24 | |
Yogiyo. | 0:11:24 | 0:11:26 | |
After watching Ben fall in love with my mum's cooking, | 0:11:26 | 0:11:29 | |
we decided to take our own brand | 0:11:29 | 0:11:32 | |
of authentic home-style cooking to the UK. | 0:11:32 | 0:11:35 | |
-OK. -What have we got? | 0:11:35 | 0:11:36 | |
It was early days for the three new Dragons in 2015, | 0:11:36 | 0:11:40 | |
when they received a Den masterclass from the king of sauce. | 0:11:40 | 0:11:44 | |
And feeling the full force of his tactical acumen, | 0:11:44 | 0:11:47 | |
restaurant supremo Sarah Willingham. | 0:11:47 | 0:11:49 | |
-Oh! That is, um... -Spicy! | 0:11:49 | 0:11:51 | |
As soon as I saw Yogiyo walk in, I thought, | 0:11:51 | 0:11:54 | |
"Oh, this could be really interesting. Another sauce!" | 0:11:54 | 0:11:58 | |
I've got to have this. | 0:11:58 | 0:12:00 | |
Normally if a sauce comes into the Den, it's mine, | 0:12:00 | 0:12:03 | |
I feel very confident. | 0:12:03 | 0:12:04 | |
But now, I've got Sarah down the line. | 0:12:04 | 0:12:07 | |
Restaurateur. | 0:12:07 | 0:12:08 | |
And I think, "I'm going to have to change my tactics here." | 0:12:08 | 0:12:12 | |
Sarah was first in | 0:12:14 | 0:12:16 | |
and focused immediately on the street food side of the business. | 0:12:16 | 0:12:20 | |
And what's a good day's trading, then? | 0:12:20 | 0:12:22 | |
-Between £600 and £700 on a good day. -Out of that van? -Yeah. | 0:12:22 | 0:12:27 | |
Wow! | 0:12:27 | 0:12:28 | |
I was so excited, I was like, "Yes, great sauces, of course, let's | 0:12:28 | 0:12:32 | |
"get you into a supermarket, but what else could we do with that" brand? | 0:12:32 | 0:12:36 | |
This has got a restaurant concept in it, actually. | 0:12:36 | 0:12:40 | |
So I'm really interested in that side of it, | 0:12:40 | 0:12:43 | |
because I think you do that, your sauces will follow. | 0:12:43 | 0:12:49 | |
Wow, I was surprised. Sarah played her hand really quickly there. | 0:12:49 | 0:12:53 | |
It's given me some real good time to sit and think, | 0:12:53 | 0:12:56 | |
"Right, how do I get this?" | 0:12:56 | 0:12:58 | |
Ah, thinking, that old Dragon trick! | 0:12:59 | 0:13:02 | |
Which Peter then followed with a crafty bit of reverse psychology. | 0:13:02 | 0:13:07 | |
It's going to be incredibly tough. | 0:13:09 | 0:13:12 | |
I had to try and sow the seed of doubt | 0:13:12 | 0:13:15 | |
with all the other Dragons, to get them out first. | 0:13:15 | 0:13:17 | |
So I thought I would outline | 0:13:17 | 0:13:18 | |
exactly what the issues are in the business, | 0:13:18 | 0:13:21 | |
hoping that they were going to go out. | 0:13:21 | 0:13:23 | |
I think you are not even a challenger brand, | 0:13:24 | 0:13:27 | |
and you are really, really up against it, | 0:13:27 | 0:13:30 | |
because when you start to scale and get bigger volume in a marketplace | 0:13:30 | 0:13:33 | |
like this, you are going to have all of the larger players | 0:13:33 | 0:13:36 | |
in the market seeing you as a potential risk. | 0:13:36 | 0:13:39 | |
Peter's reverse psychology worked. | 0:13:41 | 0:13:43 | |
The other Dragons reversed out, leaving him | 0:13:43 | 0:13:46 | |
and Sarah to battle it out. | 0:13:46 | 0:13:49 | |
I can't lose this restaurant thing. | 0:13:49 | 0:13:51 | |
There is not a great Korean street kitchen out there. | 0:13:51 | 0:13:57 | |
I'm going to make you an offer. | 0:13:57 | 0:13:59 | |
I'm going to offer you all the money... | 0:13:59 | 0:14:01 | |
for 25% of the business. | 0:14:01 | 0:14:06 | |
-Thank you. -Yeah, thank you. | 0:14:06 | 0:14:08 | |
'I wasn't buying into this restaurant idea | 0:14:08 | 0:14:11 | |
'and I wanted to focus all of the attention on the sauce.' | 0:14:11 | 0:14:15 | |
The only way I could do that was to undermine Sarah | 0:14:15 | 0:14:18 | |
and make a really big statement. | 0:14:18 | 0:14:19 | |
I'd rather pick up dog poo without gloves | 0:14:22 | 0:14:24 | |
than invest in a business that is going to be in restaurants. | 0:14:24 | 0:14:28 | |
This, for me, is not where it's at. | 0:14:28 | 0:14:30 | |
It's developing a brand that everybody is going to, | 0:14:30 | 0:14:34 | |
at consumer level, buy into... | 0:14:34 | 0:14:35 | |
-I mean, that's what it's all about for us. -And that's the future. | 0:14:35 | 0:14:39 | |
I'm going to offer you all the money... | 0:14:39 | 0:14:42 | |
but I'm going to ask you for 40% of the company. | 0:14:42 | 0:14:46 | |
For Ben and Sue, it was decision time. | 0:14:48 | 0:14:51 | |
Restaurant or sauce? | 0:14:51 | 0:14:54 | |
But Peter had one final tactical move to make. | 0:14:59 | 0:15:02 | |
I would be more than happy for us to be equal partners - | 0:15:02 | 0:15:06 | |
a third, a third, a third - | 0:15:06 | 0:15:08 | |
if that's something that will close the deal with you now. | 0:15:08 | 0:15:11 | |
Yeah? Um, yeah, er, yeah! | 0:15:15 | 0:15:20 | |
-THEY LAUGH -Is that a yes? | 0:15:20 | 0:15:22 | |
You'd like to take the deal? Well done, fantastic, brilliant. | 0:15:22 | 0:15:25 | |
What was I thinking, taking on Peter Jones with a sauce business? | 0:15:25 | 0:15:28 | |
But it could have been so much more! | 0:15:28 | 0:15:30 | |
Yogiyo! Yogiyo! | 0:15:30 | 0:15:31 | |
And the end of the day, it's a lesson for Sarah, | 0:15:31 | 0:15:33 | |
she knows who the lead Dragon is. | 0:15:33 | 0:15:36 | |
It's six months since Ben and Sue Youn clinched the deal | 0:15:43 | 0:15:46 | |
and became business partners with Peter Jones. | 0:15:46 | 0:15:48 | |
Now they've returned to the source of the sauce - South Korea. | 0:15:48 | 0:15:54 | |
Less than two years ago, | 0:15:56 | 0:15:57 | |
they were making Sue Youn's mother's sauce in their kitchen at home. | 0:15:57 | 0:16:01 | |
But with a new deal struck two months ago, | 0:16:01 | 0:16:04 | |
the pressure is on to upscale production. | 0:16:04 | 0:16:07 | |
Having Peter on board has opened up all kinds of doors. | 0:16:07 | 0:16:12 | |
The biggest development that we've had since the Den has been | 0:16:12 | 0:16:15 | |
gaining a listing with Sainsbury's, a nationwide listing, | 0:16:15 | 0:16:19 | |
an exclusive deal - that alone has really transformed the business. | 0:16:19 | 0:16:24 | |
To meet the demands of the supermarket | 0:16:28 | 0:16:30 | |
but not compromise the heritage of their brand, | 0:16:30 | 0:16:33 | |
they've chosen to manufacture in this factory | 0:16:33 | 0:16:36 | |
in Gyeongnam-do Province. | 0:16:36 | 0:16:38 | |
It's their first visit, ahead of production starting next month. | 0:16:38 | 0:16:42 | |
One of the major challenges with trying to keep something | 0:16:42 | 0:16:45 | |
authentic is in the raw ingredients. | 0:16:45 | 0:16:47 | |
'The Gochu Jang paste that two of our sauces are based on | 0:16:47 | 0:16:53 | |
'can only really be made in Korea.' | 0:16:53 | 0:16:55 | |
That's good! | 0:16:55 | 0:16:56 | |
So finding a supplier that can make that product commercially, | 0:16:56 | 0:17:01 | |
but at a really good quality, has been | 0:17:01 | 0:17:04 | |
one of our strongest achievements, really, in the development process. | 0:17:04 | 0:17:08 | |
You can really smell it, brilliant! | 0:17:08 | 0:17:11 | |
They might now be entrepreneurs on their way to making millions, | 0:17:16 | 0:17:19 | |
but they haven't forgotten where it all began. | 0:17:19 | 0:17:22 | |
Back home, with Mum. | 0:17:22 | 0:17:23 | |
It's crazy to think that we started actually here, from just an idea, | 0:17:25 | 0:17:30 | |
to bring Mum's recipe to the UK. | 0:17:30 | 0:17:35 | |
So they've convinced Dragons and the supermarkets | 0:17:35 | 0:17:38 | |
that their sauce is second to none. | 0:17:38 | 0:17:40 | |
But now it's time for the ultimate taste test - Sue's mum. | 0:17:40 | 0:17:44 | |
I've got you a little delivery from the UK. | 0:17:46 | 0:17:50 | |
THEY SPEAK KOREAN | 0:17:50 | 0:17:53 | |
-Seriously? -THEY LAUGH | 0:18:09 | 0:18:12 | |
'She likes it!' | 0:18:12 | 0:18:13 | |
That's the first time we've ever shown it to her. | 0:18:13 | 0:18:16 | |
No idea what she'd make of it whatsoever. | 0:18:16 | 0:18:18 | |
That's a little weight off my shoulders, that is. | 0:18:18 | 0:18:22 | |
It's definitely not the end, so, as soon as one goal is achieved, | 0:18:24 | 0:18:28 | |
there are so many more things that we can do. | 0:18:28 | 0:18:31 | |
This is point zero of a new journey. | 0:18:31 | 0:18:35 | |
Right now, it's all about where can we go from here | 0:18:35 | 0:18:39 | |
and how big can this become? | 0:18:39 | 0:18:41 | |
'Coming up... | 0:18:51 | 0:18:53 | |
'I meet the man who's taken his sauce from pitch to rich | 0:18:53 | 0:18:56 | |
'and put him on the spot.' | 0:18:56 | 0:18:58 | |
You give it all this, Levi, but listen, you're not building | 0:18:58 | 0:19:00 | |
this business unless you are an incredibly tough businessman. | 0:19:00 | 0:19:04 | |
'Emotions run high in the screening room...' | 0:19:04 | 0:19:06 | |
Even seeing myself now, I kind of want to put my arm around him! | 0:19:06 | 0:19:10 | |
-I know, I do as well, I want to reach into the screen. -Yeah. | 0:19:10 | 0:19:13 | |
'And I put the pressure on Deborah Meaden.' | 0:19:14 | 0:19:16 | |
So Theo pulling that little clip off just cost everyone in | 0:19:16 | 0:19:20 | |
that Den about £4 million? | 0:19:20 | 0:19:22 | |
Given the same circumstances, I probably wouldn't invest it again. | 0:19:22 | 0:19:25 | |
Over the last decade in the Den, | 0:19:30 | 0:19:32 | |
15 different breeds of Dragon have sat in those five famous chairs. | 0:19:32 | 0:19:37 | |
All vying to be best in show. | 0:19:37 | 0:19:40 | |
-You haven't sold a thing. -He's got assets... -What assets? | 0:19:40 | 0:19:43 | |
-Do you value your business... -What assets? -..on historic losses? | 0:19:43 | 0:19:46 | |
-What assets? -Each made their throne their own. | 0:19:46 | 0:19:49 | |
You would make my foot itch, mate. | 0:19:49 | 0:19:51 | |
From Hillary's itchy foot... | 0:19:51 | 0:19:53 | |
-I'm out. -..to Deborah's twiddling fingers, | 0:19:53 | 0:19:58 | |
and Duncan's..."directness". | 0:19:58 | 0:20:01 | |
You know this product doesn't sell. | 0:20:01 | 0:20:04 | |
Some VERY different breeds there. | 0:20:08 | 0:20:11 | |
But there's one thing they'd all agree on. | 0:20:11 | 0:20:13 | |
Time is money, and if you waste a Dragon's time, | 0:20:13 | 0:20:16 | |
you're playing with fire. | 0:20:16 | 0:20:19 | |
You can't come in here and say you don't know how your business works. | 0:20:20 | 0:20:24 | |
Well, you CAN, but it's not going to get a terribly good response. | 0:20:24 | 0:20:28 | |
-Of course it's not. -What's their price point? | 0:20:28 | 0:20:31 | |
I didn't ask them that. | 0:20:31 | 0:20:32 | |
-What profit margin did they make? -I didn't ask them that, either. | 0:20:32 | 0:20:35 | |
What did they sell it to the retailer at? | 0:20:35 | 0:20:38 | |
-I didn't ask that either. -So you know NOTHING about your market. | 0:20:38 | 0:20:42 | |
This is the most disrespectful pitch. | 0:20:42 | 0:20:46 | |
I never expected to sit here | 0:20:46 | 0:20:50 | |
and be OFFENDED in this way. | 0:20:50 | 0:20:53 | |
Is it just me who finds them attractive when they're angry? | 0:20:55 | 0:20:58 | |
Someone else who managed to anger the Dragons is the next | 0:21:01 | 0:21:05 | |
visitor to my screening room. | 0:21:05 | 0:21:08 | |
Ellen Green managed to beautifully pull off a tactic | 0:21:08 | 0:21:11 | |
I call snatching defeat from the jaws of victory. | 0:21:11 | 0:21:15 | |
Blue Badge Company is a UK manufacturer | 0:21:15 | 0:21:17 | |
that makes attractive living aids. | 0:21:17 | 0:21:20 | |
About 40% of our workforce are | 0:21:20 | 0:21:21 | |
either disabled or a primary caregiver. | 0:21:21 | 0:21:24 | |
And you'll find our products in over 300 post offices, | 0:21:24 | 0:21:27 | |
over 100 mobility shops and Halfords have just placed their first order. | 0:21:27 | 0:21:32 | |
I remember watching at home, and you just think, | 0:21:32 | 0:21:34 | |
"Oh, this is solid as a rock." | 0:21:34 | 0:21:36 | |
Yeah, I listened to quite a bit of Beyonce in the green room, | 0:21:36 | 0:21:39 | |
so I was feeling quite empowered. | 0:21:39 | 0:21:41 | |
-That's what I did before this interview, as well! -Yeah... | 0:21:41 | 0:21:45 | |
And this year, we'll be making £100,000. | 0:21:45 | 0:21:47 | |
That's about a 13% net profit margin. | 0:21:47 | 0:21:50 | |
I have to say, Ellen, I think you're cracking. | 0:21:50 | 0:21:53 | |
-I mean, I think you're great. -Thank you very much. -You are. | 0:21:53 | 0:21:56 | |
You're all over it, you're smart, | 0:21:56 | 0:21:57 | |
you completely understand your market. | 0:21:57 | 0:21:59 | |
Erm, so, I am going to make you an offer. | 0:21:59 | 0:22:02 | |
Ah, this was back when Deborah was still in love with you. | 0:22:02 | 0:22:05 | |
Yes, she liked me at this point, yeah. | 0:22:05 | 0:22:08 | |
You're very good on the numbers, and that's always a good sign. | 0:22:08 | 0:22:11 | |
I like that. I'm going to make you an offer. | 0:22:11 | 0:22:14 | |
If this was a date, you'd be thinking this was going really, really well. | 0:22:14 | 0:22:18 | |
I WAS thinking it was going really, really well! | 0:22:18 | 0:22:20 | |
I feel I can offer more than any of the other Dragons. | 0:22:20 | 0:22:23 | |
Therefore, I'd want a bigger slice. | 0:22:25 | 0:22:28 | |
Touker, you are the Dragon that I really wanted when I came in here. | 0:22:31 | 0:22:36 | |
-However... -Ooh, there's the big mistake! | 0:22:36 | 0:22:40 | |
I knew as the words were coming out my mouth that it wasn't the right thing to say. | 0:22:40 | 0:22:45 | |
-You're thinking, "Deborah's just been so nice to me." -Whoops! | 0:22:45 | 0:22:48 | |
And I agree, made in the UK... | 0:22:48 | 0:22:51 | |
But as you grow, you have to decide, | 0:22:51 | 0:22:54 | |
"Can I get the production all over the UK?" | 0:22:54 | 0:22:58 | |
Yeah? Because let's be honest, you want to grow it to a two, three, four million pound business. | 0:22:58 | 0:23:02 | |
Answer... | 0:23:02 | 0:23:03 | |
'It suddenly dawned on me that he wasn't the right partner for me.' | 0:23:03 | 0:23:08 | |
-And it's a bit late then, yeah. -It was too late then. -Can I stop you? | 0:23:08 | 0:23:13 | |
We're looking at something that says "made in the UK". | 0:23:13 | 0:23:16 | |
And your preferred investor is someone who | 0:23:16 | 0:23:19 | |
specialises in offshoring. A great businessman. Wonderful! | 0:23:19 | 0:23:23 | |
-But his speciality is taking stuff offshore. -Yeah. | 0:23:23 | 0:23:27 | |
-No, it's something that occurred to me... -I think you just shot yourself in the foot. | 0:23:27 | 0:23:32 | |
And that's not something that we're going to be doing, by the way, | 0:23:32 | 0:23:35 | |
we're not going to be taking it offshore. | 0:23:35 | 0:23:37 | |
It's not something that I want to do at all. | 0:23:37 | 0:23:40 | |
It's got to remain, the majority has to be made in the UK. | 0:23:40 | 0:23:43 | |
-That's what we're about. -I'm sorry, I'm out. | 0:23:43 | 0:23:46 | |
And suddenly, I was, like, on the back foot, | 0:23:46 | 0:23:50 | |
trying to reel it back in. | 0:23:50 | 0:23:52 | |
You know, that should have been absolute, "I'm sorry, we're brand UK." | 0:23:52 | 0:23:57 | |
-We are. We ARE brand UK. 100% brand UK. -I'm sorry. | 0:23:57 | 0:24:00 | |
I feel exactly the same. | 0:24:00 | 0:24:02 | |
-I'm out. Yeah. -They don't miss a trick. -No. | 0:24:03 | 0:24:06 | |
-It was quite an onslaught. -It WAS quite an onslaught. | 0:24:06 | 0:24:11 | |
I remember just feeling my heart in my throat at that point. | 0:24:11 | 0:24:14 | |
I thought I had nailed it and then suddenly, it was like, | 0:24:14 | 0:24:17 | |
"What is happening? What is happening?" | 0:24:17 | 0:24:20 | |
A few of the other Dragons have just pointed out your key area | 0:24:20 | 0:24:24 | |
is on offshore manufacturing. | 0:24:24 | 0:24:26 | |
Erm, I'm going to have to decline your offer. | 0:24:26 | 0:24:31 | |
I was like, "How on earth have I walked out of here without an investment?" | 0:24:31 | 0:24:34 | |
I think pretty much everyone thought that. | 0:24:34 | 0:24:36 | |
I would have loved to get a Dragon and I was actually quite | 0:24:36 | 0:24:39 | |
-confused about how it had unravelled so quickly. -I bet. | 0:24:39 | 0:24:42 | |
And so, how have things gone since the Den? | 0:24:42 | 0:24:45 | |
It's actually been amazing for us. | 0:24:45 | 0:24:47 | |
We got a little bit of debt funding, rather than giving away equity | 0:24:47 | 0:24:51 | |
and have developed new products from it. | 0:24:51 | 0:24:55 | |
-And we have also got a listing in the Argos catalogue. -OK. | 0:24:55 | 0:24:59 | |
And we're really excited that some of our leather products have | 0:24:59 | 0:25:02 | |
-gone into Harrods very recently, as well. -Oh, have they? That's very posh. | 0:25:02 | 0:25:07 | |
'So, despite a disastrous pitch, | 0:25:07 | 0:25:09 | |
'Ellen is still hoping to make it rich.' | 0:25:09 | 0:25:12 | |
But sometimes it's the Dragons | 0:25:14 | 0:25:16 | |
that fail to spot the bank-balance-boosting opportunity. | 0:25:16 | 0:25:21 | |
You've just got a brush. That's all it is! | 0:25:21 | 0:25:23 | |
CASH REGISTER RINGS | 0:25:25 | 0:25:28 | |
I just don't see a big market for it. For that reason, I'm out. | 0:25:28 | 0:25:31 | |
£250,000 is ridiculous. | 0:25:36 | 0:25:38 | |
And that's the reason why I'm out. | 0:25:38 | 0:25:39 | |
And while we're on the subject of ones that got away, | 0:25:45 | 0:25:48 | |
let's cast our minds back to this one, shall we, Deborah? | 0:25:48 | 0:25:52 | |
'So have you had any feedback?' | 0:25:52 | 0:25:54 | |
Fortunately, the catches can be fixed. | 0:25:54 | 0:25:57 | |
So will you be able... Sorry, that got my attention. | 0:25:57 | 0:26:01 | |
-What did you do there? -It'd get my kids' attention, as well! | 0:26:01 | 0:26:04 | |
-Is this a faulty catch one? -No. | 0:26:04 | 0:26:06 | |
-You've pulled the hook off there, yeah? -I hadn't noticed that one. | 0:26:06 | 0:26:11 | |
I shouldn't have done, though, should I? | 0:26:11 | 0:26:14 | |
The moment Theo pulled that handle off, the whole | 0:26:14 | 0:26:18 | |
integrity of the quality of that product was compromised. | 0:26:18 | 0:26:21 | |
So I think you've done really well. Congratulations to get this far. | 0:26:21 | 0:26:25 | |
-But I just don't think it's a business opportunity. -OK. | 0:26:25 | 0:26:27 | |
So I'm afraid I'm out. | 0:26:27 | 0:26:29 | |
So that was Rob and I think he was asking for £100,000 for 10% | 0:26:30 | 0:26:34 | |
of the business, which would now be worth about £4 million. | 0:26:34 | 0:26:37 | |
It has been an incredible success. | 0:26:37 | 0:26:39 | |
So Theo pulling a little clip off just cost everyone in that Den | 0:26:39 | 0:26:42 | |
about £4 million. But presumably that's just going to happen. | 0:26:42 | 0:26:45 | |
If you see a lot of investments, you know, some are going to get away. | 0:26:45 | 0:26:48 | |
Actually, looking at it again, you can see exactly why we didn't invest. I mean, it broke. | 0:26:48 | 0:26:52 | |
Rob couldn't explain why. | 0:26:52 | 0:26:54 | |
You know, there was no, there was no confidence there that said, | 0:26:54 | 0:26:57 | |
"Actually, we can sort this. That's OK." | 0:26:57 | 0:27:00 | |
So I think given the same circumstances, | 0:27:00 | 0:27:02 | |
I probably wouldn't invest in it again. | 0:27:02 | 0:27:04 | |
Now, Trunki, we saw, went away. | 0:27:04 | 0:27:06 | |
Have there been other opportunities there that, when you look back, | 0:27:06 | 0:27:08 | |
you genuinely think, "Actually, I would have liked to have worked | 0:27:08 | 0:27:12 | |
"with that person or that product"? | 0:27:12 | 0:27:14 | |
Erm, no, only because | 0:27:14 | 0:27:16 | |
I'm not a look-backer and I'm not a regretter. | 0:27:16 | 0:27:19 | |
I do whatever it takes in the Den to win an investment. | 0:27:19 | 0:27:22 | |
And if I don't win it, then so be it. | 0:27:22 | 0:27:25 | |
You know, that's... I mean, there have been some great successes. | 0:27:25 | 0:27:28 | |
There's been Tangle Tease, you know? We missed that one. | 0:27:28 | 0:27:31 | |
Everybody says, "Well, what about Reggae Reggae Sauce?" | 0:27:31 | 0:27:33 | |
Well, you know, I wasn't interested in Reggae Reggae Sauce. | 0:27:33 | 0:27:36 | |
But I think that's more to do with me. I just... I'm not a regretter. | 0:27:36 | 0:27:39 | |
Is Peter quite smug about Reggae Reggae Sauce? | 0:27:39 | 0:27:41 | |
Yeah. But I'm going to take his Reggae Reggae Sauce | 0:27:41 | 0:27:44 | |
and I'm going to raise him one GripIt Fixing. | 0:27:44 | 0:27:46 | |
'So, fighting talk from Deborah Meaden. | 0:27:46 | 0:27:49 | |
'Will she really trump Peter?' | 0:27:49 | 0:27:51 | |
GripIt was an innovative wall-fixing product. | 0:27:55 | 0:27:58 | |
And the Dragons were gripped by it the moment | 0:27:58 | 0:28:01 | |
an 18-year-old Jordan Daykin entered the Den. | 0:28:01 | 0:28:04 | |
GripIt Fixings are a new universal plasterboard fixing solution... | 0:28:06 | 0:28:09 | |
..holding loads of up to 180 kilos per fixing. | 0:28:11 | 0:28:14 | |
We have a full UK patent. | 0:28:14 | 0:28:16 | |
As soon as I saw GripIt as a product, | 0:28:16 | 0:28:19 | |
I was actually immediately interested. | 0:28:19 | 0:28:22 | |
But the magical moment for me | 0:28:22 | 0:28:23 | |
is when you get a great product with a great person. | 0:28:23 | 0:28:26 | |
And Jordan was very good from the start. | 0:28:26 | 0:28:30 | |
What's your background? How did you come up with this widget? | 0:28:31 | 0:28:34 | |
Erm, I was 13 at the time, it was me and my grandad and we went | 0:28:34 | 0:28:37 | |
down to Wickes and bought every fixing you could think of. | 0:28:37 | 0:28:40 | |
And we couldn't find a solution. So, we went into the shed | 0:28:40 | 0:28:43 | |
and came up with a prototype of this out of nylon. | 0:28:43 | 0:28:47 | |
-What, so, a real inventor's shed at the bottom of the garden? -Yeah! | 0:28:47 | 0:28:50 | |
-And that's where it came from. -Can I just have a quick look at that radiator? -Yeah, sure. | 0:28:50 | 0:28:55 | |
It was a great start for the teenage entrepreneur. | 0:28:55 | 0:28:58 | |
But his chances of investment very nearly collapsed. | 0:28:58 | 0:29:02 | |
Peter pulled the radiator off the wall. | 0:29:02 | 0:29:06 | |
-PETER: -Why did it break so easily there, then? | 0:29:06 | 0:29:09 | |
Most other entrepreneurs would have at least faltered. | 0:29:09 | 0:29:13 | |
And Jordan did not falter. | 0:29:13 | 0:29:15 | |
He carried on as if life was perfectly normal. | 0:29:15 | 0:29:18 | |
-You've sold how many millions? -Up to now, just over 200,000 units. | 0:29:18 | 0:29:23 | |
-At what price? -Wholesale price is 32p, on average. | 0:29:23 | 0:29:26 | |
So how much is that in money? | 0:29:26 | 0:29:28 | |
-In money, we've turned over 78,000 so far. -What's your margin on that? | 0:29:28 | 0:29:32 | |
A gross profit of 36,000 and a net of 5½. | 0:29:32 | 0:29:36 | |
His confidence gave me confidence in his product. | 0:29:37 | 0:29:41 | |
I thought, "OK, he knows his stuff. I'm not worried any more." | 0:29:41 | 0:29:44 | |
So...I'm going to offer you all of the money. | 0:29:44 | 0:29:47 | |
Thanks. | 0:29:49 | 0:29:50 | |
And I want... | 0:29:50 | 0:29:53 | |
30% of the business. | 0:29:53 | 0:29:55 | |
Inside, my heart's going and I'm thinking, | 0:29:55 | 0:29:58 | |
("This is mine, this is mine. | 0:29:58 | 0:30:00 | |
("Please let this be mine.") | 0:30:00 | 0:30:02 | |
Thanks for the offer. | 0:30:02 | 0:30:05 | |
Would you be willing to meet me halfway at 25%? | 0:30:05 | 0:30:08 | |
I...think...that... | 0:30:13 | 0:30:18 | |
-meeting you halfway... -Yeah. | 0:30:18 | 0:30:20 | |
..would be a good demonstration to both of us... | 0:30:20 | 0:30:22 | |
-Yeah. -..that we're... -Yeah. | 0:30:22 | 0:30:24 | |
..starting on a very good foot in our business relationship. | 0:30:24 | 0:30:27 | |
-Yeah. -So, I'm very happy to meet you halfway. | 0:30:27 | 0:30:30 | |
-Great, well, I'd like to accept your offer. -Excellent! | 0:30:30 | 0:30:32 | |
Jordan was mine. You know? | 0:30:35 | 0:30:37 | |
He was, absolutely, we were right for each other. | 0:30:37 | 0:30:39 | |
A year on and Deborah and Jordan are still very much a business item. | 0:30:45 | 0:30:50 | |
And it's the perfect partnership to grow the young | 0:30:53 | 0:30:55 | |
entrepreneur from pitch to rich. | 0:30:55 | 0:30:58 | |
A very warm welcome to GripIt HQ. | 0:30:58 | 0:31:00 | |
Today, they're filming an interview for a shopping channel that | 0:31:01 | 0:31:04 | |
could mean big business for Jordan and Deborah. | 0:31:04 | 0:31:08 | |
See, this single conversation is | 0:31:08 | 0:31:11 | |
probably going to make them millions. | 0:31:11 | 0:31:13 | |
It's infuriating, isn't it? | 0:31:13 | 0:31:15 | |
Debra, Jordan, finished selling? Well done, you can relax. | 0:31:19 | 0:31:22 | |
We haven't finished selling. | 0:31:22 | 0:31:23 | |
You never finish selling! What are you saying? | 0:31:23 | 0:31:25 | |
SHE LAUGHS Of course, just take your time... | 0:31:25 | 0:31:28 | |
Of course, for the TV show, | 0:31:28 | 0:31:29 | |
when you invest, that's the climax of the show. | 0:31:29 | 0:31:31 | |
Take us through just very briefly what happens next. | 0:31:31 | 0:31:33 | |
It was straight into business, | 0:31:33 | 0:31:35 | |
so we went and obviously got our first unit. | 0:31:35 | 0:31:37 | |
Which we have now tripled. Erm, and then we got into Wickes. | 0:31:37 | 0:31:40 | |
-Deborah gets closely involved in all this kind of stuff? -Definitely. | 0:31:40 | 0:31:43 | |
And you've just invested some more money, is that right? | 0:31:43 | 0:31:46 | |
Oh, well, I have, actually. | 0:31:46 | 0:31:47 | |
One of the issues with new businesses, particularly start-ups, | 0:31:47 | 0:31:51 | |
is that they've got no trading history, | 0:31:51 | 0:31:52 | |
so banks are a little bit reluctant to lend them cash. | 0:31:52 | 0:31:55 | |
-Mm-hm. -And they need working capital. They are growing and they need to buy all that equipment | 0:31:55 | 0:31:59 | |
we've been looking at. I mean, that is expensive kit. | 0:31:59 | 0:32:01 | |
-How much did you pick up? -Erm... | 0:32:01 | 0:32:03 | |
North of half a million. | 0:32:03 | 0:32:04 | |
That's down the back of the sofa money for you, though, isn't it? | 0:32:04 | 0:32:07 | |
-Stop it! -My favourite thing about | 0:32:07 | 0:32:09 | |
being down here is that you've got a stress tester. | 0:32:09 | 0:32:11 | |
I presume you can put weights on, which I would like to have a go on. | 0:32:11 | 0:32:16 | |
-Only because, in the Den, Peter pulled it off the wall. -Oh, he did! | 0:32:16 | 0:32:19 | |
Which funnily enough, has probably cost him millions of pounds... | 0:32:19 | 0:32:22 | |
-Absolutely, thank you, Mr Jones! -..is the truth. | 0:32:22 | 0:32:25 | |
Tell you what, if it doesn't hold my weight, 1% of the business. | 0:32:25 | 0:32:28 | |
-Don't you think, Deborah? -How confident are you? | 0:32:28 | 0:32:31 | |
Do the two of you need a little chat? SHE LAUGHS | 0:32:31 | 0:32:34 | |
Can we go to the back of the room? | 0:32:34 | 0:32:35 | |
Yes, go to the back of the room. Take your time. | 0:32:35 | 0:32:37 | |
'Time to put Jordan's professional reputation to the test - | 0:32:37 | 0:32:42 | |
'a radiator held up purely with his fixings against the mass of my lithe six feet, seven inches frame.' | 0:32:42 | 0:32:48 | |
Tell my children I love them. | 0:32:48 | 0:32:50 | |
And also, I would like Sue Barker to take over from me on Pointless. | 0:32:50 | 0:32:53 | |
THEY LAUGH OK, here we go... | 0:32:53 | 0:32:55 | |
'Nowhere on the packaging had I seen guarantees that it could hold this payload.' | 0:32:55 | 0:33:00 | |
SHE LAUGHS You know, if I die, you're dying too. | 0:33:00 | 0:33:03 | |
I know, I know! Well, that's the confidence I have. | 0:33:03 | 0:33:05 | |
'Oh, well...' | 0:33:05 | 0:33:07 | |
-Yay! Woo! -Hey! There we go! Jordan, I am in. -There you go. -I am in. | 0:33:10 | 0:33:15 | |
So, I've either proved that the product works or my 5-2 diet works. | 0:33:15 | 0:33:20 | |
But I survived. Lucky escape there for Sue Barker. | 0:33:23 | 0:33:27 | |
Now, it's time to put the pressure on Deborah and tackle | 0:33:27 | 0:33:30 | |
that dirty word, "money". | 0:33:30 | 0:33:32 | |
Now, you've made a fortune before, of course. | 0:33:33 | 0:33:36 | |
You've been on that journey. | 0:33:36 | 0:33:37 | |
He's right at the beginning of that journey. | 0:33:37 | 0:33:39 | |
You know what's ahead of him, | 0:33:39 | 0:33:41 | |
-if he works hard. -This is the bit I love. This is why I do it, you know, | 0:33:41 | 0:33:45 | |
I don't have to invest. I don't need more businesses. | 0:33:45 | 0:33:47 | |
What Jordan's doing, which is starting with nothing | 0:33:47 | 0:33:49 | |
-and creating... -Something. | 0:33:49 | 0:33:50 | |
..what I think is going to be a massive business. | 0:33:50 | 0:33:52 | |
Well, crassly, how massive could this business become? | 0:33:52 | 0:33:56 | |
What sort of money could this business make? | 0:33:56 | 0:33:58 | |
Well, we've recently done a funding round. | 0:33:58 | 0:34:01 | |
It's already probably worth close on £10 million. | 0:34:01 | 0:34:04 | |
So your stake, it's worth £2.5 million, after about a year. | 0:34:04 | 0:34:08 | |
Poor Peter Jones, tearing that radiator off the wall. It cost him £2.5 million! | 0:34:08 | 0:34:12 | |
And this is, we're at the beginning of the journey. | 0:34:12 | 0:34:15 | |
-So, it could go... -Oh, it WILL go... | 0:34:15 | 0:34:16 | |
-Much, much, much, much bigger. -Yeah. I'm trying not to look smug. | 0:34:16 | 0:34:19 | |
-THEY LAUGH You failed. -Oh, dear! | 0:34:19 | 0:34:22 | |
So Peter's loss was Deborah and Jordan's gain. | 0:34:28 | 0:34:31 | |
And with the future in fixings looking so bright, | 0:34:31 | 0:34:34 | |
I couldn't resist going back to where it all started - | 0:34:34 | 0:34:37 | |
Jordan's grandfather's shed. | 0:34:37 | 0:34:40 | |
-I see it up ahead of me. -This is Stan. | 0:34:40 | 0:34:43 | |
-Richard, this is Stan. -Stan! | 0:34:43 | 0:34:45 | |
-Hello! -How lovely to meet you! -My pleasure. | 0:34:45 | 0:34:48 | |
-This is where it all happened. -Yes. -So, yeah, this is it. | 0:34:48 | 0:34:51 | |
Jordan, do you remember those early days? The early prototypes? | 0:34:51 | 0:34:54 | |
Definitely, yeah. This is where we first started. | 0:34:54 | 0:34:56 | |
It was literally just cutting out of cardboard, just in drawing pins, to prove the mechanism. | 0:34:56 | 0:35:01 | |
But at the time it was never going to be a business. | 0:35:01 | 0:35:03 | |
And I don't think we ever thought about it like that. | 0:35:03 | 0:35:05 | |
-Not at the beginning, no. -Well, I was just talking to Deborah | 0:35:05 | 0:35:09 | |
and she was saying, even now, today, the company's worth £10 million. | 0:35:09 | 0:35:13 | |
Wow! | 0:35:13 | 0:35:15 | |
How does that sit with you? What do you think about when that occurs to you? | 0:35:15 | 0:35:20 | |
Well, first of all, I didn't know until you told me! | 0:35:20 | 0:35:25 | |
But on reflection, | 0:35:25 | 0:35:29 | |
-it's going to the right guy. -Isn't it, though? | 0:35:29 | 0:35:32 | |
-I shouldn't have told him that, Jordan, should I? -No! | 0:35:32 | 0:35:35 | |
THEY LAUGH | 0:35:35 | 0:35:37 | |
-Isn't it incredible, something little like that can just change lives? -Yep. -Hey! | 0:35:37 | 0:35:40 | |
He's a good man, isn't he? | 0:35:40 | 0:35:42 | |
Still to come... | 0:35:46 | 0:35:48 | |
I meet the man who pulled off the Den's most memorable turnaround. | 0:35:48 | 0:35:52 | |
Unbelievable. One minute, I was down there and couldn't get any lower, | 0:35:52 | 0:35:55 | |
the next minute, I'm thinking, "Oh, my God!" | 0:35:55 | 0:35:58 | |
Nothing like Jamaican champagne! | 0:35:58 | 0:36:01 | |
'And Yogiyo get the ultimate advice in how to go from pitch to rich.' | 0:36:01 | 0:36:06 | |
It's not about the product. It is about you. | 0:36:06 | 0:36:09 | |
But first, no-one likes being the new kid in class. | 0:36:15 | 0:36:18 | |
And when your head boy and head girl are Peter Jones and Deborah Meaden, | 0:36:18 | 0:36:23 | |
you should definitely play nicely. | 0:36:23 | 0:36:24 | |
I think you've probably gathered, I really like it. I really like you. | 0:36:27 | 0:36:31 | |
I think I could work extremely well with you. | 0:36:31 | 0:36:33 | |
I, stood in your shoes, wouldn't pick those two Dragons. | 0:36:33 | 0:36:39 | |
And the reason I wouldn't is cos they both do the same thing. | 0:36:39 | 0:36:42 | |
LAUGHTER | 0:36:42 | 0:36:44 | |
They can both get you into Sainsbury's or | 0:36:44 | 0:36:47 | |
they can both get you into the big retailers. | 0:36:47 | 0:36:50 | |
You actually need one of them that will get you into the retailers | 0:36:50 | 0:36:53 | |
and one of them that will open up other channels. | 0:36:53 | 0:36:56 | |
Sarah, Peter and I don't have at all similar businesses. | 0:36:56 | 0:36:59 | |
-But John wants to get into Sainsbury's. -And many other stores. | 0:36:59 | 0:37:03 | |
And I have phenomenal contacts in bars and pubs and clubs | 0:37:03 | 0:37:07 | |
and restaurants, as I own a few | 0:37:07 | 0:37:09 | |
and have worked in them for years and years and years. | 0:37:09 | 0:37:12 | |
They didn't like that one bit. | 0:37:16 | 0:37:17 | |
Ooh, they didn't, I know! I cringe actually, when I sit and watch it! | 0:37:17 | 0:37:20 | |
But that's what you have to do, right? You have to | 0:37:20 | 0:37:22 | |
because you genuinely want to get some of these investments. | 0:37:22 | 0:37:25 | |
The reality is that at some point you've got to put your foot down. | 0:37:25 | 0:37:29 | |
Yeah, watching back, you look surprised at how forceful you were. | 0:37:29 | 0:37:32 | |
I know. | 0:37:32 | 0:37:33 | |
Yeah, sometimes stuff comes out of my mouth and then after | 0:37:33 | 0:37:36 | |
-I think, "Did I say that?" -I sense that. I do sense that. | 0:37:36 | 0:37:38 | |
So what are your tactics, when someone comes in and you hear | 0:37:38 | 0:37:41 | |
something interesting, what's going through your mind? | 0:37:41 | 0:37:44 | |
I think what happens is, | 0:37:44 | 0:37:46 | |
you start by unpicking the business. | 0:37:46 | 0:37:48 | |
So at this point, I always do this, cos I sit on the end chair. | 0:37:48 | 0:37:51 | |
At this point, you're collaborating. And you're a team. | 0:37:51 | 0:37:54 | |
We all have very different areas of expertise, | 0:37:54 | 0:37:56 | |
we all look at things from a completely different angle. | 0:37:56 | 0:37:59 | |
You learn a lot in the process. It's magic. I love that. | 0:37:59 | 0:38:01 | |
And then, as it unfolds, | 0:38:01 | 0:38:04 | |
that it's actually quite a good business, | 0:38:04 | 0:38:06 | |
that's when the poker game starts. | 0:38:06 | 0:38:09 | |
Yeah, well, you can see everyone having little sidelong glances, thinking | 0:38:09 | 0:38:12 | |
-"Who else has spotted this?" -Yeah, exactly. | 0:38:12 | 0:38:14 | |
And that took me a while. Actually, I didn't get that. | 0:38:14 | 0:38:18 | |
And I hadn't worked that out before I went into the Den. | 0:38:18 | 0:38:22 | |
That one, we've just seen, I didn't win that. You know? | 0:38:22 | 0:38:24 | |
He still went with Deborah and Peter! | 0:38:24 | 0:38:26 | |
Even though I'd stood up and said... | 0:38:26 | 0:38:28 | |
-You won the battle but lost the war in that one, didn't you? -Totally. | 0:38:28 | 0:38:30 | |
You just need to win the war. | 0:38:30 | 0:38:32 | |
When Dragons go into battle, the Den really heats up. | 0:38:36 | 0:38:40 | |
And when nutty professor Mark Wileman walked in, | 0:38:40 | 0:38:42 | |
it became the first conflict between Dragons old and new... | 0:38:42 | 0:38:46 | |
-Ey up! -..that the newbies won. | 0:38:46 | 0:38:49 | |
And once the war was over, the challenge was to find | 0:38:49 | 0:38:52 | |
the right chemistry to make this boffin a business success. | 0:38:52 | 0:38:57 | |
When he walked through the door and he was doing his blowing | 0:38:57 | 0:39:00 | |
smoke on us, it was like, "Ooh!" You know? He gets our interest. | 0:39:00 | 0:39:03 | |
And actually, that's a big thing, to get our interest at the beginning. | 0:39:03 | 0:39:06 | |
Hi. My name's Mark Wileman, or Mad Mark, at times like this. | 0:39:06 | 0:39:11 | |
And about six and half years ago, | 0:39:11 | 0:39:12 | |
I founded a company called Sublime Science. | 0:39:12 | 0:39:15 | |
A Sublime Science party is the most popular children's party in the UK. | 0:39:15 | 0:39:18 | |
And we make science awesome for primary school children | 0:39:18 | 0:39:21 | |
all round the country. | 0:39:21 | 0:39:23 | |
It took more than a few puffs of smoke | 0:39:23 | 0:39:27 | |
to cloud the Dragons' judgment. | 0:39:27 | 0:39:30 | |
Peter Jones jumps straight in, looking for proof of profitability. | 0:39:30 | 0:39:33 | |
In the last 12 months, | 0:39:33 | 0:39:35 | |
what have you turned over as a business and what was the profit? | 0:39:35 | 0:39:38 | |
We turned over 533 and made a net profit of 177. | 0:39:38 | 0:39:43 | |
-533,000? -Yes. | 0:39:43 | 0:39:46 | |
Wow. | 0:39:46 | 0:39:48 | |
-SARAH: -We were all sat there going, "This is a GREAT opportunity." | 0:39:48 | 0:39:53 | |
-177 net profit? -Yeah. | 0:39:53 | 0:39:56 | |
I have to say, I'm incredibly impressed. I'm shocked. | 0:39:58 | 0:40:01 | |
And Peter wasn't the only Dragon impressed by the young entrepreneur. | 0:40:03 | 0:40:07 | |
It was when he started talking about the fact that he'd actually got | 0:40:07 | 0:40:10 | |
a really decent business and started talking about his numbers, | 0:40:10 | 0:40:13 | |
that I thought, "Actually, this is a no-brainer." | 0:40:13 | 0:40:16 | |
You know, to be perfectly honest, I'm going to make you an offer. | 0:40:16 | 0:40:19 | |
I'm going to give you all of the money for what you've suggested. | 0:40:21 | 0:40:24 | |
For 10% of the equity. | 0:40:24 | 0:40:25 | |
I...I thank you so much. | 0:40:25 | 0:40:27 | |
So I'd staked my claim, made my offer, | 0:40:27 | 0:40:30 | |
I knew the others were interested | 0:40:30 | 0:40:32 | |
and it was only a matter of time before they made an offer, too. | 0:40:32 | 0:40:36 | |
-SARAH: -I can see why you want to get a Dragon on board now. | 0:40:36 | 0:40:41 | |
And I totally see it's not about the money. It is about that next step. | 0:40:41 | 0:40:45 | |
So I'm also going to make an offer. | 0:40:47 | 0:40:50 | |
I'd also like to offer you all of the money | 0:40:50 | 0:40:53 | |
for 10% of the business. | 0:40:53 | 0:40:55 | |
Ah, brilliant, I guess. Thank you so much. | 0:40:55 | 0:40:59 | |
Newbies Nick and Sarah's decisive moves | 0:40:59 | 0:41:01 | |
spurred the two longest-serving Dragons into action. | 0:41:01 | 0:41:05 | |
I'm going to make you an offer. | 0:41:06 | 0:41:08 | |
I'm going to offer you all of the money for 10%. | 0:41:09 | 0:41:12 | |
The wily duo deployed some textbook flattery. | 0:41:13 | 0:41:16 | |
I'm sitting here excited, thinking, "Please, let it be me!" | 0:41:16 | 0:41:21 | |
It is exceptional. And there are so many great opportunities with it. | 0:41:21 | 0:41:27 | |
It's...it's very exciting. | 0:41:27 | 0:41:29 | |
I'm going to offer you all of the money for 20% of the business. | 0:41:29 | 0:41:34 | |
So once Peter and Deborah are in, | 0:41:36 | 0:41:38 | |
I realised there was quite a bit of competition. | 0:41:38 | 0:41:41 | |
And what I realised was that what Mark wanted more than anything | 0:41:41 | 0:41:44 | |
was expertise. So I knew I had to do. | 0:41:44 | 0:41:47 | |
Can I raise the ante a little bit? | 0:41:50 | 0:41:53 | |
I'm going to suggest to Sarah that maybe, if you got two Dragons | 0:41:53 | 0:41:57 | |
to split this, you'd get two Dragons with two sets of creativity. | 0:41:57 | 0:42:02 | |
Sarah, how would you feel about that? | 0:42:02 | 0:42:04 | |
-I was sat there thinking... -SHE GASPS | 0:42:06 | 0:42:08 | |
"..this is like my perfect type of entrepreneur to work with." | 0:42:08 | 0:42:12 | |
This is one I don't want to get away. | 0:42:16 | 0:42:19 | |
I'd love to split it with you, Nick. | 0:42:21 | 0:42:23 | |
I really would like to be part of this. | 0:42:23 | 0:42:25 | |
At that point, it was just a waiting game | 0:42:25 | 0:42:28 | |
with an imaginary drumroll going on in my head! | 0:42:28 | 0:42:31 | |
Nick and Sarah, I'd like to accept your offer. | 0:42:35 | 0:42:37 | |
-Oh, amazing! -Well done! | 0:42:37 | 0:42:39 | |
Brilliant, well done. That's all from you. That's really exciting. | 0:42:39 | 0:42:45 | |
We're going to do a ace things! | 0:42:45 | 0:42:47 | |
It was a big moment in the Den, that. | 0:42:47 | 0:42:50 | |
REALLY big moment. The new Dragons beat the old Dragons. | 0:42:50 | 0:42:54 | |
# Duh-duh, duh-duh! # We did it! | 0:42:54 | 0:42:56 | |
I'm not normally one for public displays of emotion. | 0:42:58 | 0:43:01 | |
But I...I was over the moon. | 0:43:01 | 0:43:04 | |
MUSIC: Weird Science by Oingo Boingo | 0:43:04 | 0:43:07 | |
Six months on, and our white-coated scientist-cum-entrepreneur | 0:43:07 | 0:43:11 | |
is still performing perfectly explainable miracles onstage. | 0:43:11 | 0:43:15 | |
If you're really, really smart, can you put your hand up? | 0:43:15 | 0:43:17 | |
Super double smart? | 0:43:17 | 0:43:19 | |
But offstage, he's finding the right formula to hit it rich. | 0:43:19 | 0:43:22 | |
His business has increased turnover by 92%, | 0:43:22 | 0:43:25 | |
with the Dragons in his chemical equation. | 0:43:25 | 0:43:27 | |
It is perfectly safe. | 0:43:27 | 0:43:29 | |
Mark's business is growing very quickly. | 0:43:29 | 0:43:32 | |
And he needs to step up and take that next stage. | 0:43:32 | 0:43:35 | |
And that growth stage is quite difficult. | 0:43:35 | 0:43:37 | |
I've been through that. Sarah's been through that. | 0:43:37 | 0:43:39 | |
It helps to have people with you on that journey, | 0:43:39 | 0:43:42 | |
who can help you through that process. | 0:43:42 | 0:43:44 | |
I think that's where our real value will come in. | 0:43:44 | 0:43:46 | |
# My creation Is it real? # | 0:43:46 | 0:43:50 | |
What they're going to help the most with is just kind of prioritising, | 0:43:50 | 0:43:54 | |
you know, picking the best 20 things to do. | 0:43:54 | 0:43:56 | |
Not me just picking, like, the 5,000 things | 0:43:56 | 0:43:58 | |
that I thought were cool and just saying "Yes" to all of them. | 0:43:58 | 0:44:01 | |
Mark's business is expected to make £1.2 million by the end of the year. | 0:44:03 | 0:44:09 | |
But what about the other pitches that are on their way to riches? | 0:44:09 | 0:44:13 | |
# Skinny Tan, Skinny Tan Who wants a Skinny Tan? # | 0:44:13 | 0:44:17 | |
Remember this? | 0:44:17 | 0:44:18 | |
The quiet, understated self-tanning business that caught the eye | 0:44:18 | 0:44:21 | |
of Kelly Hoppen and Piers Linney. | 0:44:21 | 0:44:23 | |
# Skinny Tan, Skinny Tan! # | 0:44:23 | 0:44:25 | |
Well, after the Den, | 0:44:25 | 0:44:27 | |
designer Dragon Kelly went for a makeover on the brand. | 0:44:27 | 0:44:30 | |
-People are very visual. These together, sort of, it works. -Yes. | 0:44:30 | 0:44:35 | |
And since then, they've had a celeb-filled launch party for their new-look product. | 0:44:36 | 0:44:40 | |
My invite was clearly lost in the post! | 0:44:40 | 0:44:42 | |
And now, it's gracing the shelves | 0:44:42 | 0:44:44 | |
of one of the biggest pharmacy chains in the UK. | 0:44:44 | 0:44:47 | |
They're expecting to make | 0:44:47 | 0:44:48 | |
£2.5 million this year. | 0:44:48 | 0:44:51 | |
And what about Scott Cupit and his dance class company, Swing Patrol? | 0:44:54 | 0:44:58 | |
JAZZ MUSIC PLAYS | 0:44:58 | 0:45:00 | |
He jive-talked the Dragons and sashayed away | 0:45:00 | 0:45:02 | |
with a strictly exclusive deal with Deborah. | 0:45:02 | 0:45:05 | |
Since then, turnover has increased 25%. | 0:45:06 | 0:45:09 | |
I don't love numbers. | 0:45:09 | 0:45:11 | |
I love what numbers tell me about a business. | 0:45:11 | 0:45:14 | |
And they're now in the history books for breaking the world record | 0:45:14 | 0:45:18 | |
for the largest number of people dancing the Charleston. | 0:45:18 | 0:45:21 | |
JAZZ MUSIC PLAYS | 0:45:21 | 0:45:24 | |
THEY CHEER | 0:45:26 | 0:45:29 | |
So if you fancy dancing away with the Dragons' cash, | 0:45:30 | 0:45:33 | |
there are some clear rules to follow. | 0:45:33 | 0:45:35 | |
Nail your presentation, know your numbers | 0:45:35 | 0:45:38 | |
and, for goodness' sake, keep your cool. | 0:45:38 | 0:45:40 | |
But of course, the rule with rules | 0:45:40 | 0:45:42 | |
is that there is always an exception. | 0:45:42 | 0:45:44 | |
And this one walked out of the Den a winner. | 0:45:44 | 0:45:47 | |
Hello, guys. I'm Ross Mendham, | 0:45:51 | 0:45:53 | |
Managing Director of Barenaked Foods. | 0:45:53 | 0:45:55 | |
When I was younger... | 0:45:55 | 0:45:57 | |
Ross Mendham is arguably the biggest comeback kid in Den history. | 0:45:57 | 0:46:01 | |
You can see the sweat kind of starting now. | 0:46:01 | 0:46:04 | |
He came looking for investment in his gluten-free noodle range. | 0:46:04 | 0:46:08 | |
When you said two minutes, how many do you actually mean? | 0:46:08 | 0:46:11 | |
I usually do this in two minutes. | 0:46:11 | 0:46:12 | |
When he got his noodles in a twist | 0:46:12 | 0:46:14 | |
over whether his product was actually gluten-free or not, | 0:46:14 | 0:46:18 | |
it quickly went spiralling down the pan. | 0:46:18 | 0:46:20 | |
-You say they're gluten-free? -Yes. | 0:46:20 | 0:46:23 | |
-Um, but you say they've got oatmeal in them? -Mm-hm. | 0:46:23 | 0:46:25 | |
-Is it a gluten-free...? -It's oatmeal flour. | 0:46:25 | 0:46:28 | |
Um, oatmeal flour has shown it doesn't have gluten in. | 0:46:28 | 0:46:31 | |
But sometimes it mimics, | 0:46:31 | 0:46:33 | |
um, gluten-like symptoms. | 0:46:33 | 0:46:36 | |
I think you're wrong cos I actually have a gluten allergy. | 0:46:36 | 0:46:39 | |
-Oatmeal-gate. -Yeah. | 0:46:39 | 0:46:41 | |
It really was. It was an absolute nightmare. | 0:46:41 | 0:46:44 | |
I can't... If I have normal oats, my fingers will swell up. | 0:46:44 | 0:46:48 | |
-See the sweat there? -You are really sweating there. -Yes. -RICHARD LAUGHS | 0:46:48 | 0:46:52 | |
-90p per packet? -Yes. -To this company. -Yeah. | 0:46:52 | 0:46:54 | |
And they're going to take... how many from you a month? | 0:46:54 | 0:46:57 | |
-Peter's trying to catch you out here. -He is, yeah. | 0:46:57 | 0:47:00 | |
-8,000. -OK - and how much profit would that make you in a month? | 0:47:00 | 0:47:04 | |
That will make me... | 0:47:05 | 0:47:06 | |
You'll have to forgive me. Maths wasn't my strong point at school. | 0:47:20 | 0:47:24 | |
-So I was just honest! You know... -You've got to. -Yeah... | 0:47:24 | 0:47:28 | |
EVAN DAVIS: Ross's chances of securing | 0:47:28 | 0:47:30 | |
the healthy £60,000 investment he came for are looking slim. | 0:47:30 | 0:47:34 | |
Duncan Bannatyne wants to find out more | 0:47:34 | 0:47:38 | |
about the man behind the noodle. | 0:47:38 | 0:47:40 | |
At the moment, how are you funding your lifestyle? | 0:47:41 | 0:47:44 | |
Um, I have a fantastic wife, who, um... | 0:47:44 | 0:47:48 | |
Sorry. | 0:47:48 | 0:47:49 | |
'Oh, yeah...' | 0:48:00 | 0:48:02 | |
-That was the bit... -Yeah, she's a huge part | 0:48:03 | 0:48:06 | |
-of your business and your life, Kelly, right? -Yeah, massive. | 0:48:06 | 0:48:09 | |
I thought, poor Kelly's at home with her fingers crossed like this, | 0:48:09 | 0:48:13 | |
thinking, "God, you know, Ross is going to do this | 0:48:13 | 0:48:16 | |
"and he's going to change our lives." | 0:48:16 | 0:48:19 | |
And I thought, "I've just... I've messed it up. | 0:48:19 | 0:48:21 | |
"The one shot that I've had... | 0:48:21 | 0:48:24 | |
"and I'm messing it up." | 0:48:24 | 0:48:25 | |
And I thought, "I just need to leave." | 0:48:25 | 0:48:28 | |
-Take your time. -Sorry! | 0:48:32 | 0:48:34 | |
Presumably you're not thinking, "How did I get us back on track?" | 0:48:37 | 0:48:40 | |
-You're just thinking, "How do I deal with what's gone wrong? -Yeah. | 0:48:40 | 0:48:44 | |
I thought, "Well, I could go now." | 0:48:44 | 0:48:48 | |
But I thought, "Do you know what?" I thought, "It can't get any worse." | 0:48:54 | 0:48:59 | |
-RICHARD LAUGHS -And I thought, you know, "I'm still here." | 0:48:59 | 0:49:02 | |
-I do apologise. -No problem. | 0:49:09 | 0:49:11 | |
-So, obviously, this is something that's very emotional for you. -Mm. | 0:49:11 | 0:49:16 | |
I want to go back to the question about how you fund your lifestyle | 0:49:16 | 0:49:19 | |
-and you were talking about your wife. -Yeah. | 0:49:19 | 0:49:21 | |
Um, she supports both of us | 0:49:21 | 0:49:23 | |
while I'm getting the business off the ground. | 0:49:23 | 0:49:26 | |
-And she's working to do that? -Yes. -Full-time? -Yes. -OK. | 0:49:26 | 0:49:30 | |
Unfortunately, she had her third miscarriage before I came here. | 0:49:30 | 0:49:34 | |
Sorry to hear that, Ross. | 0:49:34 | 0:49:37 | |
HE WEEPS | 0:49:37 | 0:49:40 | |
Oh, man... | 0:49:41 | 0:49:42 | |
-DUNCAN: -It can only get better, Ross. It's only going to get better. | 0:49:42 | 0:49:45 | |
ROSS SIGHS ON CLIP | 0:49:45 | 0:49:48 | |
Even seeing myself now, I kind of want to put my arm round him. | 0:49:53 | 0:49:56 | |
-It's really weird. -I know, I do as well. I want to reach into the screen. -Yeah. | 0:49:56 | 0:50:00 | |
It's really... | 0:50:00 | 0:50:02 | |
I...I cried when we had the miscarriages | 0:50:02 | 0:50:05 | |
but I just couldn't contain it. | 0:50:05 | 0:50:06 | |
-It was just...it just came out. -This just brings it all up again. -Overwhelmed, yeah. | 0:50:06 | 0:50:10 | |
Er, it's, as we can see, emotionally heart-wrenching. | 0:50:10 | 0:50:15 | |
-But you're not here for sympathy. -No, I agree... | 0:50:15 | 0:50:18 | |
-You're here to gain investment in a business... -Yes. | 0:50:18 | 0:50:20 | |
..that you were supposed to demonstrate had a future. | 0:50:20 | 0:50:23 | |
-I thought he was so right. I actually thought... -He's talking your language there. | 0:50:23 | 0:50:26 | |
-Yeah. -That's why you came back out. I know. | 0:50:26 | 0:50:29 | |
And I honestly thought, you know... | 0:50:29 | 0:50:30 | |
I think Barenaked Foods is clever. | 0:50:30 | 0:50:33 | |
And that's why I'm going to make you an offer. | 0:50:34 | 0:50:36 | |
HE LAUGHS NERVOUSLY | 0:50:39 | 0:50:41 | |
I was like... Honestly, I was like... "What?!" | 0:50:41 | 0:50:46 | |
And I'm going to offer you all the money for half of a business | 0:50:46 | 0:50:50 | |
that we've yet to create together. | 0:50:50 | 0:50:52 | |
He's given me an offer. | 0:50:52 | 0:50:54 | |
Sorry, I can't believe this. | 0:50:56 | 0:50:58 | |
And I'm like... | 0:50:58 | 0:51:00 | |
Unbelievable. One minute I was down there and couldn't get any lower... | 0:51:01 | 0:51:05 | |
-Yeah. -..the next minute, I'm thinking, "Oh, my God!" | 0:51:05 | 0:51:07 | |
I'd like to accept your offer. | 0:51:10 | 0:51:12 | |
-Oh, my God! -Beautiful. | 0:51:12 | 0:51:15 | |
-There he is. -I just can't believe this moment. | 0:51:15 | 0:51:18 | |
THEY ALL LAUGH | 0:51:18 | 0:51:21 | |
I went to hug him and I thought, you know, I just... | 0:51:21 | 0:51:25 | |
"You've changed my life." That's how I felt. | 0:51:25 | 0:51:27 | |
"You've changed my life." It was just... | 0:51:27 | 0:51:29 | |
Has he changed your life? | 0:51:33 | 0:51:34 | |
-Has it changed your life since signing that deal? -Oh, God, yeah. | 0:51:34 | 0:51:37 | |
To give you an idea of the growth of the business, | 0:51:37 | 0:51:40 | |
me and Kelly, when we were packing up noodles in our front room, | 0:51:40 | 0:51:43 | |
we were doing about 260 packets a week. | 0:51:43 | 0:51:47 | |
-Um, now we're doing between 14,000 and 18,000 a week. -Wow. | 0:51:47 | 0:51:51 | |
The company's worth around £2 million. | 0:51:51 | 0:51:54 | |
Um, it's just been incredible. | 0:51:54 | 0:51:57 | |
-And I think you and Kelly have had a baby since? -We have! Oliver Jude. | 0:51:57 | 0:52:01 | |
There's going to come a point in his life where he's going to | 0:52:01 | 0:52:05 | |
-sit and watch what we just watched, as well. -Oh, God! I know! | 0:52:05 | 0:52:08 | |
Um, and I hope that he's proud of his old man for doing it. | 0:52:08 | 0:52:11 | |
-Do you now what? He won't tell you he's proud. He'll take the mickey out of you. -I know he will! | 0:52:11 | 0:52:15 | |
From what I've seen there, and what he'll see, he'll be immensely proud. | 0:52:15 | 0:52:19 | |
-You should be very proud of yourself, as well. -No, thanks very much. | 0:52:19 | 0:52:22 | |
-It's certainly been an emotional roller-coaster, for sure. -Yeah. | 0:52:22 | 0:52:25 | |
REGGAE MUSIC PLAYS | 0:52:34 | 0:52:37 | |
Now, no look back over the history of the Den | 0:52:43 | 0:52:45 | |
would be complete without this man. | 0:52:45 | 0:52:47 | |
The personification of pitch to rich. | 0:52:47 | 0:52:51 | |
Levi Roots. | 0:52:52 | 0:52:54 | |
-Levi! -Richard! -How are you? -Welcome to my restaurant! | 0:52:54 | 0:52:58 | |
Thank you so much. I bet you never thought you'd be saying that a few years ago. | 0:52:58 | 0:53:01 | |
-Absolutely! -You do not look a day older. -Thank you very much! | 0:53:01 | 0:53:04 | |
# Put some music in my food for me And give me some Reggae... # | 0:53:04 | 0:53:10 | |
Levi Roots has come a long way | 0:53:10 | 0:53:12 | |
since he sang his song and pitched his jerk sauce back in 2006. | 0:53:12 | 0:53:16 | |
# I call it Reggae Reggae Sauce. # | 0:53:16 | 0:53:19 | |
When Peter invested, he told Levi to focus the business on selling | 0:53:19 | 0:53:23 | |
supermarket sauces and leave restaurants well alone. | 0:53:23 | 0:53:27 | |
# Put some Reggae Sauce on your list. # | 0:53:27 | 0:53:31 | |
But having sold 30 million bottles worldwide, guess what? | 0:53:32 | 0:53:37 | |
Levi's opened a restaurant. So there's gratitude for you. | 0:53:37 | 0:53:40 | |
Now, he said, I seem to remember, never open a restaurant. | 0:53:40 | 0:53:43 | |
-He did. -And yet, here we are. -Absolutely. | 0:53:43 | 0:53:45 | |
And I don't like to ram this down his throat and let him know that he was wrong at the time! | 0:53:45 | 0:53:49 | |
'But I want to scratch beneath the showman's surface. | 0:53:49 | 0:53:52 | |
'Surely it takes more than a smile, a story | 0:53:52 | 0:53:55 | |
'and a self-penned jingle to smash the sauce business?' | 0:53:55 | 0:53:58 | |
You give it all this, Levi. | 0:53:58 | 0:54:01 | |
But listen, you're not building this business unless you're | 0:54:01 | 0:54:03 | |
an incredibly tough businessman, as well. So, you've work long hours. | 0:54:03 | 0:54:06 | |
It's quite a tricky business. An awful lot of competition. | 0:54:06 | 0:54:09 | |
It was at first. But I think because we were at the stage of | 0:54:09 | 0:54:12 | |
we were the only Caribbean brand, mainstream, around at the time. | 0:54:12 | 0:54:16 | |
So we were lucky that we were in that position. | 0:54:16 | 0:54:18 | |
-So if you can find a niche, maybe there's a...a big future? -There is. | 0:54:18 | 0:54:23 | |
But the most difficult thing is to build that brand. | 0:54:23 | 0:54:26 | |
-You've got to build that brand. -Find the niche, build the brand. | 0:54:26 | 0:54:29 | |
Once you've done that, it's smooth sailing after that. | 0:54:29 | 0:54:31 | |
STEEL DRUMS PLAY | 0:54:31 | 0:54:35 | |
Levi's mantra, find a niche and build a brand, | 0:54:35 | 0:54:38 | |
has led to a business with £50 million of sales a year. | 0:54:38 | 0:54:42 | |
But can Peter Jones do the sauce double with Ben and Sue from Yogiyo, | 0:54:43 | 0:54:47 | |
now they're back from South Korea? | 0:54:47 | 0:54:49 | |
Ben and Sue, we're here at Levi's restaurant launch. | 0:54:49 | 0:54:52 | |
Does that put you under pressure, seeing the money he's made, | 0:54:52 | 0:54:55 | |
the success he's made of a very similar business? SUE LAUGHS | 0:54:55 | 0:54:58 | |
I'd be lying if I'd say... | 0:54:58 | 0:55:01 | |
-we weren't feeling any pressure. -Pressures, yeah... | 0:55:01 | 0:55:03 | |
Because, you know, Levi's success has been so huge, so phenomenal. | 0:55:03 | 0:55:09 | |
And everyone we've met... | 0:55:09 | 0:55:10 | |
Everybody we meet kind of makes that comparison. | 0:55:10 | 0:55:13 | |
You know, neither of us are the front man of a Korean folk band or anything. | 0:55:13 | 0:55:18 | |
-There's still time. -This is true! | 0:55:18 | 0:55:21 | |
-Sue plays the ukulele. So, you know... -Hold on a minute! | 0:55:21 | 0:55:24 | |
It's time for the pretenders to the throne to meet the sauce king. | 0:55:26 | 0:55:30 | |
SKA MUSIC PLAYS | 0:55:30 | 0:55:33 | |
-Cheers, everybody! -Cheers! Respect! Yeah! | 0:55:36 | 0:55:39 | |
-Ah, nothing like Jamaican champagne! -Absolutely. -Now, Levi, | 0:55:41 | 0:55:44 | |
-it's going great guns in there. -It is, isn't it? | 0:55:44 | 0:55:47 | |
Any advice for Ben and Sue, who are about to embark on the same journey? | 0:55:47 | 0:55:51 | |
Yeah, well, Ben and Sue, the way I've done it is just being me. | 0:55:51 | 0:55:55 | |
I think being yourself is perhaps one of the biggest tips I can give. | 0:55:55 | 0:55:59 | |
People won't be buying the product, | 0:55:59 | 0:56:01 | |
even though it's got to be a fantastic product, | 0:56:01 | 0:56:03 | |
but in order to sell it, you've got to sell yourselves. | 0:56:03 | 0:56:06 | |
So you've got to be on point. So it's not about the product. | 0:56:06 | 0:56:09 | |
It is about you. | 0:56:09 | 0:56:10 | |
And if I know this man here, he always invests in people. | 0:56:10 | 0:56:14 | |
So, for me, it's about you. So be YOU and you can't go wrong. | 0:56:14 | 0:56:17 | |
Peter, you've said that as time's gone by with Levi, | 0:56:22 | 0:56:25 | |
you've got closer, there's a friendship built | 0:56:25 | 0:56:27 | |
and that partnership built. | 0:56:27 | 0:56:28 | |
And that's something that happens naturally and organically | 0:56:28 | 0:56:31 | |
-with new entrepreneurs. -Well, I hope so. We're early days yet. | 0:56:31 | 0:56:34 | |
We don't really know each other that well... | 0:56:34 | 0:56:36 | |
This is Ben, this is Sue. Peter... | 0:56:36 | 0:56:38 | |
-THEY LAUGH -You got it the right way round! | 0:56:38 | 0:56:40 | |
But with Levi, I get e-mails from Levi | 0:56:40 | 0:56:43 | |
and he just puts "one love", with a kiss at the end. | 0:56:43 | 0:56:45 | |
So I don't want to get there yet with you guys. However... | 0:56:45 | 0:56:49 | |
It took me a long time to get to that point! | 0:56:49 | 0:56:51 | |
-To Ben and Sue. -And congratulations, Levi! | 0:56:51 | 0:56:54 | |
# R-r-r-rock-steady! # | 0:56:54 | 0:56:57 | |
So Levi has a restaurant to launch. | 0:56:57 | 0:56:59 | |
But I'm wondering what Peter Jones thinks | 0:56:59 | 0:57:02 | |
about this new chapter in the Reggae Reggae story. | 0:57:02 | 0:57:05 | |
My dream was about this restaurant. | 0:57:05 | 0:57:07 | |
It was the difference between a restaurant and a restaurant... | 0:57:07 | 0:57:10 | |
It's the right time now. | 0:57:10 | 0:57:11 | |
You know, his brand is well established, everybody knows Levi. | 0:57:11 | 0:57:14 | |
And what a great time to open a restaurant. | 0:57:14 | 0:57:17 | |
So you've just invested in another sauce company, Yogiyo, | 0:57:17 | 0:57:19 | |
and you've invited Ben and Sue here this evening. | 0:57:19 | 0:57:22 | |
-Is that a tactical thing, just to show them what can happen? -Yes. | 0:57:22 | 0:57:26 | |
A solid answer. | 0:57:26 | 0:57:27 | |
No, absolutely, you know, Ben and Sue, two lovely individuals. | 0:57:27 | 0:57:30 | |
-They're on the start of their journey. -Yeah. | 0:57:30 | 0:57:32 | |
I want them to say that whilst this isn't the end of Levi's, | 0:57:32 | 0:57:36 | |
this is what can happen. | 0:57:36 | 0:57:37 | |
He won't tell me how much money he's made since he walked into the Den. | 0:57:37 | 0:57:41 | |
I think he's done the right thing. You should never talk about money. | 0:57:41 | 0:57:44 | |
And you certainly shouldn't talk about the millions of pounds he's made so far. | 0:57:44 | 0:57:48 | |
Oh, sorry... Cut! | 0:57:48 | 0:57:50 | |
So I've gone toe-to-toe with the mighty Dragons | 0:57:52 | 0:57:55 | |
and I've emerged unscathed. | 0:57:55 | 0:57:57 | |
I've also seen that it's possible to go from nervous, sweaty, | 0:57:57 | 0:58:00 | |
would-be entrepreneur to less nervous, less sweaty, | 0:58:00 | 0:58:03 | |
very successful entrepreneur, with millions in the bank. | 0:58:03 | 0:58:06 | |
And a very nice car. | 0:58:06 | 0:58:08 | |
Dragons' Den is about dreams | 0:58:08 | 0:58:11 | |
and the hard work you need to make those dreams come true. | 0:58:11 | 0:58:14 | |
So if you think you've got what it takes to face the Dragons, | 0:58:14 | 0:58:17 | |
perhaps you too could go from pitches to riches. | 0:58:17 | 0:58:21 | |
# Money, get away... # | 0:58:21 | 0:58:25 |