Dragons Aren’t Convinced This Gadget From A Young Entrepreneur Is Investable | Dragons’ Den

[Music] Next to face the dragons is Scottish Borders based businessman Grant Bruce Who thinks his Gizmo could be a game Changer I think there's a gap in the market Right now I think it's a niche that Nobody's really explored yet so I want To be the first to Market and be the Market leaders [Music] Oh my name is Grant Bruce and I'm here Today to ask for a 40 000 pound Investment in return for a 20 stake in My company flux Choice limited flux Choice was founded with the idea of Radicalizing the everyday keyring Market A lot of people in everyday life carry Around a keyring of some form often Filled with a variety of gadgets and Lanyards be these gadgets are often Cheaply made low quality and bulky we Don't think should be that way our first Product the poplin aims to fill this Gap In the market Pop blooming is a miniature flashlight Which goes on your keyring when needed You simply pop the body Off the base and the torch automatically Turns on This can then be attached to any metal Surface for hands-free use Okay you're done simply pop it back in Your curing it'll be secured again

Simple as that thank you very much for Listening you'll find a sample in your Box next to you A business that makes convenient Accessories is the prospect on offer From Grant Bruce he's prepared to hand Over 20 percent of his company in Exchange for forty thousand pounds Peter Jones is first to shine a light on The key ring concept So in essence you have created a pop-off Key ring torch yes What motivated you to do that well I've Always carried a torch around my keyring Is that because you're walking around a Lot in the dark or No I just always Yeah so if you just hold the base and Pull it and I'll turn on Yeah the only thing for me is that I Have got big hands I find it quite weird Because it's really small yes So it's a key ring torch for small People no it's a small so it can fit Comfortably in your pocket so how much How much are you selling this for so on Amazon that's 23.99 23. how much yes 23. Okay And Grant what have you done before this So I studied mechanical engineering at University and I then went on to work in A lighting company where I was a product Designer there and you're still there Now I'm still there now yes full time

Okay look I think it's very innovative It is genuinely very well designed I am Quite impressed with that thank you Praise for the entrepreneurs Endeavors From Peter Jones Stephen Bartlett now wants to get a Better understanding of Grant target Market Can you talk to me about the use case For this try to understand who would be Buying it and why The use case so imagine you're in your Car at night you've broken down you need To change a tire Now just stick it right to your car room It's Stick it to the car but on the arch Of the car sorry because it's magnetic So so you can use it hands-free so in That example if I was the type of person To try and change my own Tire in the Dark which I definitely wouldn't I would Probably use the torch on my phone right I would just lean it against something And then yes but that's a lot more Awkward to do well it's not really Because I can just get my phone and lean It against the car tire I I can't understand the use because I Think there's probably two markets I Think there's one market which is the Everyday person who is walking through Their garage pulls out their phone and Lights their garage then there's Probably the other end of the market

Which is people that are mechanics or I Don't know climbers who would probably Opt for a more substantial product And we have had a lot of people that use It in trade we've had a lot of feedback From that a lot of people how many f Of people from feedback I'm not 10. Yeah probably more than that but Um how many Yeah probably about 10. About 10. so I mean that's not a good Sample size no conclude any sort of Important conclusion right [Music] Grant struggles to convince Stephen Bartlett that there's a market for his Fun-sized flashlight And Tuka Suleiman now wants to focus on The cost of the contraption The product's credible don't doubt that But it's overpriced To me they gadget on your key rings at 9.99 product okay Um we've made Good profit so far considering our Society what profit have you made so far Turnover so far has been nine thousand Seven hundred gross has been 4 300 and That is 1400. So what have you paid yourself Uh nothing so far have you charge any Overheads no literally everything in This business has been done by me so far So Grant what we're saying is

You want us to invest you're not going To take any money there'll be no Overheads it'll all be profit whatever We sell For a note yes Grant this is really nice You're really cute It's a keyring with a light on for 25 Quid Yes Tuka said it was really credible it's Not Peter said it's really Innovative it's Not They've just been nice back to you Because you're cute and this is nice Well it's not an investable proposition And I don't want you to go and spend More money On this I think you're a great product engineer But you need to invent products that People really need at a value that People are prepared to pay and this is None of that today so it's definitely Not something that I can invest in I'm Out A reality check from Sarah Davies who Fails to see the investment opportunity Perhaps Deborah meaden can predict a Brighter future for the pint-sized Product I'm not sure you've made the right Picture today because I don't think

You're pitching this this is your first Many products that you intend to bring Out yes But I think you probably should have Bought your background in engineering Forward a little more Yeah and actually I think it's lovely um It's very tactile however it isn't Mass Market it's Gadget Market that's just The one product though I've already got Um a new design pretty much ready to go It's for a pen it's a similar sort of Thing right you're an inventor which is Fantastic what you haven't got is a Selling machine yeah for me to get a Vision for this sort of umbrella Business I'd need to understand that you Understand the route to the selling Machine so if you haven't sold that to Me I worry that you're not going to be Able to understand how to sell this to The world so I'm afraid Grant I won't be Investing I'm out From a product perspective it's Definitely there but it's just very very Hard to try and even form a business out Of this or make this a real investment So whilst I've had a bit of fun even Thinking when you said pen I went oh It's quite similar to my pen but then I Thought why why would I put a torch on My pen sorry mate my new design was not For a torch on a pen it's for a pen with A similar magnetic base

With a torch no no torch what just would Just depend Grant Pens have been around a long time I think you need to rethink about this So imagine a half size pen it folds out Into a full-size pen Wow okay Look I think it's a neat product but it Doesn't mean that it's a business or Investable so sadly for that reason I'm Out It's okay I I have to agree with the dragons I Think what you've made here is really Really well made and put together Um my issue is I tend to think it's Pointless because the five dragons set Up here today all have phones in their Pocket which have torches on those Torches are only going to get better so I don't understand where you fit in the Market And so for that reason I'm out Three more dragons depart leaving only Two casulum with the potential to do a Deal could there be some light at the End of the tunnel for The Illuminating Accessory You are a credible engineer No doubt you've created a little Masterpiece thank you however as a Business this is not lip Network passion Sorry are you pausing for the laughter Oh my God oh my God that's where we've

Stooped what can I say guys oh speed me Up Unfortunately you haven't lift me up With passion and I'm out thank you Tucker It's all over for Grant go and light Them up Oh you don't have to say it again secret It just makes it worse having failed to Win over the dragons with his tiny torch He leaves the den with nothing Feeling okay A bit disappointed but they Had a lot of good words to say about the Product itself and for when and again I Don't think I would have done anything Differently I would have just been Myself And at least I thought it was cute

Your First Funnel Challenge
Quickly Launch Your Idea And Turn It Into A Business That You're Proud Of In Just 90 Minutes A Day!

(This Can Work Even If You Currently Have No Tech Skills, Don't Have A Product, Or Have No Idea What A Funnel Is Yet...!) 

(Challenge Starts Every Monday)

Leave a Comment