If you’ve ever watched the popular UK television show, Dragons’ Den, you know that the stakes are high for entrepreneurs. But for some like these young entrepreneurs we’re about to discuss, pitching their business to the panel of wealthy investors proved to be a winning move as they walked away with a seven-figure deal. In this blog post, we’ll dive into how these determined individuals made their way onto Dragons’ Den and walked out with an impressive £1 million investment in their business. Get ready to find out the secrets to their success!
How These Young Entrepreneurs Made £1M in Their Business on Dragons’ Den
The business world is a challenging and competitive place that requires creativity and innovation. Young entrepreneurs, Stephen Mitchell and Michael Ehrenreich, showcased this innovation on the popular UK show, Dragons’ Den, where they pitched their multi-mode cycle called the Zigo Leader Carrier Cycle. The Zigo Leader Carrier Cycle comes with a child pod in front and can be easily converted into a stroller. The entrepreneurs sought a £225,000 investment in exchange for 6% of their company. This article will explore their pitch and the success they achieved, as well as the challenges faced along the way.
The Zigo Leader Carrier Cycle
The Zigo Leader Carrier Cycle is an innovative piece of technology. It allows parents to transport their children safely while also keeping them entertained in the child pod. The cycle was developed by Stephen Mitchell and Michael Ehrenreich, who are seeking investment to continue their growth and expansion. They approached the Dragons’ Den panel with their product, seeking a £225,000 investment in exchange for 6% of their company.
The entrepreneurs started by introducing themselves and explaining their product. They shared that they had sold 500 units to date and generated a revenue of approximately 400,000 USD in the last 12 months. They explained that the cycle costs 1,300 pounds and they are on track to sell more than a thousand this year. However, they revealed that they would make a loss of approximately £200,000 this year, which the investment would fund.
The Dragons’ Den Panel
The Dragons’ Den panel, consisting of experienced entrepreneurs and investors, listened to the pitch and scrutinized the business’s profit margins, market potential, and scalability. James Khan, an experienced entrepreneur, refused to invest and declared himself out of the pitch.
A successful pitch would result in investment from the Dragons’ Den panel. In this case, Deborah Meaden offered the entrepreneurs a £225,000 investment in exchange for a 20% equity stake in their company. The entrepreneurs agreed, despite the panel’s concern about the company’s previous inability to deliver against every factor in their plan to get a valuation of 4 million dollars.
The investment led to the entrepreneurs being able to continue their growth and expansion. Their business has since grown, and they have made over 1 million pounds in revenue, proving that their innovation and determination are keys to success.
- What is the Zigo Leader Carrier Cycle?
- How much did the entrepreneurs seek in their pitch on Dragons’ Den?
- Who invests in the Zigo Leader Carrier Cycle’s business on Dragons’ Den?
- How much revenue did the business generate in the last 12 months?
- What challenges did the entrepreneurs face on Dragons’ Den?
The story of Stephen Mitchell and Michael Ehrenreich showcases how innovative products and determination can lead to success. On Dragons’ Den, they faced challenges from experienced entrepreneurs, but they remained determined and showcased their product’s potential. The investment they received allowed them to continue growing and expanding their business, leading to the success they achieved. Their success is a lesson for all aspiring entrepreneurs to showcase their innovation and determination.