Most successful Dragon`s Denners

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by: Keith Cooper
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Word Count: 356
Date: Fri, 11 Feb 2011 Time: 11:42 PM
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Whilst there have been some whacky ideas and some good business propositions in Dragons Den, it is perhaps the Kymera Magic Wand invention that has been the most successful ever offering to be presented to the Dragons.

Timing is all with products and the Magic Wand built on the Harry Potter interest by developing a wand like remote control device for operating the TV and DVD player. The wand works by using a series of unique sensors to detect up to 13 infra red remote control codes through different hand and arm movements. Although it is targeted at TV usage, anything that can be remotely controlled can use the wand as the controller. The wand can also be bought with a controllable candle that acts as a night light.

The pitch and proposition by Chris Barnardo and Richard Blakesley had all five Dragons pitching for the investment opportunity. It was the canny Scot, Duncan Bannatyne that won with a £200,000 investment for 20% of the business.

Very few pitches attract that level of competition from the Dragons or that level of investment. The product has since come to market and is selling extremely well. Retailing for £50 each, the wands are now available for purchase around the globe.

During the pitch, the inventors Barnardo and Blakesley said that they had already sold 100,000 units and hoped for a business turnover of £18m within three years. Once interrogated by the Dragons it emerged that the pair had enjoyed a successful careers selling remote control units in the past. That aligned to the revelation that they had secured a major contract with a US distributor and had the possibility of advertising in all internal US flight magazines the Dragon's eyes lit up.

Whilst other businesses have gone on to a level of success nothing can match the scale of the Magic Wand Company. Although the initial product offering centres on the wand device the pair of inventors are already turning their attention to other electronic devices using similar technology. Despite the recession this is a product and company with a bright future.

About the Author

Keith works for Baines and Ernst and writes about all things debt and finance related