Entrepreneurs - Richard Blakesley & Chris Barnardo
Richard Blakesley & Chris Barnardo
The Wand Company
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From the Den
http://www.bbc.co.uk/dragonsden/media/emp/playlists/entrepreneurs/richardblakesley.xml
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Red Button
http://www.bbc.co.uk/iplayer/playlist/p009kv1p
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Roadtests
http://www.bbc.co.uk/iplayer/playlist/p009kv2n
| Name | Richard Blakesley & Chris Barnardo |
| Pitching | The Wand Company |
| Investment Required | 拢200,000 |
| Equity Offered | 10% |
| Brief Description | 鈥淜ymera鈥 is the world鈥檚 first real magic wand 鈥 a buttonless gesture-based universal remote control |
Glossary terms:
Richard and Chris in the Den
The Dragons were left spellbound by duo Richard Blakesley & Chris Barnardo and their universal remote control which looks like a magic wand.
Richard and Chris give a brief but very clear demonstration of how their product works and how it can control numerous electrical goods such as TV's, lights and music systems. The Dragons are all very impressed by this neat invention.
They tell the Dragons that they have sold 10,000 units already and with the experience and revenue a Dragon could provide they hope to reach turnover figures of 拢18million in three years.
Theo turns the Den on its head.
Duncan Bannatyne looks into their background and finds they have already sold 2 million units of a different remote control system. Duncan also asks them about the unit price and he is stunned to find it only costs them 拢10 to make but it retails at 拢50 giving them a huge mark-up. This clearly impresses Duncan.
Theo Paphitis investigates why they need the money. Chris tells him that without their backing they could make turnover of 拢1.2million this year but with added backing and funding by the Dragons they hope to get that figure to 拢3million. Deborah Meaden then looks into market fluctuations but discovers demand is always quite high.
The Den then falls silent at the revelation that not only do they have a deal with a major American wholesaler. They also have a deal to advertise their product in flight magazines in virtual every single domestic flight within the US.
Duncan soon breaks this silence with an offer for the whole amount in return for a 30% share, 10% to be returned if they meet their targets.
The other four Dragons soon place their own offers on the table and the duo have a few minutes to mull things over. They come back and suggest that they would prefer to work with James or Theo because of their vast retail experience.
Not to be out done Duncan advises not to overlook the experience the other Dragons also bring with them and makes them a fresh offer - 拢200,000 for 30% which would reduce on a sliding scale all the way down to 10% if they make 拢1.2 million profit. And the deal is done.
The deal done in the Den:
offers the full amount 拢200,000 on a sliding scale starting with 30% share and going down to 10% if they make 拢1.2 million.
Last updated: 23th August 2010
Meet the 2010 entrepreneurs
Other entrepreneurs from this episode:
More website highlights
Doug Richard on this episode
'It is quite possible to coach and mentor young entrepreneurs to become great'
A glimpse behind the scenes with investment reactions.
Dom tests this week's products with the public.
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Comments
Poorly edited end to the programme. James' offer was better than Duncan's final offer but was not considered.
Product looked great and had potential to make a lot of money for the dragons whilst inventors were intelligent and commercial enough to build a brand on the back of this product so surprised offers weren't better. Good luck Richard and Chris.
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Excellent idea I would love one if you have any going spare. Have you thought about making limied edition versions with different designs of handles etc or trying to approach the Harry Potter or Lord of the Rings people to see if they are interested in a specially designed version. Can't wait to see your next invention
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GREAT PRODUCT.I LIKE TO MARKET THIS PRODUCT IN AUSTRALIA.HOW CAN I CONTACT RICHARD & CHRIS
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Well done to Richard and Chris, looks like a great idea! Will be looking out for your next products. Looking forward to seeing your company at the Autumn Fair. Hope Duncan can give you the help you need.
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Hi Richard and bluetracker, unfortunately we cannot feature links to sites that sell the product on these pages.
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Richard & Chris Great Job. Our Company is interested to market your product in INDIA. Please update if you are interested...
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Another product identical to the one show has been available for many years I have one and it can be "custimised"
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Look forward to having the 2nd generation magic wand to have 0~9 digit keys. Otherwise, allow user to 'draw' the digits in the air - L.M. Wong
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