A gallant knight strode confidently into the Dragon's Den wielding only a manhole cover key kit. The results were highly impressive.
Andrew Doris, owner of engineering business DAD machining, is celebrating after gaining a successful bid from a Dragon on the BBC's Dragon's Den.
DAD Machining constructs a unique manhole cover lifting key; whereas other manhole cover key kits on the market exist, the one created by Andrew and his company is the first to include swappable tips, catering for practically every type of manhole cover available.
Pitching his idea to the fearsome dragons was no easy task; Andrew faced a grilling from them all, before his tale of rising from a failure secured the investment of Dragon's Den veteran Deborah Meaden. Deborah offered Andrew £40,000 in return for 35% equity in the business.
“It is a great feeling when a Dragon makes you an offer,” he said to BQLive.
“Although in the den my poker face never showed that. It was a very positive experience and now I have done it I would do it again. It gives you more confidence in your product, in yourself and even if I never gained an offer I certainly gained experience.”
These Dragons Have Got Teeth
As anyone who has seen Dragon's Den knows; the Dragons don't pull any punches when it comes to tearing apart your business dealings. Andrew didn't shy away from his previous failings.
“I first encountered this product 18 years ago so I quit my job and had equity in the house so borrowed heavily and I lost an absolute fortune." he said on the show, visibly emotional about his past business dealings.
“When I was down on my luck, my brother stepped in and gave me a job and then three years ago my brother helped me do this again.”
Andrew had to use his own home's equity to develop the product and bring it to market. He lost heavily, having made a premium-grade product that was priced too high. He was open about this to the Dragons, informing Dragon Peter Jones that he has completely redesigned the product to be much more affordable.
Although some Dragons were speptical of Andrew due to him forgetting some important figures, Deborah Meaden - who already invests in several building-related companies - liked the product. Despite concerns over the product's patent lapsing, Deborah offered Andrew the full £40,000 and also wanted to get Andrew a new business partner to run the business for him. Peter Jones also made a counter-offer to Deborah's, offering the full amount for 40% in the business, or he offered a shared business deal with Deborah Meaden, with 17.5% equity each. Deborah however didn't want to share the business, wanting to strike a deal with Andrew personally.
After a brief debate, Andrew opted to accept Deborah's offer.
Now, with an investment from a well known entrepeneur, Andrew is prepared to expand his product into new, international markets and increase production.
Get Yourself One of These Dragon-Slaying Tools!
At PASS, we have stocked Andrew's manhole cover key kits for several years. Since the show, demand for the keys has been incredible; Andrew is currently unable to keep up with backorders as demand is so high. DAD Machining is working extremely hard to increase production and get this product back to its growing market as soon as possible.
We would all like to congratule Andrew on his success; it isn't easy taming a dragon, but you did us all proud!
