Brewdog still hurt nine years on from Dragons’ Den rejection
A rejection from BBC’S Dragons’ Den series “still burns” for the founders of Brewdog despite the Ellon-based brewer going on to achieve a valuation well in excess of £1 billion.
James Watt and Martin Dickie had been in business for just two years when they applied for the popular busi- ness investment show in 2009.
While they passed through the initial application process and were selected for a screen test, producers decided they would not go on to meet the Dragons.
The two entrepreneurs were looking for a £100,000 investment for 20 per cent of the business which Brewdog noted would be worth as much as £360 million today.
Recalling the Dragons’ Den rejection, Watt said: “It was a huge kick in the teeth for us at the time and that stinging rejection still burns today.
“Looking back, despite how much of a setback it was at the time we are actually really happy we got turned down. It forced Martin and I to go back to the drawing board in terms of how to finance our business.
“As a result we created a model that lets the people who enjoy our beer own a part of our company. Equity for Punks would not have existed without the Dragons’ Den rejection.”
Earlier this year, the maverick brewer, which has established a global chain of bars, passed a £10m target in its fifth Equity for Punks crowdfunding initiative – valuing the business at some £1.8bn.