Did Dragons’ Den alumni fizzle or catch fire?
Win or lose, contenders still walk away with exposure. Here’s what’s happened since
After eight seasons of hearing zany and clever pitches from entrepreneurs hoping to make it big with products dreamed up in basements and garages across the nation, the stars of CBC show Dragons’ Den know a good idea when they see it.
The hit show features five selfmade millionaires who listen to pitches from wannabe tycoons soliciting dollars for a slice of their companies.
Though plenty of entrepreneurial hopes are dashed in the den, executive producer Tracie Tighe says the backing of the show’s dragons has allowed Balzac’s Coffee Roaster to expand across Ontario and Pür sugar-free gum to make it into the mouths of millions.
Since the show first started, Tighe has noticed that pitches have improved and feature businesses at a more mature state.
“When we first started the show everybody started coming to us with safety products and ladder products, but things have changed a bit,” Tighe says, noting that some even brought products they had crocheted or handmade crafts. “Food tends to do well if it is already packaged and ready to go because the dragons can see the market for it.”
Entrepreneurs who shake hands with the dragons after a successful pitch must go through a due diligence process after the show before any deals are official.
Regardless of their success on the show, Tighe says, companies get a boost in sales and more exposure because Dragons’ Den “has a million eyes” the night it airs.
“It tends to go well for everyone,” she says.
With Season 9 of Dragons’ Dencontinuing Jan. 7 at 8 p.m. on CBC, the Star takes a look back at what’s happened since some of the country’s most ingenious and far-fetched entrepreneurs visited the den. Holy Crap (Season 5) One couple saw their organic, chia-based cereal product go from smalltown British Columbia to the moon, following an appearance on Dragons’ Den. Brian and Corin Mullins pitched their product called Holy Crap to the dragons in November 2010. The show transformed Holy Crap into a successful gluten-free, vegan and organic cereal business, far from the humble company the Mullins began with $129 as a way to address Brian’s food allergies and sensitivities. When dragon Jim Treliving tasted their product, retailing online for $34.95 for a pack of three, he said, “Holy Crap, is this ever good” helping the couple seal a deal. Since then they’ve reached over $1 million in sales and sent the cereal to space with astronaut Chris Hadfield. Gorilla Cheese (Season 9) When Graeme Smith brought his grilled cheese food truck dubbed Gorilla Cheese to the den, the dragons raved about the ooey gooey sandwiches he served. Dragon Vikram Vij gave Smith a $150,000 loan to expand his business but, since the show aired, Smith told the Star the company is still in the due-diligence stage of negotiations. Smith says Vij has warned him that there is a “great possibility” that the funding won’t be secured. Part of the difficulty, Smith said, is that amidst opening a storefront location at the former Poco Loco building on Ottawa St., Vij has asked him to draw up a business plan before a deal can be secured. Luckily, Smith said, someone who watched the show has reached out to help him though there’s no guarantee the plan will be a winner.
“I’ve learned the hard way that investors and accountants look at black-and-white numbers and we’ve admittedly had hardships in the past,” Smith wrote on his blog. “However, (the deal) is not dead by any means and we continue to work on it.” Coretection (Season 2) Physiotherapist Greg Bay stripped down in the den in hopes of selling the dragons on tight compression shorts he designed to help with motion control and hip or groin injuries. “I’m not sure I would squeeze my package like that if I didn’t have to,” Kevin O’Leary said when he saw the shorts. Others thought Bay was over-evaluating the business and he failed to seal the deal. After his appearance on the show, Bay came out on top when sportswear company Under Armour took over manufacturing and distributing his product. Nowadays, NHL, NFL and NBA players
are wearing the shorts. Snappy Socks (Season 5) Having to wash 98 socks per week prompted Corla Rokochy, a mother of five, to visit the den with a way to keep socks from getting mismatched in the laundry. The solution called Snappy Socks involves children’s socks, retailing for $2.50 a pair, that snap together so they stay attached to one another in the wash. When Rokochy first visited the den she had yet to manufacture her socks, but with the help of dragon Brett Wilson she was able to find a distributor, start selling and land her products in stores like Toys “R” Us and Shoppers Drug Mart. Group IV Solar (Season 7) Michael Zimerman began pitching his company in the den by showing the dragons a photo of a solar farm in Welland. When he asked them what the photo looked like O’Leary jumped to tell him, “I see a lot of money wasted.” Zimerman continued to explain that he was “inches away” from outfitting 30 acres of land with over 20,000 solar panels but needed dragon dollars to make the farm a complete reality. The dragons were quick to cast doubt on Zimerman’s plans and he left the den empty-handed. Following his failure on the show, Zimerman invited dragon Bruce Croxon out to his fully functioning solar farm, which is providing enough power to fuel 100,000 homes. Croxon called Zimerman’s deal “the one that got away” as he toured the farm. “This is incredible,” he said. “(Zimerman) got a door closed on him, he went away and he pulled it off.”