Dragons Floored By Entrepreneur's Outrageously Confident Pitch | Dragons' Den

Summary

In this engaging pitch, inventor Pete presents his innovative pet products to a panel of investors. His main offerings include a cat food dish designed to reduce waste and an ultrasonic whistle to call cats home. Despite showcasing his enthusiasm and the practicality of his inventions, Pete faces skepticism from the dragons regarding market viability and sales experience. After several declines, investor Deborah Meaden recognizes the potential in his ideas and offers £30,000 for a one-third stake in the business. The interaction highlights Pete's determination and the challenges of entering the competitive pet product market.

Takeaways

• 😀 Pete Hill aims to reduce pet food waste with his innovative products.
• 🐾 The Pedal Dish allows pets to access food hygienically while keeping it fresh.
• 📱 The Katfoe is an ultrasonic whistle designed to call cats to mealtime.
• 💷 Pete is seeking £30,000 for 25% equity in his pet product business.
• 💡 The pitch highlights the environmental impact of food waste in pet care.
• 🛒 The Pedal Dish retails for £18, with production costs around £4.71.
• 📉 The dragons express concerns about the product's market viability and pricing.
• 🚫 Three dragons (Jenny Campbell, Peter Jones, and Touker Suleiman) decide not to invest.
• 🤝 Deborah Meaden ultimately offers £30,000 for a 33.3% stake in the business.
• 🎤 Pete's engaging presentation style is noted, despite doubts about his sales experience.

Q & A

What is the main product that Pete is pitching?

Pete is pitching a pet food dish called the 'pedal dish,' which is designed to keep cat food fresh and minimize waste.

How does the pedal dish work?

The pedal dish operates by allowing pets to step on a pedal, which opens the lid of the bowl, granting access to the food inside while keeping it covered.

What additional invention does Pete present alongside the pedal dish?

Pete presents an ultrasonic whistle called 'katfoe' that signals cats when food is available, aiming to help call them home more effectively.

How much investment is Pete seeking and what equity is he offering?

Pete is seeking £30,000 for a 25% equity stake in his pet accessory business.

What is the retail price of the pedal dish and its production cost?

The pedal dish retails for £18 and costs about £4.71 to produce, ship, and deliver.

Which retailer is currently selling Pete's product?

Pete's pedal dish is currently sold through Pets at Home, which has a six-month exclusivity in the UK.

What concerns do the dragons have about Pete's inventions?

The dragons express concerns about the potential marketability of the products, with some feeling that the products may not be innovative enough or profitable at their proposed retail price.

What does Deborah Meaden ultimately decide regarding Pete's pitch?

Deborah Meaden decides to invest in Pete's business, offering him £30,000 for a third of the business, recognizing his enthusiasm and potential.

What are the dragons' reactions to the concept of a 'cat phone'?

The dragons are skeptical about the 'cat phone' concept, with some suggesting it might not be practical or appealing as an investment opportunity.

How does Pete feel about the outcome of his pitch?

Pete feels relieved and surprised to receive an investment, as he initially did not think he would secure any funding during his pitch.