Ten Year Old Entrepreneurs Wow Dragons With Their Pitch | Dragons' Den Canada

Summary

Carly and Charlie, two 10-year-olds from Thornhill, Ontario, pitch their business, 'Carly and Charlie’s Single Socks,' to a panel of investors. Their product tackles the common issue of losing single socks, offering sets of three socks—one pair and one spare—with uplifting words on each. The business also supports a charitable mission by donating socks to those in need. Seeking $25,000 for 25% of their company, the girls impress investors with their entrepreneurial spirit, and multiple deals are offered, including one from a group of investors who also commit to donating their profits to charity.

Takeaways

• 😀 Carly and Charlie, two 10-year-old best friends from Thornhill, Ontario, pitched their business idea called 'Carly and Charlie's Single Socks' to the dragons.
• 😀 They are seeking $25,000 for 25% of their company, which focuses on selling single socks in sets of three to solve the common problem of losing one sock to the 'sock monster.'
• 😀 Their socks are designed with positive, uplifting words on each one, aiming to turn frowns upside down and inspire wearers.
• 😀 Carly and Charlie also have a social mission: for every set of socks sold, they donate a pair to those in need.
• 😀 The socks are manufactured in Canada, specifically in Toronto, and are designed to be comfortable, with features to prevent blisters.
• 😀 They plan to make their money by selling socks both online and to retail stores, with a retail price of $14.99 per set.
• 😀 Carly and Charlie have already donated socks through their 'Odd Sock Project' to shelters, with a goal of donating 5,000 socks.
• 😀 One of the dragons, Michael, expressed interest in investing, seeing great potential in the socks' appeal, especially for his daughters and their friends.
• 😀 There was a negotiation with multiple dragons interested in the deal, with some proposing different terms for investment.
• 😀 In the end, Carly and Charlie secured two deals, one with a 25% stake for $25,000 and another offering support for their Odd Sock Project, which they plan to donate proceeds to.

Q & A

What is the business idea presented by Carly and Charlie?

Carly and Charlie's business, 'Carly and Charlie's Single Socks,' offers a solution to the problem of mismatched socks by selling sets of three single socks: a pair plus a spare. Each sock features a positive word, aiming to inspire wearers and turn a frown upside down.

What is the price point for Carly and Charlie's socks?

Carly and Charlie's socks retail for $14.99 per set. The cost of production is $4 per set, and the wholesale price is $8 per set.

What percentage of the company are Carly and Charlie offering to the Dragons in exchange for $25,000?

Carly and Charlie are offering 25% of their company in exchange for $25,000 in investment.

What is the 'Odd Sock Project,' and how is it related to Carly and Charlie's business?

The Odd Sock Project is an initiative where Carly and Charlie collect gently used or new single socks and donate them to the homeless. The 'Single Socks' business is an extension of this project, as the company donates a pair of socks for every set sold.

What motivated Carly and Charlie to start their business?

Carly and Charlie were inspired to start their business after frequently experiencing the issue of mismatched socks. They wanted to create a fun and practical solution to this problem, while also helping those in need through their Odd Sock Project.

What makes Carly and Charlie's socks unique?

Carly and Charlie's socks are unique because they come in sets of three: a pair plus a spare. Each sock has a positive word on it, which serves as an inspirational message. Additionally, every set sold includes a charitable donation of socks to those in need.

How much have Carly and Charlie donated through their Odd Sock Project?

Carly and Charlie have donated socks to shelters as part of their Odd Sock Project. While they initially set a goal of donating 5,000 pairs, they have continued to surpass that target.

How did Carly and Charlie secure the investment from the Dragons?

Carly and Charlie initially received an offer from Michael Wekerle for $25,000 in exchange for 25% of the company. After some negotiation, they accepted a joint offer from both Michael Wekerle and Manjit Minhas for the same amount, but with the added commitment to donate all their profits to the Odd Sock Project.

What was the negotiation process like for Carly and Charlie?

During the negotiation, Carly and Charlie received offers from multiple Dragons. Michael Wekerle offered $25,000 for 25% of the company, while Joe Mimran proposed a higher stake of 33% for the same amount. Ultimately, Carly and Charlie chose a joint offer from Wekerle and Minhas, agreeing to 25% equity and the promise of donating profits.

What future plans did Carly and Charlie share during the pitch?

Carly and Charlie's future plans include expanding their brand by reaching more retail stores, growing their online presence, and continuing to donate socks to those in need. They are focused on increasing sales, marketing their products, and supporting the Odd Sock Project.