The Dragons Are CONFUSED By The Stone Age Company | Dragons Den

Summary

Naomi and Dan Wesley, founders of the Stone Age Company, pitch their educational business focused on delivering Stone Age experiences to primary school children across England. Despite their passion, their company faces financial struggles, including significant losses in recent years. They seek a £40,000 investment for a 20% stake, but the Dragons raise concerns about their lack of a solid business plan and entrepreneurial skills. Although they don't secure an investment, they receive encouragement and potential support from Peter Jones, offering them a chance to grow their mission without the backing of a Dragon.

Takeaways

• 😀 Naomi and Dan pitch their company, The Stone Age Company, offering Stone Age-themed educational workshops for primary school children in England.
• 😀 They request £40,000 for 20% equity in their company, aiming to expand their reach to more schools across the country.
• 😀 The couple has lived sustainably in the wild, drawing from their experiences to create educational workshops involving activities like hunting, fishing, and cave art.
• 😀 The national curriculum's inclusion of Stone Age education in 2014 gave them the opportunity to establish their business and serve over 16,000 primary schools in England.
• 😀 Financially, the business has struggled, with losses in recent years, especially during the pandemic. They reported a £18,000 loss in 2020 and 2022.
• 😀 Investors express concerns over the lack of a clear business strategy, focusing too much on passion and personal experiences rather than sustainable growth.
• 😀 Despite passion for their mission, the business faces challenges in scaling, with a projected turnover of £200,000 in the best-case scenario, which still leads to minimal profits.
• 😀 Naomi and Dan rely heavily on support from friends and family to cover personal and business expenses, living frugally in a static caravan to reduce costs.
• 😀 Investors, while recognizing the importance of the educational mission, question whether Naomi and Dan have the entrepreneurial skills needed to run a successful business.
• 😀 Peter Jones offers support to help Naomi and Dan, not through investment, but by introducing them to his team and potentially offering guidance on growing the business.
• 😀 Despite the lack of financial backing, the pitch leaves a lasting impression on some investors, who commend the couple’s dedication but remain uncertain about the business's future viability.

Q & A

What is the core business of Dan and Naomi?

Dan and Naomi run a company called the Stone Age Company, which delivers Stone Age education and interactive workshops to primary school children in England.

What is the amount of investment that Dan and Naomi are seeking, and what equity are they offering in return?

Dan and Naomi are seeking an investment of £40,000 in exchange for a 20% stake in their business.

How did Dan and Naomi come up with the idea for their business?

The idea for their business came after they lived out in the wild for a month, surviving off the land, which inspired them to set up the Stone Age Company to teach kids about survival skills and Stone Age history.

How many primary schools are there in England, and how many do Dan and Naomi currently work with?

There are over 16,000 primary schools in England, and Dan and Naomi currently work with about 100 schools a year.

What challenges have Dan and Naomi faced in recent years regarding their business?

Dan and Naomi have faced challenges with fluctuating revenue, particularly due to the COVID-19 pandemic, resulting in losses and a dormant year in 2021.

How much did Dan and Naomi earn in 2018, and what was their profit?

In 2018, Dan and Naomi's company had a turnover of £53,000, with a profit of £3,000.

What changes do Dan and Naomi plan to make to improve their business?

Dan and Naomi hope to expand their business by hiring more staff and increasing the number of workshops they deliver, aiming for a turnover of about £200,000.

What is the significance of the Stone Age workshops to Dan and Naomi?

For Dan and Naomi, the Stone Age workshops are more than just a business—they are passionate about reconnecting children with nature and teaching them survival skills.

How do Dan and Naomi manage their finances despite their losses?

Dan and Naomi rely on the support of family and friends, living frugally in a static caravan on Naomi's parents' driveway to save on rent.

Why did the investors ultimately decide not to invest in Dan and Naomi's business?

The investors were concerned that while Dan and Naomi were passionate about their mission, they lacked a solid business strategy and the entrepreneurial skills necessary to build a successful business. They also believed the couple might struggle with the realities of managing an investment.