Steven Bartlett Gets Savagely Shutdown By MyoMaster Entrepreneur | Dragons' Den

Summary

In this Dragon's Den pitch, Lotty White and Joe Gray present their company, Maya Master, offering innovative sports recovery products, including percussive massagers, compression boots, and cold water immersion tech. They also plan to develop an app that tailors recovery programs based on individual workouts. Despite fierce competition in the recovery space, they secure offers from several Dragons, including a partnership with Gary Neville and Sarah Davies. After some negotiations, they successfully secure the £100,000 investment they sought, with a commitment from the Dragons to help scale their business, leveraging both product and community growth.

Takeaways

• 😀 Lotty and Joe, founders of Maya Master, ask for £100,000 and offer 5% equity in exchange for investment and expertise.
• 😀 Lotty’s personal experience as a professional rugby player led to the creation of Maya Master after he found a DIY solution for his Achilles injury that alleviated pain.
• 😀 Maya Master offers a range of sports recovery products including percussive massage guns, compression boots, cold water immersion, and CBD muscle balms.
• 😀 The company has generated over £1.3 million in sales over the past two years and serves both everyday athletes and elite sports teams.
• 😀 Maya Master is also developing a 'physio in your pocket' app that integrates with workout trackers to guide recovery based on recent exercise.
• 😀 Google backed Maya Master through their Black Founders Fund, recognizing them as one of the most exceptional black-led tech startups across Europe and Africa.
• 😀 Despite competition in the recovery products market, Maya Master differentiates itself by its unique product designs and strong community built around former elite athletes.
• 😀 The company has achieved consistent growth, with £599,000 in net revenue in 2022, and £502,000 with a profit of £48,000 so far in 2023.
• 😀 While Maya Master’s recovery products are in a competitive space, its technological innovations and customer-focused approach set it apart.
• 😀 Several dragons made offers: Peter Jones wanted 20% equity with a clause to reduce it, Sarah Davies offered 10% straight equity, and Gary Neville proposed collaborating with another dragon, offering half the money for 5%.

Q & A

What inspired Lotty to start Maya Master?

Lotty was inspired to create Maya Master after an injury sidelined him from professional rugby. He experimented by using a welded stool leg around his Achilles to alleviate pain, which led to the creation of a product that others in his team wanted to purchase.

What is the primary product offering of Maya Master?

Maya Master offers a range of sports recovery products, including percussive massage devices, compression boots, cold water immersion tools, and CBD muscle and joint balm. They are focused on providing relief for muscle and joint issues.

What was the impact of Google’s involvement with Maya Master?

Google supported Maya Master through its Black Founders Fund, helping the company build a software solution that connects workout trackers to recovery programs, offering guided recovery based on exercise.

How much has Maya Master generated in sales so far?

Maya Master has generated over £1.3 million in sales over the past 24 months.

What makes Maya Master’s products different from others in the market?

Maya Master differentiates its products by combining innovative technology and a strong community, while being designed by a former elite athlete. They focus on providing recovery solutions with a unique blend of technology and high-quality products.

What challenges did Maya Master face in terms of competition?

Maya Master faces stiff competition from other brands offering similar recovery products like massage guns and ice baths. The challenge is standing out in a crowded and competitive market.

What is the key innovation that Maya Master is working on?

Maya Master is developing software that will connect to workout trackers, offering personalized recovery guidance based on users’ exercise data. This software is still in development and aims to be a key differentiator in the recovery space.

What is the current business model of Maya Master in terms of revenue and growth?

Maya Master generated £216,000 in 2021, £599,000 in 2022, and £502,000 year-to-date, with a net profit of £48,000. They’ve seen 100% year-on-year growth and aim to expand their business significantly.

What are the expected long-term revenue projections for Maya Master?

Maya Master forecasts generating £60 million in revenue within 6 to 7 years by targeting 250,000 athletes to spend £250 annually on their products and services.

What were the investors’ offers for Maya Master?

Several investors made offers: Peter Jones offered £100,000 for 20%, reducing to 10% once the money is paid back; Deborah Meaden offered £100,000 for 10%; Sarah Davies offered £100,000 for 10%, with a reduction to 5% if the money is paid back within a year; Gary Neville offered half the money for 5%, along with a collaboration with another dragon.