Dragons’ Den’s ‘most successful product’ sells globally – cast labelled it ‘ridiculous’ | Personal Finance | Finance
As the hit BBC show, Dragons’ Den has returned for its 20th series, many viewers may be wondering have any of the ingenious and inventive ideas from the reality television program have ever been a success story. Husband and wife duo, Neil and Laura Westwood, entered into the Den in 2008 seeking investment for £100,000 for a 15 percent equity stake in their company, The Magic Whiteboard.
The Magic Whiteboard, which the couple first created in 2006, is a roll of A1 whiteboard sheets that will stick on anything needed, all thanks to static.
After the incredible idea was showcased on Dragon’s Den in 2008, Neil and Laura’s Magic Whiteboard received a £100,000 investment from dragons, Theo Paphitis and Deborah Meaden.
They could see the pair’s vision and offered them an investment of £50,000 each, despite Peter Jones thinking their idea was “ridiculous”.
They gave the Dragons’ 40 percent of their business in return for the investment.
READ MORE: Dragons’ Den pitcher left with nothing – but the brand’s value is now worth nearly £50m
The Magic Whiteboard is now an office and classroom must-have, and in these times it is also the perfect tool for those regularly working from home.
Since the show, the pair have seen a lot of success and have even bought back their shares from Meaden and Paphitis have given them a return of £800,000 from the original £100,000.
In 2014, Neil and Laura regained full ownership of their Magic Whiteboard company.
By 2016 they had sold one million copies and their product continues to grow.
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Co-founders Shane Lake and Tony Charles entered the Den in 2007 seeking a £100,000 investment in exchange for 11 percent equity in the business.
Although Peter Jones and Deborah Meaden quickly opted out of doing business with the duo, offers of £100,000 were eventually received from Duncan Bannatyne and James Caan.
Sadly for these two Dragons, this investment would later collapse, with a higher funding offer of £150,000 coming from an alternative source.
In 2018, hungryhouse merged with its competitor JustEat and ceased trading under the hungryhouse moniker.
The online takeaway service was acquired for £200 million, spelling out a huge win for the business-savvy Shane Lake and Tony Charles.
Dragons’ Den is available to watch on BBC iPlayer.
