Pioneering new invention grabs the Dragons’ attention! | Dragons’ Den – BBC

Next into the den is Sussex based serial inventor Stephen ransom I Sit down and look at what problems are in an industry and then try and solve it with technology. I Hope that they see the quality and thought has gone into the product Hello dragons, my name is Steven ransom And I’m here today to ask you for a ninety thousand pound investment In return for a 20% share in our business brighter bikes The brighter bike indicating system is a wireless indicating and braking system that fits easily onto any handlebars onto any helmet Seat post or any backpack the cyclists come now for the first time indicate, right Indicate left and break We have a patent on the key aspects of the design and we have an EU design patent pending We are looking for a dragon or Dragons to help us bring this system to a potentially worldwide market Thank you for listening. And would you like to see the product? And indicating and brake light system for bicycles but your helmet on yeah, yes is the offering from Stephen ransom Who’s looking for 90,000 pounds in return for a 20% share of his business Tej Levani wants to know more about Stephens Eureka moment Hi Stephen, I’d like to find out about Your background. How did you come about this invention? And what did you did before? Okay My business life soft in 2004. I was following a truck That was having real difficulty in reversing into some factory gates and I asked the driver if he had any aid to help him reverse and he said the guy who invents something for me for that is going to be a bleep bleep bleep millionaire and That gave me the idea to begin a business installing cameras and Proximity sensors into large trucks and as you become a millionaire Not yet now This business here grew out of that Are you the only company doing? Indicator lights for cycles. Well a lot of the systems out there they haven’t thought about Handlebar. Oh, right. There isn’t one single indicating system that has a little button on each side So existing systems don’t have the indicator buttons on the handlebars what you’re saying? No, there’s nothing out there on the market That does what this system does to the same degree of simplicity and high visibility So manufacturing price 63 pounds at the moment because we are we are manufacturing in the UK selling price 145 pounds The price of Stephens product has set alarm bells ringing in the den and Retail magnate touka Suleiman is concerned that persuading ordinary cyclists to buy it could be an uphill struggle Steve what? I’m trying to get my head around because I think if you said to me we’re selling it for 69 pounds That then gives you a product but you can go out to the market. Yes and selling volume or even online This is just one arm of the business that we see because another huge market that is developing is called last mile Which is where supermarkets looking to use a cargo bikes in order to make their last mile deliveries We want to be first in the market in a potentially very large indicating and breaking market for cycles So, what are you predicting that you’ll sell then a new one with my investment we want to sell thousand units But then we would hope with those thousand that have gone out to all the key decision makers traction has been drawn from our website We would hope to sell 10,000 in the second year. That’s what we’re hoping for I’m struggling to get convinced about the demand for this product and I feel like we’re grasping its potential sales figures for the future when we talk about year one having a thousand units out with employers and then going tenfold I Would call that fanciful projections my experience in the other business that we have is that proven technology usually drives legislation Already in Holland. It is obligatory for faster electric bikes to have breaking lights Well if you’re waiting for legislation to make a sales push for you I wouldn’t devour you. If you need to create a product that there’s a real demand for You’re a great inventor But I’m not sure we’ve hit quite upon the one that’s really going to make us Millions Wish you all the best but I’m out. Okay a Letdown for Stephen as the cashpoint queen punctures his hopes of investment Will Deborah Medan get things back on track? I actually think legislation is the driver As soon as people sniff legislation on the horizon That’s when the marketplace starts holding up already in the Netherlands those indicators and brakes are put on the rear Either on the rear mudguard or on the seat post and so this will mirror that exactly That could be an issue that even couldn’t it because if that’s legislation Every bike manufacturer will incorporate that into their bike as standard so we could go down the next 12 months developing the product Yes, but actually in two years your product becomes obsolete We don’t let that faze us Five or six years ago when we were in the camera industry. He would say that market hardly existed, but now Nearly every truck comes with camera systems and sensor technology We want to be known as the people who can solve bicycle indicating and I mean Steven look you’re your biggest threat really is legislation I believe When that does happen bike manufactures are definitely going to go straight to us developing their own systems on the bike Which means you may struggle? So on that basis, I’m gonna have to say I’m out Do you mentioned about your other company you must have some big customers? Yeah we do. Um, so who would they be Well, our first customer was fantastic was Tesco. Oh, right, okay Sainsbury’s we supply cameras and screens to science berries, we also supply Stobart and Last year as a business, we turned over 1.4 million and we had a net profit of three hundred ninety five thousand So Stephen you’ve come for an investment for a business that doesn’t exist You’ve invented a product that still unproven because you have made any no So for ninety thousand, could I invest in your main business and include this in it? Don’t even go to the wall on that one Yes is the answer good The entrepreneurs willingness to offer up a slice of his already successful business as part of any investment has whetted Tuco Suleiman’s appetite for a deal and Deborah Medan seems impressed by Stephens business achievement to date You have actually got a track record of a good nose I call it. Thank you And I’ve got a good nose. Oh, you know, it’s just that thing that there’s something here And actually Once you’re part of a field you can actually start driving the legislation That to me is the big piece of work here that says actually we can be part of this Which I find quite exciting So I’m going to make you an offer it is for the whole company And I will recognize the fact that you’ve got a business. It’s already making a profit of four hundred thousand pounds It wouldn’t be right of me to ask for 20% of that business I’m going to do a very unusual things In the door for you ninety thousand pounds but I want 15% lower than the percentage you’ve asked for, but I want it for the whole business Okay, thank you, I don’t know what to say On offer all of the money in return for 15% of his entire business Stephen may be at a loss for words, but Peter Jones, most definitely isn’t Stephen I really like the product. Thank you. The other thing is I actually really like your other business. I Think there’s real innovation to come actually and there’s a huge market potential really exciting marketing And it really doesn’t surprise me that miss Medan has stepped in straightaway because she sees the bigger opportunity. I Was almost hoping that she would say a slightly larger percentage But she didn’t So Steven, I’m gonna offer you all of the money For your whole business For 15% so the same is Debra. Yeah, it’s funny that The race is on to clinch the deal with Peter Jones in tandem with Deborah maidens earlier offer Is touka Suleiman preparing to make a sprint finish of his own I’m gonna make you an offer but I’m gonna make it a different way. I Don’t want to feel that you’ve come into the den and I’m taking advantage of getting to your other business So I’m gonna offer you all of the money But I only want 10% of your main business And I want this to be a separate business, but I want 40% of that because I’m gonna add a lot of value for this So 10% of the main business and 40% of this. Yes Three competing offers are now on the table two identical 90,000 pounds for 15% of the whole business and one very different The time has come for Stephen to signal his intentions I’ve read all of your backgrounds And I would love to say I’d love to take all three of you But the two people most prominent in my mind or a piece when Deborah Please don’t take that the wrong way Tucar Steve I guess on that basis. You don’t really want me investing your business. I’m out Well, it would be wrong to say that Tucca . yep concentrate on us .cuz that’s fine concentrate on us Well, then would you two be able to work together ? I Would be happy to offer you half of the money For seven and a half percent of the whole piece. Yes And I’d be happy to offer you half of the money for several a half percent I’d be delighted to go ahead Firstly I think you made an excellent choice there Success for Stephen who rides away with to business pacesetters and That small matter of 90,000 pounds tucked safely in his saddlebags I’ve been on a roller coaster and just elated can’t quite believe it I’m surprised thought there’s no way we’re gonna get it Hopefully that makes you feel better It’s real this happened I’ve got two investors