Hugh Roper and Nathan Wills came into the den seeking a £75,000 investment for 10% of their business Torch Europe.
Hugh and Nathan produce stylish cycling helmets with lights on the front and back. The dragons on the whole were impressed with the products and showed initial interest in the investment opportunity.
The products has the benefit of being an extra safe way to cycle and retails competitively for around £85 RRP, a mid-range price within the market.
However, it becames clear that Hugh is already a multi-millionaire and has come to the Den for the expertise rather than money, and the Dragons also find an issue within the product’s patent. The patent only covered the design of the helmet and did not protect the concept, which would mean that any company could add lights to their cycling helmet.
The revelations dampened the dragon’s original enthusiasm for the investment opportunity and subsequently one by one declared themselves out.
Hugh and Nathan left the den with no cash but a whole lot of good publicity.
Torch are not the only cycle helmets on the market. See these competitively priced alternatives at Amazon.