British Inventors and entrepreneurs Chris Barnardo and Richard Blakesley entered the Dragons' Den in the Uk in August 2010 with their revolutionary new invention - The Magic Wand Remote Control.
As partners in their enterprise Kymera they were seeing for a £200,000 speculation in return for a 10% stake in their company.
Harry Potter
The Kymera magic wand is a buttonless universal remote control that resembles a traditional Harry Potter-style wand and controls any infra-red gadget straight through a series of different flicks and swishes. It was later described by one of the dragons as the many invention ever seen on dragons den.
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The partners arrived with impressive Cvs for both themselves and their product. They have over 40 years combined palpate in the electronics store and previously worked on the kameleon universal remote control which sold colse to 2 million units back in 2002.
The magic wand remote control was launched in late 2009 and sold colse to 10,000 units before Christmas. They also make colse to a 200% mark-up on the product and were projecting a £600,000 net behalf for the coming year.
They also announced a deal they have with the Us internal flight magazine Skymall. One of their distributors plans a promotion of the product with them which could be viewed by as many a 600 million passengers over the next year.
When negotiations started all 5 dragons made £900,000 worth of offers for varying levels of equity. The offers were:
Duncan Bannatyne - £200,000 for 30% equity. Dropping down to 20% if the projected 1st year profits were met.
Peter Jones - £200,000 for 25% equity.
Theo Paphitis - £200,000 for 20% equity. This would fall to 12% if behalf projections were met.
Deborah Meaden - £100,000 for 20% on the assumption an additional one Dragon would match her investment.
James Caan - £200,000 dropping to 10% if behalf expectations were met.
After a brief conference the pair were initially drawn towards Theo Paphitis' offer assuming that he held the many connections in the retail market. Duncan Bannatyne refuted this claim and came back with an improved offer of £200,000 for a 20% stake. This would then drop to 10% if they achieved their behalf forecasts. This offer was abruptly approved by the duo.
The Magic Wand Remote control is now unbelievable to be one of the best-selling products of Christmas 2010. Its popularity is also unbelievable to grow with the issue of the Final two Harry Potter movies in late 2010 and summer 2011.
The 'Harry Potter' Magic Wand Remote control - The most Invention Ever Seen on Bbcs Dragons' Den