Neil breezes in and delivers a confident pitch with gusto. He ends with a flourish, teasing the Dragons with the prospect of tax free profits.
American Dragon Julie Myer has been left with some fundamental questions about how the invention works as wind power cannot be relied on consistently. Neil, clearly knowledgeable on the subject, explains that the device would never power all the needs of a typical house, but with a battery setup could maybe power the lights.
Dragons Den The scenery has hardly changed, though the Dragons themselves have, with Peter Jones being the only one who has been there for the entire ride. This episode had several potential partners, with one wishing investment for his new found bolt / construction device, while another (from Scotland!) wanted some money for her dog treats.
Shaf Rasul wants to know about the cost. Neil informs him each mini turbine will cost £20 - £22 per unit and that about 25 would need to be fitted under ridge tiles to cover an average semi.
The inventor is again pressed on whether it could run the lights of a whole house and he claims that as long as a household is economic with its lights there is a good chance it could.
Shaf gazes into his crystal ball
Shaf can't see how investing £50,000 in this a very high risk venture will make him money. Even the inventors repeated claim of tax free profits fail to convince him.
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But Julie is curious and wants to know more about the tax free benefits.
Neil explains he wants the company to be registered as an Enterprise Investment Scheme. Julie reveals that all her companies are EIS registered. Neil goes to great lengths to explain to an impassive Shaf that profits are tax free and if the company fails the investors will still get their money back.
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Neil triumphs the invention as zero risk with maximum profits.
After a brief resume of the entrepreneur’s colourful back story Julie Meyer concedes she likes the inventor but not the invention. She can see he has had lots of ideas but none have made any serious money. Dragons are in the Den to make a profit and for that reason she's out.
Shaf wants to know more about Neil's other businesses. He proposes that with another business the entrepreneur could finance the Poweridge development. To have not done so suggests to the Dragon that Neil doubts his own product.
Rattled, Neil makes a last ditch attempt to salvage his chances, pleading that business contacts are more important to him than the money he is requesting. Shaf Rasul admits Neil is a great salesman but if he's not in the Den for the money then he shouldn't be here. He is out.
Neil's blown it. He has failed to convince the Dragons of his commitment to the project and he leaves the Den empty handed.
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The deal done in the Den:
Is The Money In Dragons Den Real
Last updated: 31st March 2010