Episode 8: Timothy Rooney's Response
Q: Who was the toughest Dragon?
A: Sarah Newman was without doubt the toughest Dragon she went into competition with the other two dragons and made an offer for the full amount of ¤100,000 but wanted a reduced shareholding. As soon as she made her decision, she indicated no tolerance in allowing me time to consider her offer. I felt at this stage that she would be a very hard taskmaster and although the potential of working with her and achieving a successful outcome appear good. I felt that it would be absolutely no fun. For me, enjoying the journey is as important as the results.
Q: Were you nervous?
A: Walking up the stairs, I was peaceful and calm with a smile on my face, ready to enjoy the experience. As soon as I entered the room. I saw five dragons, and not a friendly face between them. At this stage, I became very nervous and wondered what had I left myself in for. I completed my initial pitch and had immediate support from Sean Gallaher. This gave me confidence, and I relaxed and enjoyed the rest of the process.
Q: How did you prepare?
A: I have been working on this project for over two years, and had also attended a number of trade shows, where I had to pitch the concept of Surf seeds. In order to get the timing right I did practice pitches to both my family and friends.
Q: Was it as you expected it to be?
A: Yes, the set was very similar to the UK programme, and I had watched a number of these on U-tube. What was wonderful was the enthusiasm with which the dragons showed for my product. This was far above my expectations and reaffirmed that Surf Seeds, has great potential.
Q: Were you surprised by some of the questions?
A: There were no major surprises in the questions and covered all areas in relation to the product and its development to date.
Q: Who was most interested in your idea?
A: Sean kicked off immediately, with interest and had an immediate vision for the product. He made the initial offer of ¤50,000 for 10% of the company. Bobby joined in and covered the second 10% for another ¤50,000. At this stage, Sarah showed interest and offered the full ¤100,000 for 25% of the company. The two other dragons, spoke highly of product, but were not in a position to invest at this time. Overall all the dragons showed an interest in the surf seeds and three offers were received.
Q: Would you have done anything differently?
A: I couldn't possibly see me doing anything different, as it was the perfect result.
Q: Has entering the den changed your perception of business in any way?
A: One of the bigger benefits that will occur from entering the den is the business network that such seats will be exposed to. This may well exceed the monetary investment that the investors are putting in.
Q: Would you recommend applying for Dragon's Den to any other budding entrepreneurs?
A: I would definitely recommend entrepreneurs to pitch their product/service to the den.
Q: What does this mean to you personally?
A: It is a wonderful way to receive recognition publicly for a product that I have worked on for many years.