“It’s Just a Bloody BOX, You’re Winging It!” | Dragons’ Den

I love battery its opposites attract banking Zuzu go along in life thank you and that takes hopefully we're doing something Steve ease lots of wacky ideas he's a bit of a one-off yeah see if you'd rather our goal was a huge the markets colossal is the whole world and if we get a dragon on fire you know they could really help us really excited yeah [Music] hello dragons my name is Steve and this is Duncan and we're here today to show our product sink box the world's only fully covered recessed power and TV point we're here to ask for 55,000 pounds for a 20 percent stake in our business our business is home cinema installation and recently we've come across a major problem with flat screen TV installation flat screen TVs now are extremely thin and it's impossible for us to hang a flat screen television onto the wall now largely due to the amount of cabling and physical connections that required behind the television so we come up with an idea where we tried to find a solution using existing sockets and existing connections but recess in them into the wall we've done some research and there was nothing on the market so we decided to create our own TV Point recess socket it's adaptable worldwide so no matter what your Parekh wireman SAR or your TV requirements in terms of the connections it can be adapted with that cover plate on and all them cables and connections recessed you can paint that and actually wall color in or match any electrical furniture with the additional cover plates that we do so it really does sort of make single box quite a unique product and very special we've sold 2,000 units in our first year we distribute through six distribution companies within the UK that cover three markets electrical aerial and satellite and also home automation we also have this six distributors within Europe and we have sold UNIX to 14 countries 14 countries now we hope that's giving you a snapshot and a little bit of an idea of what sync box is all along with one of the biggest [Laughter] we've received a specification or an estimate or an inquiry from the UK's largest developer 2,000 units for a large set of apartments going up in London we're also getting inquiries from countries like Dubai for new hotel developments like 700 room hotel developments etcetera where they won't put one in each room so yes oh yes the distinctly relaxed pitch from entrepreneurs Steve noise and Duncan summers they're hoping to tie up an investment of fifty five thousand pounds in their solution for tidying unsightly TV cables on offer in return is a 20% stake in their business but first at all Sarah Willingham wants to untangle some of the detail in their design hi guys Sara technical department sit this is not my thing that so I'm probably gonna ask you the most basic questions because I'm just trying to understand it is this something that you that you put up so that it looks good prior to putting a TV on yes yeah there's two big things we sink box one is the practical solution for Installer in the homeowner who doesn't want to see that example wants to see that yeah and they have a big thing is because it takes that traditional power and IV point on the wall which are all eye level nail so aesthetics are really important it really does look pretty much inch I get that now but what I don't really get is are we literally talking about saving the dinar the amount on a plug like what what a nerve centimeters the plugs only one post it's the IV connections as well so you got HDMI lights and generally you're working about 60 70 mil just to get this in today's world a new TV yeah if you don't want it to stick out more than the bracket basically yeah then you have to stick this box inside your wall yeah okay I can you've got a full connection to your television points are cover play over it protects the cables guys this is very neat but it's kind of not rocket science right right yes this is fun but if you want investment we're gonna have to get information front okay yeah have you protected anything in this or have you just come up with yeah that's cool there's three registered designs that we're taking out for sink box and that includes the singles itself the cover play and the bat box so who are your distributors we mostly getting--we're XL Senate who are actually the biggest electrical wholesaler in the world they owe 139 billion pound company we've also just recently gotten with CEA I love you be in our city literally a couple of months have you got any board orders this is cuz obviously we've got the distributors so when the the only starters now even got any forward orders but I love an honest answer Deborah Medan may be in sync with Duncan and Steve so far but for touka solomon their easygoing approach is proving less attractive [Music] you're like a double act yes but I'm afraid it's our hard-earned money and you want us to invest in your double act no we want you invest in the business in the business but the business at the moment has zero orders the motors are there those contracts sir well we've there William we have there were in place before six distributors or some industries in the UK okay you've got work in progress how much work in progress you've got in China investment is to call over another guys you're loveable I think you've got zero orders up front that tells me that there's no business for that nursin yeah I can't invest in you I'm out how much they sell for they really tell it 55 60 65 so what's your revenue to date okay 40k in how long one year one year oh you make any profit on that very small block we project in for the next year six thousand units one hundred and twenty K turnover with 34 net and then year two we project in 18,000 units of a turnover about 360 16 and then year three we're projecting a million you guys are quite funny you're like the Chuckle buzzers for business yeah you've got a business behind this haven't you yes yeah tell me about that business we turn over about 120 km can you two guys manage all the installs people come to your new AV yeah and you thought you know what put a box in the wall we were always recessing TVs in we're just create a recess box that goes back a little bit so you can get the point in a nutshell pretty much yeah one of the issues that I can see with this here a lot of plugs come with it with a wire attached and the problem with that is it's not terribly flexible so you're gonna have to really yeah that plug it that's that's what we've come on you then you've got to get you've got to have dainty little fingers to get your fingers it's awkward it would have been nice to have just you know a little bit of a bigger one so you got a little bit more room for the jam that cable in in short you have overdressed a very very very simple product which exists in many different formats but the issue is you want your plug to be too bit to be recessed but that's it I'm out Nick Jenkins and Peter Jones appear united in the view that Duncan and Steve have over engineered the humble plug socket but despite their doubts Deborah Medan is undeterred in her quest to search for a possible deal how much have you put into the business so far so we've put approximately 70,000 in and that's through a mixture of credit cards personal loans and cash do you owe anybody any money to share that information with me - no not really sorry you just said we have a couple of Pindo not really no we have anything I'm really only Tim that only tonight our sales yeah but matters so do you have you got directors loans in the video there's two directors Hannah yeah what I've gone I've gone then affiliate so we're only looking at about 45 to pay them back 45,000 yeah pay them back yeah however casual you try to make it sound 45,000 it's only 10,000 pound less than you're asking me to put in and have you got enough to pay back the loans now not to doing full but we've we've upped the repayments and stuff just the clear guys you just spoilt it so to them a personal loans on my Steve yeah so they're not in the business what's in the business Oh in actually in the business yes for any kind that's it that's from the bank from the bank okay could the entrepreneurs have lost their biggest supporter so far in the den while Deborah Medan makes up her mind Peter Jones is ready to have his say guys you've brought up my day good it's sometimes nice to meet people that have a bit of fun and you've obviously practiced it I think that you might have something that people will use you've sold 2,000 see you've got proof of concept but I think that it's a very it's a very small market and I think you'll sell a few not something for me so for that reason I'm out [Music] three dragons so far have failed to see any substance behind the entrepreneurs smiles but has the experience of a previous investment in the den persuaded Deborah Medan that she could plug into what they have to offer I think you have something here I was listening to it's rubbish it's useless and I'm thinking you know what I mean the good news I sit here with Grippit fixings last year with people saying exactly the same thing and you know with taking over the world it's fantastic I must say I do hate what goes on behind my television I do think it's untidy you know and and it bothers me and I've never seen the recessed bit I've seen the flush bit I've seen it in the floors and all the rest of it never seen that I can see a lot of installers in electricians people doing what you're doing thinking actually this is something lovely that we can add you know we can all make it look lovely and tidy so I like it I'm gonna make you an offer I know if only the money and I want 35 percent of the business [Music] an offer in the den and one to seriously consider from a dragon well-connected in this market only Sarah Willingham remains and with no prior experience in this field will she dare to compete I must admit I kind of agree with Debora I think you've got something I'm gonna make you an offer I'll match Debra's offer so that's all the money for 35% or I'll go halves with Debora how'd you feel about that Empire I have to understand why I'm going half with somebody and on this one I've got all of the people you're dealing with you're talking about I'm dealing with already and more with Deborah Mead and unwilling to share in a deal the audacious matching offer from new dragons Sarah Willingham has created a standoff in the den the tables have turned it's now the entrepreneurs chance to ask the questions Sarah your backgrounds restaurant chains and etc would there be a route to market or would there be connections that you've got to help us get sync books to market I've got to be completely honest with you I know how to grow business and I've done that in lots of different industries on many occasion never in this particular industry there were that product you mentioned the possible fix it yeah into the UK tri-county it's everywhere it's it's wick screw fix B&Q it's it's only now in the u.s. it's everywhere and that's started last year I can't know what it's turnover was but it was tiddly it's now doing more a month than you're talking about doing in your first he is you know I mean it's a it's it's gone stratospheric can we have five minutes please Duncan and Steve have two offers to consider but are they willing to give up 15% more of their company than they bargained for to either of the Dragons involved yeah well Deborah would you consider 30% no I'll tell you why I know what I've got to offer you our ceiling was 30 and it took us two days logging out to sort of get to that do you think you could hit that magic thought you've seen that we're looking for what I would be prepared to do is some kind of buyback in the future at today's rate and you can buy me back down to 30 as soon as there's enough cash in the business to do it at today's rate I don't I would be I'd be happy with that there are you entertainer like a ratchet or a buyback kind of look at that look at that look if you think for one second that great big beam is going to check now what it has I will give you the option for 12 months to buy back 5% at the price that I paid for them that gives you the incentive within that short period of time to really really work on this [Laughter] an early deal in the den the Deborah Medan is charmed into thinking outside the box with a ratchet agreement to secure her investment in Duncan and Steve's company we're absolutely delighted and it was lovely Deborah was lovely when she sort of smile which I kind of done a bit deliberately yeah yeah you

Channel: Dragons' Den

Views: 1,240,338

Rating: 4.881609 out of 5

Keywords: bbc iplayer, british tv shows, watch british tv online, dragons, best, new, pitches, funniest, moments, most, shocking, products, businesses, peter jones, deborah meaden, dragons den worst pitches, dragons den funny, dragons den 2019, shark tank, new dragons den, new shark tank, tej lalvani, touker suleyman, air oasis ltd, vacuum wars, kirby vacuum, paul lobo, barry ritchie, dragons den its just a box, simple inventions, Steve Noise and Duncan Summers, dragons den Syncbox

Id: GHtIggQb0qg

Length: 17min 31sec (1051 seconds)

Published: Sat May 30 2020