Entrepreneur Fails Peter's Impromptu Test | Dragons' Den

[Music] hello my name is Jarret omni and I'm here today with my new business called the knowledge I'm looking for an investment of one hundred and fifty thousand pounds in return for a 30% stake in the business the knowledge is a premium rate telephone helpline which uses licensed London taxi drivers to provide directions and live navigation to people who are lost in London everyone knows that when you want to know the time you ask a policeman and if you want to know where things are in London you ask a cab driver and that's because of the amazing unique world famous knowledge that they have of the city so how does it work well we have created a virtual call center that uses London cab drivers working from home the caller pays for this through its telephone bill now the cause of charge at a pound a minutes using a bt landline current predictions are we're working on a forecast of about a 30% profit margin after three years and a return on investments overall after five years of 39 % per annum there's also the ability to cross-sell we can refer people to hotels and restaurants and get Commission on that sort of arrangement so to sum up we think we've got a unique product we think there's a large market for it we think there's proven demand and it's highly scalable and underpinned by this unusual business model highly profitable but don't take my word for it I have a telephone with me if any of you would like to try the service and see for yourself gerard tom nate is asking for a hundred and fifty thousand pounds to market and promote his premium rate phone line where people who are lost can call London's famously knowledgeable black cab drivers for directions he's hoping a practical demonstration will convince the Dragons to invest Jarrad hi I'm Peter happy sir I think we better try the service first okay so talk me through it what do I do taxi driver please have a safe journey please wait this is a disastrous start for Gerard his crucial demo is failing and telecoms magnate Peter Jones is not impressed Peter you might want to hang up and try again hang up and try again what depends wait on the call but how many people are calling this service at the moment not as many as we'd like but the reason that's not being answered is because either people already on calls all the taxi drivers getting to the telephone okay so Joe it's not no good start really and find how to explain wait it's not a good start is it it's not a good start name Gerard we'll have to work hard now to gain the Dragons confidence for Peter Jones it may already be too late so why would we not use other services that are out there today why is your service so much better well because of the expertise of the people at the end of the phone and well that's if you can get them and I'm sorry that's I'm sorry you didn't get through but the expertise is explaining on the pitch it is well classed and it's unique at the moment the services have seriously unique I'm sorry it's unique the service it doesn't work you're so I'm sorry beyond your experience it doesn't work but we're not just proved it doesn't work you text driver because it's a virtual call center okay I don't care I can't see what's going on care ok because I am now stuck in London in a pouring rain yeah and I've dialed your service I've just spent a pound 50 and I've got nothing back I'm never gonna call you again because it doesn't work right you need to close this down fast give up go back to your day job and stick there don't even contemplate doing this business it is a dead end business is going we're fast I can't invest I'm out Gerard has been roasted by Peter Jones who's pulled out immediately Duncan Bannatyne wanted to know how many people are using the service for many minutes are you selling their week per day per month whatever not terribly many at the moments we've had it we've had about many minutes how many minutes heard there per day if I had if I had 15 minutes a day I'll be very happy man so you're getting 50 minutes not a day not getting we're not getting a massive core volume so you get less than 15 pound per day what we have learned in the trial period is that when we advertise we get calls when we don't advertise we get fewer calls so far Jarrod's only managed to generate tiny amounts of cash from calls to the helpline the dragons are astounded now Duncan Bannatyne needs to know what other potential income streams could possibly justify a one hundred and fifty thousand pound investment you mentioned commission from hotels etc yeah tell me about that explain that the plan is and we're not we're not doing that at the moment save it well the only arrangement we have at the moment is with the Holiday Inn every marathon runner this year in their little goodie bag at the end had one of our business cards co-branded with a Holiday Inn on it on the fronts and the back it gives their telephone number and their web address so if there's an example of in a major brand that's co-branding with us that likes the concept who has actually tested it and we're happy to give it out to 39,000 Martyn Lannister are you telling me that there are 39,000 cards out there already with your telephone number on yes and you're taking 15 calls a day 15 50 50 pounds a day fine it's a day yes absolutely ludicrous and I am out the dragons are picking huge holes in Gerard's pitch Duncan Bannatyne thinks it's riddled with flaws and is the second dragon out condemned even find any redeeming features in the business Jared III I am gonna be able to quick on this one yeah there's a problem with this business it's a in a declining market because it's never been so easy to find your way to anywhere there's more cars with sat-nav and there's much easier routes to find your way so maybe 15 years ago this would have been a really good idea but I actually think you've got yourself into a declining market for that reason Gerard no point coming back to me I'm out Jarrod's hopes of investment are collapsing fast now only Theo Paphitis and Richard Farley stand between him and expulsion from the den this is probably one of the worst business ideas that I've seen you said you've given out 40,000 business cards with your business name on it yeah from that you've generated 15 minutes a day that is real market research not asking a hundred people what they think so I'm struggling to find any reason to invest whatsoever even if I was Bill Gates thank you very much you're right thank you but I'm out Gerard's bid to secure a hundred and fifty thousand pounds is all but over only Theo Paphitis remains if I get into a black cab yeah in central London how much does it cost per minute I don't know is the answer but you know what let me have a guess cuz I don't know either but an educated guess would be it'd be cheaper then ringing you so I'd be better off jumping into a good old British black cab wherever the weather who will take me to where I want to go and that'd be the quickest way to Pharma Rouge and last question how many cab drivers have you got working for you at the moment well we have thirty trained the cab drivers hand-picked today I how many are on duty today before I came on here there were three there so I don't know why one of them didn't there was three yeah one of them his mum rang up the second one his wife smacked him over the head and said you got to take me shopping mate yeah so he's gonna shop in the other ones didn't a bit a DIY in his cab right and your phones are not being answered that may be right if we're they only had one landline but we've put we put separate landlines in so that if their mother phones them they know that it's not it's not it's talking to Mum and she's far more important no but he's but if cab drivers love their mums right they'll be towards their mums before Arthur so basically you're relying on three guys to deal with a network no this isn't a real business is it yes it is if you get a hobby everything you've told us yes goes against basic principles of business I would rather pass a kidney stone and invest in this this is so painful I can't tell you I'm out Gerard learn it after a disastrous demonstration he felt the full force of the Dragons Roth and failed to convince them his business had any potential whatsoever 15 phoned the deer so that would be st. Peter who I hope he doesn't ring his service up to find a way home now well Theo describes as painful Gerard was it as painful for you as it evidently was for them it certainly wasn't comfortable and I was surprised not to mention disappointed at the fact that the demonstration didn't work catastrophic really for a pitch when the demo goes wrong there are a number of explanations for that but the fact is you know they didn't get through and you know I'm very keen to get out of here and find out why [Music] you

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Views: 507,991

Rating: 4.8232517 out of 5

Keywords: dragons den, dragons den uk, deborah meaden, peter jones, touker suleyman, tej lalvani, business pitching, entrepreneur, game show, shark tank, dragons, den, best, new, worst, pitches, funniest, moments, most, shocking, ideas, products, businesses, dragons den funny, dragons den 2019, dragons den best pitch, peter jones dragons den, peter jones angry, jenny campbell dragons den investment, Gerard Tomnay, the Knowledge dragons den, dragons den season, dragons den season 17, old dragons den

Id: nf4zNLxJZnY

Length: 11min 22sec (682 seconds)

Published: Mon Jan 20 2020

Reddit Comments

[u/reebokpumps]

Dragons Den is so funny compared to Shark Tank. I saw a clip of someone trying to get money and their business had made -2,500 bucks. One episode had a shitty no name band as an investment and four dragons put in an offer lol. Wouldn’t surprise me if someone came on trying to get the dragons to buy their leftover dinner from the night before.

[u/SyndromeSadness]

Does this guys business not realize GPS exists?