Making Eggs Leads to Disastrous Errors | Dragons' Den

[Music] hello my name is James seden I'm here to ask you to invest seventy five thousand pounds in my company exactly Limited a boiled egg makes enormous perfect breakfast it's one of the most nutritious foods that money can buy the only downside is a bit of a hassle to prepare first you have to wait five minutes for the water to boil place the egg in the boiling water remembering to set the timer fish it out when it's cooked and finally you have to wash up the pan it's even more of a hassle if you want to cook harden soft-boiled eggs at the same time we've devised a product that makes cooking eggs as easy as making toast it's a sort of toaster for eggs the exactly is based on soft flexible heating elements to half egg shaped elements are forced over the egg as the lid of the cooker is closed this ensures good thermal contact regardless of the shape or size of the egg the elements are heated electrically and are controlled electronically for both cooking time and temperature if we plan to produce a range of products for different sized households the smallest being the single egg cooker which is aimed at smaller households students are ApS and so on it's small and neat and retailing at less than 20 pounds makes a perfect gift purchase we're currently talking to four companies about the possibility of license in the product including home tech who are the makers of the NZ Harriet brand in the first year our turnovers intend to be a million pounds going up to seven million by here for so to summarize this is a brand new product the market for it is truly global and the technology is covered by patent with your help not only will you get a tenfold return for your money but you'll also help millions of people get exactly the right start to their day thank you for listening to me I'll do my best to answer your questions James wants an investment of 75 thousand pounds in his water free egg caca in return he's offering a share of 10% in the business I'm intrigued by the name you said your name is exactly its egg exactly exactly yes very clever exactly the well done James best punted it could I have a look at one of them you may indeed please be a little bit careful with this I'm afraid to you need fresh eggs no this is a hard-boiled egg here didn't didn't leave anything to chance okay so this isn't a product it's not that's not what's called an SLA prototype right so how do you know that it works well I can I hope demonstrate it working this one here actually is one that can work give me a four-minute egg well five minute egg I mean people talk about it three and five minutes egg I've never really understood it because every time I've boiled an egg it's always five minutes to get it the way I like it which is white just white but I want a four-minute egg which is the way I like it and yet the cooker will do it so just do me a four-minute egg Peter Jones wants a four-minute egg James is hoping to impress him with his five-minute egg Deborah Medan already has serious reservations as to whether James's invention is improving on traditional methods what happens at the end and that talking about the element Peter wants a four-minute boiled egg walks out of the room six minutes later how long is heat still being applied as soon as it's finished like this it beats and you see the bezel goes blue then that's it it's done okay you forgot to put the egg in James has made a calamitous error under pressure he's forgotten to place an egg in his cooker Deborah Medan is not amused James I I'm gonna say very early on I'm really not interested I just I cannot say that it's better I just think it's different I think you've tried to solve a problem that doesn't exist and I'm saying up front now I think it's a product that isn't going to sell that I might James has already lost his first dragon and after his disastrous demonstration his chances of investment are starting to look slim he needs to try again as he'll have to prove his invention works if he's to turn his pitch around James on the patent because it's quite important because coming up with products like this if it's not able to be protected you've got a business that's a little bit in jeopardy from this day it starts or at least the day you come out with this idea have you got a registered patent for not just the design but the technique the crucial bit is that which is the element why is this different explain that to me because it's the only one that directly heats the egg that directly cooks the egg and they tried in the past mates or ovens where the egg would sit in a very close oven to work but of course it didn't work because was air in between James what he actually heats up this this thing here is that no that's just the fingers to hold the element against the egg so this heats up that heats up spongy that's right and what have you actually invented the shape the way the whole thing works the the fingers to hold it against the egg and what is what is patentable the the fingers the element and the way the element actually heats is all pans well I think people think I have real difficulty trying to do the same thing it could be quite a quite a good little product James's thorough patent protection seems to have impressed Richard Farley all James needs now is an effective demonstration of the egg we're done I think it's pretty done that - exactly five five and a half minutes I hope it's cooked I'm afraid this one hasn't cooked properly I'm sorry to say but let me let me just yeah I can show you this time you've got to recover quickly from this journey if you can stand it I'll change if you get one chance Jim you've got problems with the concept because you know you can't prove it works yet and I can't really see the product selling so for those reasons I'm not gonna invest and so I'm Oh James thank you with Duncan Bannatyne out James is rapidly losing the confidence of the Dragons only three remain in desperation he goes back to his original prototype to prove that product will work change what are you doing don't look it's back to the future isn't it what is it this is a terribly simple device it's not difficult but if it's not that difficult while we're struggling James's chance of an investment is hanging by a thread he desperately needs to prove the technology works if he's to salvage any interest from the three remaining dragons this one hasn't cooked either I'm terribly sorry I'm just noticing because I've done this so many times but for some reason either this one hasn't cooked either look I'm terribly sorry but it does work I promise you why didn't this one work I haven't got a clue I'm not a good answer I cook millions of eggs with this I tell you I cooked loads maize with it does work I promise you it works and the technologies is so relatively straightforward that it doesn't work it does twice I'll get it back this that easy animals children and electrical products absolutely the fact that you can't show it works and you keep telling me how relatively straightforward the technologies I'm not gonna be investing somehow after an incredible third disastrous attempt Theo Paphitis is out James is running out of excuses and the remaining dragons are losing patience how often doesn't the prototype work every time believe me this one worked absolutely every time I have eggs falling out the kitchen doing this yesterday to get it all working if you got any suspicion of why it didn't work is there a loose connection did it heat up did it I probably hadn't put the thermostat in right I probably hadn't put the thermostat to the right degree a level that is probably all it is there's a thermostat here and I can see in fact looking at it is down low and I'm sorry that's just simply the environment I'm in so I'm sorry if I had another egg I have another go at it but I haven't so I can't it looks to be all over for James he's run out of eggs and cannot prove his invention works only Peter Jones and Richard Farley have yet to declare their positions the attractive side of this is obviously that I could see this selling zillions yes that's the upside the chances of it happening I think are still very low because whether the technology works it's a high risk venture you know so really what I mean what I would be investing in is an invention yes you know without getting opinions on the patents without seeing it working I want a lot a much different percentage and what you're talking about so I'd probably want 40% for company for 75 grand how much like 40% 14:44 zero against all the odds Richard Farley has offered the full 75,000 pounds James needs to get the exactly egg cooker to market Peter Jones is ready to declare his position hi James if we can get this over with quickly I think that this product will sell millions I think you're right is it a business that I would like to invest in is the issue because I think you've got a lot to do I'm gonna offer you 75,000 pounds the whole 75,000 pounds for 35% of your company right in an amazing turnaround James now has two rival offers Richard Farley is offered the full amount for a 40% stake in the company Peter Jones has just undercut the new dragon by offering to do the deal for 5% less but James wants to find out what else they're offering apart from a cash injection can I just ask you what you do for me for that because I do absolutely nothing for you no so mentoring or help if I don't think that you can gain a lot of help from me mentoring you but what I will do is have a clear interest in it fine I'm not obviously to ask Richard what you can do to help I could probably help you quite a bit not with time I can't spend a lot of time on it but I'll give you the right advice I'm a very prolific backer of technology companies a lot of which you've gone to the a market or sold so you know I think I'm probably the ideal investor for you Richard Farley can see a potentially huge return in this high-risk investment and his pitching himself against Peter Jones competition between the Dragons is building and Peter yours gonna be eventual hands-off approach yeah I mean it's very easy for me to sit here and use the terminology I'm a prolific telecoms guru but I'm not going to paint that picture I think the reality is that you're gonna get investment you're going to get support and help and there's going to be a lot of doors that clearly open by us partnering yes strategically I've set up a lot of businesses as you probably will know and I've had my failures but I've had some prolific successes so from that perspective I think that I know exactly how to take products to market Richard I've got an opportunity here I'm quite happy to split the opportunity with you 20% each with your expertise on exit for the company my expertise on commodity sales he's got the benefit of both of our brains maybe we've got a very good business here maybe your dream deal for you really we're now so you get well two for the price of one but you get 20% me 20% Richard and you get your money today and you can't match Peters 35% between you actually if you get the two of us I think you should be very happy with 40% [Music] against what I thought I would say I'd like to accept your deal for the pair of you do it first time ever in the den an entrepreneur who's failed to demonstrate his invention actually works has succeeded in securing an investment [Music] you

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Keywords: dragons den, dragons den uk, evan davis, deborah meaden, peter jones, touker suleyman, tej lalvani, business pitching, entrepreneur, game show, shark tank, dragons, den, best, bits, new, worst, pitches, funniest, moments, most, shocking, ideas, products, businesses, dragons den funny, dragons den 2018, dragons den season 16, dragons den best pitch, peter jones dragons den, egg, egg toaster, peter

Id: 4rvne5GT7-s

Length: 12min 55sec (775 seconds)

Published: Wed Aug 28 2019