Dragon’s Den: Magic Whiteboard – Transcript and vocabulary list
These are the dragons –
five multimillionaire investors on their
way to the den. There they will once
again make or break the business dreams
of dozens of budding entrepreneurs.
‘My first look at this, this is...this is
almost ridiculous.’
‘You've just got a competitor who is about
to eat your lunch.’
‘I'm a technophobe and I'm tone deaf. So
where do you want to start?’
‘There's something about this that makes
me very, very uneasy.'
‘You fell out with your previous director,
and do you know what? I think you'd fall
out with me as well.’
The dragons know how to succeed. Five of
Britain’s most enterprisingand wealthy
business people, they built up their
fortunes from scratch.
James Caan made his millions creating a
global business in the recruitment industry.
He now heads an international private
equity firm.
Glaswegian entrepreneur Duncan
Bannatyne’s three-hundred-and-tenmillion-pound business empire includes
hotels, casinos and health clubs.
Deborah Meaden earned her fortune in the
holiday and leisure industry in the West
Country.
Theo Paphitis is a retail magnate who has
transformed the fortunes of high
street brands like Ryman, La Senza,
Partners and Contessa.
Peter Jones has built up a multi-million
pound empire with a business
portfolio that ranges from telecom and
leisure to property and media.
In the den, the dragons are ready
to back the right businesses with their own
money, but tonight will anyone convince
them to invest?
All the entrepreneurs who step into the
dragon’s den think their business idea or
invention could make a fortune…with the
right backing. They’re ready to face tough
questioning in order to convince the multimillionaire dragons to get on board. The
dragons have cash to invest, but it’s their
own money so they’ll only select the very
best.
First in the den today are Neil and Laura
Westwood from Worcester, who hope to
have what it takes to attract a one
hundred thousand pound cash injection
into their family firm.
Hello, my name is Neil Westwood, and this
is my wife, Laura. Today we are seeking a
hundred thousand pound investment for
fifteen per cent of Magic Whiteboard
Magic Whiteboard allows you to create a
portable whiteboard from a roll, anywhere
in seconds. Each roll contains twentyfive perforated sheets; it’s twenty meters
in length and you can see it sticks to any
hard flat surface without the need for tape,
tack or glue. You write on it like a
traditional whiteboard, and it erases in
exactly the same way. Plain paper also
sticks to it without the need for tape or
tack. You can see it sticks to glass as well.
We have secured the sole
and exclusive distribution and selling
rights to Magic Whiteboard in the UK and
Ireland. We also have the option of
expanding that to other worldwide
territories subject to negotiation.
We’ve been trading now successfully for
two years. This year we expect to have a
turnover of a hundred and fifty thousand
pounds. In year three, our turnover will be
three million pounds, which will be a profit
of one point four million.
Neil and Laura Westwood have made bold
claims about the future profits and
potential global market for
the innovative portable whiteboard for
which they’ve
secured exclusive distribution rights.
You’d make a great secretary, Deborah.
never heard of it.
Read that, Duncan.
Why haven’t you been breaking down
my buyers’ doors?
Thank you, Duncan.
To scale up their business, they need a
hundred thousand pounds of investment in
exchange for fifteen per cent equity. But
something seems to be bothering Peter
Jones.
Laura, Neil. My first look at this, this is
…almost ridiculous. Why would I use this?
Well, if you’re a trainer; if you do any
group work…
Well, I have a whiteboard.
But if you’re like a consultant, for
example doing any training…
I’m going to carry that around in my
briefcase?
For example, in my job, I haven’t always
been to the venue that I’m going to train in
before I get there, so I don’t know what
facilities are going to be there, all I now
need to carry is that.
…whereas before I might have taken a big
flipchart stand, I might have taken a big
flipchart pad…
…all I need is that.
So you put that up on the wall and you
write notes on it?
It’ll stick to anything.
It just feels ridiculous.
Can I borrow your pen?
It’s an unusual but unambiguous ‘out’
from Peter Jones, and a massive blow to
the couple.
Thank you.
Theo Paphitis made his millions
running stationery chains; now he wants
to know, if it’s such a good idea, why he’s
The man is reason is because we’ve got
other jobs, but we’ve waited for this
opportunity really to speak. you know, to
your expertise direct…
What about the job?
Well, I work for the chief executive of a
hospital in Worcestershire…
And what does Laura do?
I’m a commissioning officer for the local
authority.
Assuming that I gave you a hundred
thousand pounds, what are you going to do
with it?
We want to invest in a sales team.
Sales team? OK. You’d employ a salesman.
Yes.
That’s it?
We need a salesman…but obviously…that
salesman and ourselves - we’re not going
to stop doing it – generates sales. We need
to have everything in place to be able to
cope with the increased orders that we’re
going to get. Because at the moment, the
orders come in and I am…I am the
distribution network at the moment. So I
go every day to the post office and take the
rolls.
Neil and Laura’s home-grown business
may be big enough for the two of them,
but is it big enough for a dragon? Duncan
Bannatyne wants to get down to figures.
How many of these do you sell on average
in a week? How many of these do you walk
into the post office with, and stick in the
post office?
Fifty a week. We’ve just had a…you
know…a big order, to Norway, and we’ve…
How much?
Four hundred and seventy-two rolls.
Just over a pallet.
How are they paying?
They’ve paid in cash.
adopters' market like Japan has whetted
the dragons’ appetite for its potential
elsewhere.
Now, Deborah Meaden wants to interrogate
the self-effacing couple on the business
deal they have with the inventor.
What does it cost you for one of those?
Your exclusivity agreement is on that
product full stop…
It costs us seven pounds a roll.
Yes.
What do you sell them for?
…or on that product used as a whiteboard?
We sell them for twenty-nine ninetynine retail.
No; the product full stop.
I like it. I like the business, now; I like the
two of you. What I’m concerned about is
that the market isn’t big enough to make
this a business that could take an
investment and give the investor a return
at some time. I’m worried that the total
market is too small. That’s my only
concern.
We estimate this market’s worth about
probably a hundred million pounds. The
product itself is currently selling over two
hundred thousand rolls in Japan…
Japan currently buy two hundred thousand
rolls a year?
Yes. People use it in nurseries for drawing
on; people are using it to block out
windows in some flats, in you know
bathrooms and things like that. We
didn’t anticipate that market, but people
are buying it for that purpose.
It’s beginning to sound quite interesting.
The Magic Whiteboard’s success in an early
So you could sell it for…
You could use it for anything.
What is exclusive about this product?
Right, well, it’s statically
charged polypropylene.
The polypropyleneis…
And is it protected…is he the only person…
whoever you’re getting this from, are they
the only person who can produce this?
There’s a granted European patent on the
product.
Neil, I’m going to make you an offer.
Because I like the two of you, I’m going to
offer your fifty thousand pound– that’s half
the money you’ve asked for - for twenty
per cent of the company.
Quiet the couple may be, but Duncan
Bannatyne is the first to recognize…
[Scroll down for vocabulary list]
Vocabulary (Dictionary entries open in a new window)
noun
very rich person; literally,
someone with many millions of
dollars, pounds etc.
Mac
Cam
Dict
Wikt
den
noun
place where wild animals such as
lions live; secret place where
criminals hide and carry out
illegal activities
Mac
Cam
Dict
Wikt
make or break
verb
help someone to succeed or fail
completely
Mac
Cam
Dict
Wikt
budding
adjective
describes someone who is
starting a career or activity
Mac
Cam
Dict
Wikt
entrepreneur
noun
business person who starts new
companies or invests in new
companies
Mac
Cam
Dict
Wikt
from scratch
verb
build something (business etc.)
from the very beginning
Mac
Cam
Dict
Wikt
know what
they're talking
about
verb
have a good knowledge of
something; be a reliable source of
advice etc.
Cam
Dict
Wikt
enterprising
adjective
able and willing to try out new
business ideas
Mac
Cam
Dict
Wikt
head
verb
be the leader of an organisation
Mac
Cam
Dict
Wikt
private equity
noun
money invested in private
companies
Cam
Dict
Wikt
West Country
noun
region in the south west of
England
Mac
Cam
Dict
Wikt
magnate
noun
powerful person
Mac
Cam
Dict
Wikt
high street
noun
name commonly given to the
main shopping street in a town in
the UK
Mac
Cam
Dict
Wikt
portfolio
noun
collection of artwork or
investments
Mac
Cam
Dict
Wikt
back
verb
support a person or organisation,
especially financially
Mac
Cam
Dict
Wikt
exclusive
adjective
very expensive - only for rich
people; (news story etc.) only
published by one newspaper,
magazine etc
Mac
Cam
Dict
Wikt
innovative
adjective
involving new ideas or methods
Mac
Cam
Dict
Wikt
bother
verb
(1) take the time and effort to do
something. I can't be bothered to
go to the party; I'm too tired. (2)
worry or irritate someone
Mac
Cam
Dict
Wikt
get on board
verb
join in an activity, especially a
business enterprise
Mac
Cam
Dict
Wikt
multimillionaire
perforated
adjective
having lots of small holes in it
Mac
Cam
Dict
Wikt
ridiculous
adjective
very silly; unreasonable
Mac
Cam
Dict
Wikt
consultant
noun
someone who gives professional
o expert advice
Mac
Cam
Dict
Wikt
trainer
noun
sports teacher; someone who
teaches people workplace skills in
a company
Mac
Cam
Dict
Wikt
flip chart
blank
large 'book' of thin sheets of
paper that can be written on;
used for giving presentations
Mac
Cam
Dict
Wikt
unambiguous
adjective
having only one meaning; very
clear
Mac
Cam
Dict
Wikt
expertise
noun
high level of knowledge or skill in
a subject
Mac
Cam
Dict
Wikt
stationery
noun
materials used for writing e.g.
pens and paper
Mac
Cam
Dict
Wikt
chain
noun
(business) group of shops,
restaurants etc owned by the
same company and using the
same name, logo, branding etc.
Mac
Cam
Dict
Wikt
buyer
noun
someone who buys stock for a
company, especially for a shop
Mac
Cam
Dict
Wikt
home-grown
adjective
from a garden, not from a farm;
made in someone's home, or
produced in a country and not
imported
Mac
Cam
Dict
Wikt
pallet
noun
flat wooden platform used for
storing goods and loading them
on to lorries etc.
Mac
Cam
Dict
Wikt
anticipate
verb
expect or guess something will
happen
Mac
Cam
Dict
Wikt
retail
adverb
(sell) directly to the public
Mac
Cam
Dict
Wikt
nurseries
noun
(plural) pre-school for children
aged 3 -5
Mac
Cam
Dict
Wikt
early adopter
noun
someone who starts using a new
product etc. immediately it is
available
Mac
Cam
Dict
Wikt
patent
noun
legal right to make something,
usually because you invented it,
and to stop others making it
without your agreement
Cam
full stop
adverb
used to emphasize that nothing
more (information, arguments
etc.) will follow.
Mac
Cam
Dict
Wikt
polypropylene
noun
strong synthetic (man-made)
material
Mac
Cam
Dict
Wikt
Wikt