Dragons’ Den pitch labelled ‘terrible invention’ now sold around the world | Personal Finance | Finance
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Mr Jeremiah appeared on Dragons’ Den in 2010 with the idea for Aquatina. He explained it was the answer to the single-use, unsustainable plastic bottle problem.
The bottle is now stocked in M&S, in over 15 countries around the world and has since sold over 100,000 water bottles.
Duncan Bannatyne was “angry” after hearing the pitch as he could “not see the point of it”.
He threw the bottle across the room in a rage saying it is a “waste of time” and did not believe it was truly made to help the environment.
He said: “It’s a terrible invention, I’m sorry, that’s really made me angry.
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“It’s ridiculous and it’s ludicrous, I’m out.”
Aquatina was pitched as a pocket bottle that people should take around with them and fill up at fountains and cafés for free when needed. Mr Jeremiah explained that people can find these locations using his app Find-a-Fountain.
The Find-a-Fountain mobile app locates the nearest source of free drinking water available for people to fill their bottle up at.
The target market is “kids, corporates, and sports and leisure”, as these groups make use of water coolers.
James Caan grilled Jeremiah on the figures which boiled down to the recommended selling price being £4.99 and the cost of production being £1.
In the last four weeks, Mr Jeremiah explained he had sold 340 bottles, with a revenue of £702.
Mr Caan said: “You’re proposing a business with a turnover of £700, that you are valuing at £1million, is that correct?
“I’m going to make it very easy for you, I’m out.”
The actual sales to business valuation ratio caused Mr Caan to leave the negotiations.
Deborah Meaden took issue with the environmental damage that the plastic reusable bottle causes so she could not commit.
Mr Jeremiah explained that each bottle would need to be reused three times before it came level with the environmental cost of a single-use bottle.
Peter Jones did not invest because the water bottle market would continue and not be eradicated by the reusable Aquatina.
He said: “This is not something that is going to sell in the volume that you think.
“I think your valuation is beyond ridiculous and I think you will struggle to get £100,000 return over the lifetime of this product.”
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