Our Dragon’s Den Experience - 5 Dragons, 4 Offers
Mar 1, 2017 by Sarah Goodman | lifestyle
As many of our Canadian users know we were recently featured on Dragon's Den, a nation-wide show that is the same as Shark Tank in the USA. We realize that our International customers and fans can't watch the pitch as it can be streamed only in Canada, so we want to let you know what happened by showing you images of what went down!
Dr. Goodman and myself went into the Den asking for $500,000 for 20% of our company VitalSines, makers of the iHeart Internal Age device. iHeart determines your Internal Age in 30-seconds by measuring a proven heart, brain, and internal health metric called Aortic Stiffness. We'd been preparing for this pitch for a long time and couldn't wait to get in the den! We had auditioned two years in a row, and had been asked to pitch both times, but we felt we needed to have increased sales, so we decided not to pitch in 2015 and wait until 2016. It was a good call! Pitching and filming was a very nerve wracking experience but we're so glad we did it and were able to get in front of the Canadian people to show them our passion project.
Our company valuation at the time was $2.5 Million, which the Dragon's didn't scoff at.
We were excited to test out Michele Romanow and Manjit Minahs' Internal Age on their new iHeart device
Michele tested only a few years older than her actual age, which is completely normal and actually quite good for middle of the day! iHeart tests should be done in the morning before food or drink to attain a baseline reading that you want to see change. Michele had been working and sitting for hours, and also drinking coffee, which increases Internal Age.
Manjit tested quite a bit older than her actual age, but mentioned she was quite stressed out, was a mother and ran multiple bussinesses, so the results actually made sense!
Jim Treliving was quite excited to try iHeart out as well and came down to get tested, he tested quite younger than his internal age!
Once everyone got back to their seats we started getting down to business. We discussed our sales of over $250,000 in our first 1.5 years of business and our new Professional model that has a monthly application charge, which was very interesting to the Dragons. And then we began negotiations!
First offer came in from Manjit Minhas, a Beer Baroness and CEO who offered us exactly what we came in for - $500,000 for 20% of our company. She said we actually scared her into investing :)
Second offer was from Jim Treliving, a franchise expert who has been successful in a number of industries who offered us what we came in for - $500,000 for 20% of our company.
Michele Romanow, who has a vast background in technology offered a bit of a more expensive offer - $500,000 for 25% of our company
Mike Wekerle, an investment banker, said we needed more money, and offered us $1 Million dollars for a 30% interest with a 5% royalty until he got his money back.
After all of the amazing offers we had to go into the backroom and chat about what we were going to do! We couldn't believe all of the offers. It was like a dream.
We ended up going with Michele Romanow, who can bring a lot of experience and contacts to the table in the tech industry. We are now working with Michele on marketing and scaling our company. We're so excited to see what happens next!
We loved being on the show and hope you enjoyed it too! You can watch the full pitch at this link if you are in Canada.
We've seen such a wonderful response from the Canadian people and can't wait for you all to receive your iHearts you ordered! If you haven't gotten one yet use this link to receive 10% off your purchase :)