A COUPLE who were blasted as “ridiculous” on Dragons’ Den following their white-board pitch are now worth MILLIONS after a huge success.
Neil and Laura Westwood pitched to the group of business moguls back in 2008 in the hopes of getting £100,000 funding for their quirky idea.
The couple had invented a roll of A1-size whiteboard sheets that could stick to any surface, therefore becoming a fully-portable white board.
In the episode, which aired in September 2008, Neil and Laura asked the Dragons for the lump sum in return for a 15 percent equity stake in the company.
Initially, they failed to impress – with Peter Jones slamming the product and questioning “why anyone would need it”.
“This is almost ridiculous,” he said, pointing towards the product, to which Neil responded: “If you’re a trainer, or if you are doing any group work.”
He was swiftly cut off by Peter, who went on: “Well then I’d use a white board. I’m not going to carry that around with me in my briefcase.”
Laura hit back: “For example, in my job, I haven’t always been to the venue I’m going to train in. When I get there, I don’t know what facilities are there.
“All I need to carry is that, instead of taking a big flip chart stand and a big flip chart pad – all I need is this as it sticks to anything.”
However, both Theo Paphitis and Deborah Meaden were convinced by the pitch, and agreed to give a £50,000 investment each for shares in the company.
Soon after Neil and Laura’s appearance on the show, the Magic Whiteboard began to be stocked in Ryman stores as a popular office supply.
By 2014, the couple were able to buy back their shares from Deborah and Theo, and by 2017, were shipping the product to over 20 countries.
The couple had managed to see sales increase so rapidly that they had increased their turnover to £1.2million a year by 2014.
In 2016, they celebrated selling over a million products, and went on to open further businesses with the profit from their original design.
The Magic Whiteboard is now marketed as “an office and classroom must have” and has been dubbed “the perfect tool” for working from home.
The couple’s latest products include a tabletop magnetic whiteboard for children, a whiteboard blackout blind and eco-friendly note books.
Dragons’ Den is available to watch on BBC iPlayer
