London, Aug 25 (Calcutta Tube) A magic wand which can change TV channels and control DVD players with a flick has spelt a fortune for its creators.
British entrepreneurs Chris Barnardo and Richard Blakesley are set to make millions from their Kymera Wand after securing the biggest offer so far on the BBC2 business show Dragons’ Den, the Daily Express reported Wednesday.
The buttonless gadget can be used to control any infra-red device including TVs, DVD players, laptops and remote controlled light switches – all with a flick of the wrist.
The 14-inch wand remembers 13 different gestures to switch TV channels, pause a DVD or change volume levels. It works using the same sort of movement control technology as the Nintendo Wii.
All five Dragons made an offer for a share of the business, totalling 900,000 pounds, after Chris and Richard pitched the idea on the hit show. But the pair accepted 200,000 pounds from Duncan Bannatyne for a 20 percent share, which drops to 10 percent if they make 1.2 million pounds profit in their first year.
Chris, 47, from Bishop Stortford town, Herts, said: ‘It was hugely exciting to be on the show. We planned our pitch very carefully and looked at the presentations of hundreds of previous entrants.
‘The whole thing was knee-wobblingly scary and I’m not ashamed to admit that I was very nervous. It was terrifying when 900,000 pounds was on the table. We are looking forward very much to working with Duncan because of his vast experience.’
Richard added: ‘I didn’t expect all five to like the product. They were all pretty good offers so we just picked one.’ The deal was the biggest amount invested by a single Dragon since the show started in 2005.
Chris and Richard, who have sold more than 20,000 wands since launching the gadget last September, expect turnover to reach two million pounds in the next two years.
Online retailer Firebox.com said the wand sold out within hours of the broadcast Monday.
‘With the extra boost of such fantastic TV exposure, we were prepared for the product to fly off the shelves and have more stock coming in to satisfy the demand,’ Christian Robinson, its managing director, said.