He was a typical ‘lad’ but was clearly struggling with the whole magnitude of presenting in front of the dragons.
Despite how nervous he may have been, Teirnan had a fantastic product. He was very real and pulled no punches. I especially loved how when I made him the offer, he just accepted it on the spot. He got what he came for and he clearly wasn’t too fussed about getting a better offer. Like I said on the show, I won’t be sending him in to do any of our negotiating in a hurry!
With Teirnan, what you see is what you get and I think people really appreciate that quality. He totally understands the needs of real tradesmen and the product he created solved a genuine problem within the marketplace.
There were lots of other things that made me want to invest in Teirnan. He had done a really good job on his patent and the way he structured what investment he asked for (£35k-£41k for tooling and production, and £6k for his Patent Cooperation Treaty) demonstrated to me that he understood the patent process. Teirnan also mentioned during the pitch that he had lots of ideas of other products so using PipeEasy as a base, I can see how I can help him to build a whole business out of one product.
He’s obviously a great salesman when he’s not pushed out of his comfort zone and put on national TV! He earns a good living as a carpet salesman on commission, which tells me he can sell, and the way he talked in the Den about how he’d put himself out there already made me realise he was more than capable in this area. In my opinion, getting out and selling is the mission critical part of any business. After all, if you don’t believe in what you’re selling and you aren’t confident in its ability, why should anyone else want to buy it?
I could see how I could add value to the manufacturing process because of my involvement with an injection moulding plant, M&S Plastics in the North East. I saw such a great opportunity in having the plant produce the mould for Teirnan’s tool. As an entrepreneur it would allow me to support UK manufacturing and North East business, both of which are very important to me.
Teirnan and I have already had a number of crucial meetings with Steve, the plant director at M&S Plastic and things are well underway to make PipeEasy readily available to tradespeople!