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Debbie
Ward has spent more than 15 years
as a journalist, several as Features
Editor of Travel Trade Gazette.
She now works freelance.
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Into
The Dragons' Den
Surrey Life - November 2008
Since being seen winning the backing of top business brains
in BBC TV's Dragons' Den last month, the young directors of
Reigate-based Prowaste Management Services have found themselves
in a strange role reversal situation. Now Paul Tinton and Colin
Slade have budding entrepreneurs seeking their own business
advice. "We've had people saying 'what do you think about
this?' and 'I've got a new idea, how do I patent it?'"
explains Paul.
The couple, who are best friends as well as business partners,
have got their hands full however with their own fast growing
company which now boast two 'dragons' as part
of its team.
Paul and Colin, both just 28, set up Prowaste, a recycling
and waste management service for the construction and refurbishment
industry, almost two years ago after Colin, who ran a demolition
company, spotted a gap in the market. Their know-how coupled
with a colour-coded waste separation system helps contractors
minimise landfill.
Paul submitted an online application for Dragon's Den
after watching one evening. "We're both fans of
the show, we watch the programme and regularly talk about
it," he says, "but it was just another thing we'd
done, I didn't really think about it going anywhere."
Having passed a BBC audition, however, the pair anxiously
genned up for their Den grilling by reading the Dragons'
books and quizzing accountants on how the value of a business
is assessed. A BBC researcher helped them prepare a pack of
documents to substantiate their business claims.
Paul, who made the TV pitch, says being a naturally confident
person he wasn't too phased by the prospect of facing
the belligerent dragons - until he was waiting at the
foot of the famous stairs to the Den. "I was standing
at the bottom of the steps and I could see Deborah Meaden's
feet and her having her make up done," Paul says. Suddenly
nervous, he started jangling the change in his pocket and
one of the production crew told him to take it out. "I
put the money in his hand and said "If I get it it's
yours, if I don't it's mine!" Paul laughs.
Happily he could afford to part with his loose change because
he emerged from the den with a total £200,000 investment
from Duncan Bannatyne and Deborah Meaden in return for a 40%
stake in Prowaste.
"I went outside and the whole BBC crew was cheering,"
says Paul "but I had one thing on my mind - I've
got to speak to Colin." He tracked his partner down
to the gym where the receptionist called Colin to the phone
to hear the good news.
The den experience is significantly cut for TV so Paul's
grilling actually lasted an hour and a half. He not only had
to answer the dragons' tricky questions but zone out
the camera crew to his left. "It's so surreal
when you're inside," he says. "It does feel
like you're in front of a row of teachers."
Paul and Colin were conscious more than a potential investment
was at stake in the den - their business's reputation
could suffer if it got a TV mauling. But, unusually, Prowaste
even gained compliments from the dragons who decided not to
invest.
"Our clients were over the moon for us," says
Colin, "they were kind of proud to be working with us."
Dragons' Den has also made the eight-strong Prowaste
team closer, says Paul: "The whole thing has been brilliant
...everyone has pulled their weight and come together,
it's been a bonding experience."
The night of the TV screening was almost as nerve-wracking
as the filming itself as the pair gathered in a pub with friends
and family. "I was hiding behind Colin," says
Paul, "but it turned out to be great. We had everyone
booing at the dragons and then cheering. It was a really special,
special evening."
The former Epsom College pupils' success is little
surprise to their families as they both showed an early passion
for business. Paul had a record label when he was just 16
and later promoted renewable energy while Colin promoted club
nights as a student. "Subconsciously we always knew
we'd go into business together," says Colin.
So fast growing is Prowaste that the £350,000 turnover
which impressed the dragons, has doubled since the recording
of the show. Paul and Colin have also had several offers of
extra investment since the programme aired.
The pair claim the den experience wasn't about the
money, which they were confident they could have raised elsewhere.
"What's important is having these people around
us from this age," says Paul.
Deborah and Duncan have already used their clout to approach
city banks on behalf of Prowaste and Deborah has helped get
the company's website up to scratch. Paul says: "They've
given us clarity of direction. Both of them have committed
to quite a lot of time on the project." Colin adds,
"I think they have seen the confidence in us. They are
starting to harness our enthusiasm and energy in a way that
is beneficial."
The four recently got together for what turned out to be
a very relaxed and enjoyable dinner at a London hotel. Paul
and Colin have even laughed with Deborah Meaden about a recent
Harry Enfield sketch in which the comedian portrayed her as
"the grumpy one". She is "lovely"
in real life they say. "The reason she comes across
as harsh in my opinion is she's so analytical,"
explains Paul. "I really enjoyed answering Deborah's
questions in the Den, she helped us show off our business."
With the dragons' investment Paul and Colin plan to
increase the size of their staff and number of vehicles to
help meet demand and also to relocate to be nearer their London
client base. In the long term they anticipate selling the
business to a company with a large infrastructure and staying
on as managers.
They've come a long way in a short time but, like the
rest of us, they still watch Dragons Den hopefuls from between
their fingers.
"I still cringe the same," says Paul. "I
know how horrible it feels when it's not going right.
I pity the people more now because I know how just to get
there is a struggle."
To watch Paul's Dragon's Den pitch follow the link on the website
www.prowaste.co.uk.
Also watch out for Paul and Colin in a BBC follow-up programme.
Paul and Colin's Den tips
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Be sure this is
what you want to do and you have your colleagues' and
family's support.
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Consider your
credibility if your product is ridiculed or you're made
to look unprofessional.
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Do as much research
as possible into your market.
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Watch the show
and anticipate questions.
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Spot patterns
- for instance for investment over £100,000 the
Dragons rarely ask for less than a 40% stake.
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Have a clearly
defined pitch.
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If you're desperate
for the money you'll be under a lot of extra pressure
- it's best if your priority is the Dragons' expertise.
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Take a tissue
and don't wear a dark shirt - it's hot under the TV lights
and the Dragons' gaze.
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Even if you aren't
successful, preparing for the show can help you clarify
the direction of your business.
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Go for it!
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Return to top
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Click here
to read the article on the Surrey
Life Website |
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