Dragon’s Den Review – What happened?
In an earlier post, I queried the voracity of the applicants’ claims that their invention, which claimed to be ‘new and unique’, in so far as it was capable of disconnecting the mains from devices switched to Standby, and thereby saving the electricity they consumed when in this state, but allowing their remote controls to re-apply power when required.
One of the key element’s of the Dragon’s money being forthcoming, and they were all going to throw their cash into the pot, was that the applicant’s patent claim be proven, a claim they said was guaranteed, but which I predicted wasn’t going to happen as such devices were already on the market, and had been for some time.
On a positive note, I was proven correct. The patent approval for the device as described failed, and the Dragon’s cash went away with the Dragon’s, on to a more deserving cause.
However, despite sailing on the back of an existing idea and failing to get their original patent, the laddies with the clone are still riding high on the crest of a cash wave, having attracted the backing of an entrepreneur with his own development business. It would appear that they are having another bite at their patent application (that would be interesting to see, and compare with what already exists), and picked up a number of deals, and seem to be ready to suffer from vertigo from the top of their wallets.
They secured a six-figure deal for their idea and work so far, and have a deal for payment for each device sold. In their words, this will be worth millions over the next few years.
Unlike Dragon’s Den, I doubt I’ll come across a follow up to this development, and I’d like to know how it goes.
I see two possibilities. They have a cast-iron revamp of their original failed patent, and will indeed have cash rolling in, providing they can promote, and make the required sales of their products, both to the public as after-market devices, and manufacturers as original-fit inside their product. Alternatively, some combination of the aforementioned options takes place, but they spend the rest of their lives, and their money in court, defending their patent against challenges from those that are already in the market, or have come from behind and claim theirs was stolen.
It’s sometimes an odd world where success is concerned.