Entrepreneur aims for Dragon role
A Worcester inventor who entered the Dragons’ Den this week has told Insider that he wants to be the first contestant to take a place on the judging panel. Adam Weaver was granted the £50,000 investment that he needed to grow his vehicle accessories business by dragon Duncan Bannatyne.
Weaver told Insider that he hopes to “follow in Duncan’s footsteps” and invest in new businesses.
Weaver, whose company, Proppa, is based in Pershore, was offered investments by dragons Bannatyne and Peter Jones. He said that he chose health club owner Bannatyne because he wanted “a businesses consultant who could put their money where their mouth is”.
Bannatyne paid £50,000 for a 5 per cent stake in Proppa. The business is predominantly run online, which Weaver says is key to its success.
“Of course people like to go into a shop and see what they’re buying – but we get 400,000 visitors to our website every week. I can’t see a shop alone being able to provide me with that customer base.”
Weaver said: “Duncan was definitely the right choice. He has a lot of experience with property and that’s what I’m going to be asking him for advice on.”
He added: “We’ll have to sit down and talk about growth strategy. I have ideas about where I’d like to move the business – maybe a regional super centre, or maybe a few smaller sites. But it’s the details which Duncan will be able to help me out on.
"I’m hoping he’ll be able to tell me about the pitfalls of the property market – finding the right price, location and time to buy.”
The entrepreneur said that he had not been able to meet up with Bannatyne since the show, which was filmed in April. The outcome of each show is “shrouded in secrecy”, said Weaver, and investors cannot meet up with the inventors until the show has been broadcast.
Weaver first came up with the idea of Proppa in 2006 when the head gasket blew on his own car. He was recommended a product called Steel Seal which enabled the repair. The £30 product saved him from spending £1,500 on a garage bill. Adam bought a case load of the product, which he sold on at a profit, marking the beginning of his business venture.
The company now has a turnover of £3.5m, and operates from a 25,000 sq ft warehouse in Pershore. The company employs 25 staff members.
