Zena Deane, co-founder of Huxley Hound, entered the Dragons’ Den with partner Mike and received a £50,000 offer from new Dragon Jenny Campbell. This week she reveals what it’s really like to appear on the BBC2 hit show.
Zena and Mike received two offers when they appeared in the Den but decided on Jenny’s bid in return for 15% equity in their company. The couple had early asked for £50,000 in return for 5% of the business.
Here Zena speaks to Pet Trade Xtra about the whole Dragons’ Den experience.
When was the programme filmed?
We filmed at the end of April, although the audition and initial due diligence took place at the end of March.
How would you describe the whole Dragons’ Den experience?
Truly enlightening. I won’t deny that we were both extremely nervous as we entered the Dragons’ lair. However, sometimes it’s good to have what you deem to be a cutting edge business proposition probed and picked at by inspirational business entrepreneurs. As a small business with limited access to outsider mentoring, Dragon’s Den is a fantastic opportunity to go back to first principles and ‘sense check’ the very foundation blocks of your fledgling business.
What made you decide to apply for the programme?
You won’t be surprised to hear the usual intoxicating blend of brand exposure, expert insights and genuine investor exposure. You certainly have to go into the show with a thick skin and an open mind to glean any crumb of insight that could propel your brand to the next level. Deborah for example had some very honest observations about our packaging which was incredibly helpful because it happened to coincide with us finalising our new packaging plans.
Was it hard to take some of the comments made by the Dragons?
Not in the least. We operate in a highly competitive and bustling marketplace so have heard many of the observations (both positive & negative) before. We are very comfortable with the brand we are shaping but would never be so presumptuous to believe that there are some elements of our wider vision that we could have done better along the way. We have a young, ‘cutting edge’ idea so we are neither rigid in our outlook or foolish enough to assume 100% buy in. The fact that we captured the imagination of two high flying Dragons would suggest the good news significantly outweighed the bad.
You accepted an offer from Jenny Campbell that gave her 15% equity of the business, 10% above your original request. Was it a difficult decision to make in such a pressurised moment?
It is pressurised but we know the show works so we knew what limits we were prepared to work within. Suffice to say we believe the success of a pioneering brand is a flexible/adaptable mindset.
As well as the investment, will you be seeking advice from Jenny as the business develops?
I’m sure you can appreciate that there is considerable due diligence processes to work through so we’re limited with regards what we can say at present.
How active has she been since the show?
We met Jenny immediately after we left the Den and introduced her to Huxley who took meeting a Dragon in his stride. In addition to Dragons’ Den we’re also looking at a wider platform to grow and nurture to make the next significant steps forward.
What reaction have you had from pet retailers since the show was aired?
Overwhelmingly positive! Existing clients have been energised by the notion of us proactively backing our brand whilst the phone hasn’t stop ringing thanks to inquisitive new suitors. Ever since the show aired orders have rocketed. Immediately after the show we were boxing a new order every six minutes.
You’re exhibiting at PATS Telford later this month, what can visitors expect to see on your stand?
A much slicker and more evolved brand offering – last year was our debut and we were feeling our way. This year we have a lot of road miles and shows under our belt, not to mention a PetQuip Award nomination.
Are you pleased with the way the Huxley Hound brand has been received since its launch at the start of the year?
Yes we’ve grown up a lot. Of course with deeper pockets but there’s always a lot more that you can do. That said our report card would be an encouraging B+ (with scope for further improvement).
Is the intention to stick with treats or are you planning to extend the Huxley Hound brand to other products?
Tad secret squirrel – treats yes, different formats maybe!
What advice would you give any other pet company thinking of applying for Dragons’ Den?
If you truly believe in what you’re doing be brave and take the step, but accept this is not a free BBC ad and that you learn as much from grillings as you do from pats on the back.
For more information visit www.huxleyhound.com
If you missed the edition of Dragons’ Den featuring Huxley Hound you can watch it on iPlayer. Here’s the link: http://www.bbc.co.uk/iplayer/episode/b093syc3/dragons-den-series-15-episode-2
Fast forward to 15.50 minutes to see the start of the Huxley Hound presentation.
