Entrepreneur Scores Dragons' Den Deal
Island businessman Glenn Cox earned a half-million dollar deal on Dragon's Den for his invention RuptureSeal™ Wednesday night.
RuptureSeal™ provides a quick and easy way to plug holes in tanks, and is particularly useful for gas and oil leaks. Cox received offers from several dragons, but ended up shaking hands with Jim Treliving.
“I believe in you and I believe in the way you do things,” Treliving told Cox.
“My offer is $500,000 for 25 per cent. No royalties because I think you need the cash in right now.”
Cox is still going through the due diligence process to get the money, which he plans to use on marketing, mainly in the U.S.
But Cox said he is already seeing benefits from the deal on the show.
“My Blackberry has just been smoking,” he said.
“I guess they call it the Dragon’s Den effect. It’s an opportunity to grow the business. I only wish that CBC was played in the United States, but somehow they black it out because of the market. None of my customers in the States are going to have the opportunity to see this, unfortunately.”
It's been a good year for Cox. He won this year's $10-thousand Ernest C. Manning Award for innovation as well.