Arlene Dickinson of Dragons' Den. Image: Facebook.
After appearing on CBC’s Dragons’ Den, the owner of Vertiball is excited about the company’s next chapter.
The entrepreneurs who appear on Dragons’ Den still have to finalize the deals made on the broadcast, but Vertiball’s founder, Curtis Kennedy, says he hopes to see the deal remains on track and is expected to close shortly.
“We were very excited to get into a strategic partnership to provide additional levels of expertise and guidance so we are working toward closing the deal with Arlene’s firm and hopefully sometime in the next two weeks, we’ll make it happen,” Kennedy said.
The deal was made with Arlene Dickinson, president and CEO of Venture Communications. Dickinson committed $420,000 for 17 percent of the company.
Another offer from two of the dragons, Manjit Minhas and Michele Romanow, for 25 percent of the company at $420,000 was on the table, but the team ultimately went with Dickinson.
“In an ideal situation, you’d like the time to reflect and evaluate the options, but instead, you’re under the gun so it’s kind of challenging,” said Kennedy. “[Arlene’s offer] seemed like a really good way to go because of her expertise in retail and the great career she’s had and because her offer was much more enticing for us in terms of what we were going to be giving up in terms of ownership.”
“It’s hard to say what the best approach is when you’re right there in the heat of the moment, but we’re happy with the decision we made, and we’re excited to take the next step forward with Arlene.
Related: ‘I Want To Marry It.’ Dragons’ Den Investor Commits $420,000 To N.B. Company With ‘Rolling Massager’
Kennedy says the episode was filmed in the first week of September following an application process that began in February. This was Kennedy’s third time applying to the show.
“Overall, it was a great opportunity and we’re super happy that we did it,” said Kennedy.
With the funding from Dickinson, Kennedy plans to grow the product to include new products that attach to Vertiball’s docking system: a roller specifically targeted for lower back pain and another electronic massage device.
“We’re going to use the investment to try and commercialize those next two attachments and really get the products out there and keep growing our customer base,” said Kennedy.
Kennedy says he is grateful for the support from the New Brunswick startup community and credits them with the product getting to where the company is today.
“The power of working in the small tightly-knit community of New Brunswick is how willing everyone is to give a helping hand regardless of what stage you’re at,” said Kennedy. “I know everyone will be there in the future and that’s the best feeling to have because it feels like someone’s got your back.”
Liam Floyd is a reporter for Huddle, an Acadia Broadcasting content partner.
