A week late, I watched an episode of Dragons' Den which was first shown on the 15 September. I was interested in the pitch for YoungOnes by Chris Rea, 21, and Tom Carson, 23, with their price competitive "onesies" for university students. They are themselves from Exeter.
The name of the business (with a website) refers to student rebellion and to a BBC programme shown 1982-84, with a truly anarchic sense of humour that I for one found hilarious. I'm not sure how much young people respond to something three decades old, but maybe that doesn't matter. They knew their facts, even if they were nervous under the questioning. They were confident that the vogue for onesies would continue.
They offered 15% of the equity in exchange for £75,000, which valued the company at £500,000. The dragons had fun putting the onesies on, but for some reason they were marked YO rather than YoungOnes. Peter Jones pointed out that Yo was owned as a trade mark by Simon Woodrofe's Yo ! Limited. You don't actually own every business sector with a trade mark (unless it's a "famous" trade mark) but indeed Yo! does own a European trade mark for it in Class 25, which covers clothing, EU 637637. The boys should have done their homework.
(So, to be honest, should have Evan Davis, the respected economics voice on the programme, who spoke of concerns over "copyright" -- trade marks are not the same as copyright, as you cannot copyright a few words).
What the boys do have is the British trade mark for YoungOnes for clothing, with UK2648803 (owned by youngones apparel ltd.). That's the far more attractive (and safe) name they should have put on the onesies.
The verdict ? Duncan Bannatyne offered them, with his usual poker face, the whole £75,000 in return for 40% of the equity. He was asked if he would take 30%. No, he said, it was a fair offer. They discussed it, and one said he didn't know he would say to his father, and they accepted. Duncan was very pleased, saying it was a great opportunity for him. The mentioned father had said they should never give away more than 30%, incidentally.
There is more about the business on an Exeter business page. Their degrees are very relevant -- Chris' was in business and psychology, Tom's in business management and marketing. Watch out for the product on university campuses !
I retired in April 2013 after 25 years as a librarian at the British Library specialising in inventions. This included running numerous workshops; writing books on inventions and a work blog; carrying out searches for clients; and one-to-one meetings with inventors. [more]
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