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Magic Whiteboard Net Worth
It was branded a “ridiculous” idea when aspiring entrepreneurs Neil and Laura Westwood presented their humble roll of A1 whiteboard sheets to a panel of investors on Dragons’ Den, but they came away with £100,000 and finished up as being among the most successful businesses ever to appear on the show.
The concept was astoundingly simple. An almost pocket-sized solution to the dilemma encountered by so many whose job it is to deliver presentations to conferences and business meetings – does the venue have a whiteboard?
Carrying a big, bulky flip chart from location to location can be irritating and cumbersome, especially if it requires a stand or other props to ensure that it can be used correctly. Of course many venues will have their own such equipment, but that only adds to the annoyance if the presenter hadn’t been aware of the fact and has come equipped just in case. Enter the Magic Whiteboard, a simple roll of paper which can be torn to size and uses its own static to stick to any flat surface.
Although the applicants were offering 15% equity in their company in exchange for an investment of £100k, they finished up giving a 40% share to Sharks Theo Paphitis and Deborah Meaden, money which they were later able to repay the investors with a generous premium besides.
At a Glance
At first Neil and Laura were only offering a 15% stake in their company as the price of their requested £100,000 investment.
But when Shark Peter Jones savaged their product, asking dismissively why anybody would need such a “ridiculous” invention, it was left to his colleagues on the panel to rescue the situation.
Theo Paphitis and Deborah Meaden disagreed with him, seeing value in the idea and recognizing its potential.
But they wanted a greater share than the one that had been proposed, and after some deliberation they managed to secure an impressive 40% stakehold in the enterprise.
For their part, Neil and Laura needed the cash injection to grow, and were confident that once they had it they could take their project to a different level. The offer was accepted.
Who are the Founders?
Husband and wife team Neil and Laura Westwood hail from Worcestershire in the West Midlands, United Kingdom.
They have two children. Between them they run the multi-million pound company The Magic Whiteboard, which produces and sells the popular product made popular by the couple’s appearance on The Dragons’ Den.
As well as the original item, the company has now branched out into the market for peripheral products, including markers, sticky notes and reusable notebooks.
Once the company took off, Neil quit his hospital job where he had trained doctors and nurses to devote himself full-time to his business. They have since relocated to Fowey in Cornwall, where the couple have involved themselves in local environmental projects.
Did Magic Whiteboard Get a Deal on the Show
Investor Peter Jones was so unimpressed with the product that he scribbled the immortal words “I’m Out!” on their demonstration whiteboard in a theatrical display of his disinterest.
Luckily for Neil and Laura, Theo and Deborah took an entirely different view and teamed up to provide the requested £100k investment, albeit on less generous terms than had initially been hoped for.
With £100,000 at their disposal for 40% equity, the couple set about building their business in accordance with their plan. Since the couple appeared on Dragons’ Den in 2008 the company’s net worth has grown to around £1.6 million, or $2 million.
The investors’ contribution has been repaid several times over, making it one of the most profitable investments in the history of the show and the second most successful business to have emerged from it.
What Happened to the Entrepreneurs After the Show?
Originally from Worcester, the couple and their family have since moved to Cornwall in the South West of England, their successful business now operating out of Fowey.
Amongst other ventures it is now producing a line of paperless notebooks using local recycled concrete. Customers for this include The Eden Project, a Cornish global garden housed in tropical biomes which has become something of an international tourist attraction.
About the Product
Magic Whiteboard is a product which takes the guesswork out of delivering presentations to an audience, whether it be at a business meeting, a place of education or a lecture.
Rather than depending upon the chosen venue to have the necessary equipment available, this simple roll of paper which affixes automatically to flat services will do the job without the need for carrying burdensome hardware.
Since the inventors appeared on Dragons’ Den and secured a hefty investment from two of the Sharks, the company has consolidated and indeed has shrewdly expanded into new markets.
As well as wipes, markers and other peripheral products, Magic Whiteboard’s innovative paperless notebook has found favor with one of the world’s most noted environmental projects.
All its products are available through the company’s website, which offers a whole variety of payment options. Alternatively they can be purchased online from Amazon and Viking Direct, or through such notable UK high street outlets as Ryman, Tesco and W.H. Smith.
Some Interesting Facts
Running a business with a net worth running into millions is a full time occupation, but amazingly the Westwoods have found the time to be involved in other areas. Down in Cornwall Neil has been involved in a campaign to restore Whitehouse Sea Pool in Fowey, as well as other ventures designed to protect the local environment.
Both Neil and Laura are on the speaking circuit, giving inspirational talks to business and retail audiences and can be booked through a dedicated agency.
