The season premiere of CBC's popular show Dragons Den aired last night in Canada. The new season features two new dragons, Vikram Vij and Michael Wekerle who are expected to breathe new fire into the show.
The hit show enters season 9 with Vij and Wekerle replacing the popular duo of Kevin O'Leary and Bruce Croxon. Vij is well known as a culinary guru; his is the classic story of an immigrant who came to Canada and built a successful business around his delicious and unique brand of Indian food. Wekerle is often referred to as a 'rock star' in Canadian business circles, having successfully financed many Canadian companies.
The last pitch from episode one featured Sudbury entrepreneur Alicia Woods seeking a deal for her coveralls designed for women called Covergalls. The mining industry equipment sales exec was looking to get $75,000 for 20% percent of her company.
Alicia explained how when she first entered the mining industry she was required to put on personal protective equipment (PPE). This equipment (until now) has been designed for men, in mens' sizes.
Woods had to make do with a mens size small which was still too big and baggy. The baggy issue created a safety hazard, especially working in tight spaces and around machinery. Another issue cropped up during visits to the bathroom, where she had to remove the coveralls completely to do her business.
Woods solved these problems by designing overalls to fit women, incorporating a Velcro waist to help with a rear opening for visits to the bathroom.
Her current job as director of sales for an underground mining equipment manufacturer helped with initial sales of the product bringing in $61,000 in the first 5 months. She forecasts sales of $180,000 this year and clients include major mining companies in Canada and the United States.
There was considerable interest from 3 of the dragons in last night's show, and after some negotiating, Woods settled on $75,000 for 30% of her company, splitting the stake between the three interested dragons (10% each).
As more and more women are entering the mining industry, demand for Covergalls should increase, auguring very well for Alicia Woods and her new dragon partners.
Watch: Episode 1 Season Six (Skip to last segment for Covergalls pitch)
Read: Women in Mining (publication from the Newfoundland and Labrador Department of Natural Resources)
Enjoy this story? Read: Why Mike Wekerle joining Dragons Den is great