A DRAGONS’ Den contestant has revealed how his experience on the hit BBC show didn’t go as expected – but he’s had the last laugh after his business soared past £3m in value.
Entrepreneur Omar Mian appeared on the show in 2022, bringing his business Potion Paris to the Den alongside his partners Astyn and Suzanne.
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The trio were hoping to secure a £50,000 investment for just 6 percent equity in their award-winning toxin-free fragrance brand.
The Dragons were blown away by the concept, and this led to a bidding war between the investors.
In the end, Peter Jones and Steven Bartlett joined forces to offer a joint deal for 20 percent of the company – which was a much bigger stake than Omar and his team had planned to give away.
Despite the Potion Paris group leaving the Den with a handshake deal, things didn’t turn out as expected.
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Speaking exclusively to the Metro, Omar revealed that they have yet to sign with Peter and Steven, and admitted he felt “misled” by how the process actually works.
He explained: “We were under the impression that we’d be working closely with Peter and Steven – we even joked about inviting Peter round for afternoon tea to meet my mum!
“But what you learn quite quickly is that you don’t speak to the Dragons. You deal with their investment teams, and it’s not the same as what you see on TV.”
Omar admitted that while the Dragons’ Den platform gave their brand a huge boost, they were left disappointed by the reality of working with the stars.
He continued: “We thought we’d be getting mentorship, but it’s not like that at all. Some of the things their offices help with are quite basic – like employment contracts or website support – which isn’t what we really needed.”
After realising that 20 percent was a large portion of their business to give away, the business partners put the deal on hold and secured funding elsewhere.
And it turns out they didn’t need the Dragons’ investment after all, as Potion Paris is now worth a staggering £3,250,000.
Their episode of Dragons’ Den originally aired in 2022 but was so popular that it’s now getting a repeat showing.
The exposure led to their products selling out within seconds on QVC, where they became the fastest-selling fragrance brand ever to launch on the shopping channel.
Despite the ups and downs, Omar has no regrets about going on the show and encourages other entrepreneurs to take the risk.
He said: “If you get the chance, do it. Yes, it’s a risk – if you go on and get torn apart, it could kill your business, but if it goes well, the exposure is priceless.
“The accolade of getting offers from the Dragons will always stay with you, whether or not you go ahead with the deal.”