Abbotsford's Michael DeVisser brought his pedal assisted electric bicycle before the famous monsters of business on CBC's Dragons' Den Sunday, but he didn't get the result he was hoping for.
While the dragons were definitely impressed with his electric bike for commuters and others trying to keep fit, they seemed to balk at the business model DeVisser was presenting on how to showcase the bikes.
In the end, they all passed. "It was definitely worth it. The whole process of going in front of a group of investors was a good experience," DeVisser told the Times Wednesday.
His segment for the show was actually 40 minutes of filming last May, but that was edited down to seven minutes for the broadcast on Sunday night.
"They didn't show a lot of the other filming," said DeVisser, including his ideas for distribution such as kiosks in existing bike and outdoor outfitter stores. And instead of the 30 per cent ownership DeVisser was willing to give when asking for $1 million, they wanted 50 percent.
"The 50-50 split was not worth it for us," said DeVisser, who is already successfully marketing his product in North America.
Overall he was satisfied with how the segment was edited for TV and he also got just what he was hoping for - a lot of national exposure.
"The phone has been ringing a lot this week and we're getting inquiries from bike shops and a couple potential investors," said DeVisser.
"I definitely knew the show was pretty big but didn't know how popular it was, with 1.5 million viewers," he added. "We're pretty satisfied and happy they didn't try to humiliate us on the air. We're obviously happy about that and getting the product concept out there."
? For more details on the electric bicycles visit www.ohmcycles. com.