Amad and Heather Abdullah from Waterloo, Ontario
Dragons Den Season 10: Episode 21
$50K for 10%
Yes – 50K for 20% (5% for Wek, Joe, Michelle and Manjit)
Amad and Heather claim that individuals are always on their phones, yet there no clear cut way for Workout enthusiasts to share their workout videos. Furthermore, Youtube videos tend to be too long and are skimmed through, and there is no proper categorization on Instagram since people put hashtags on unrelated content.
The Oneset App is a community for beginners and seasoned trainers, where they can share workout ideas through 15 second videos. Since the app is social, you can follow whoever you want and share your own customized workout plans. Users are also given the option to purchase workout plans if they want to take their training to the next level.
Once Wek got down and dirty and did some interesting push-ups , the Dragons got down to business. They were interested in how the Oneset App is monetized – which is through the trainers selling their own custom “playlists” or workout plans and charging a 5% commission. The Dragons were impressed when they reported that only about $1600 was spent on the development of the app. Wek had an issue with the valuation of the company right off the bat, as did Jim – which led to him backing out. That didn’t stop a bidding war however, as Michelle understood the technology, and offered $50k for 20%. Wek also offered $50k for 30%, with a requirement to stick around for 2 years to ensure the business is built properly, and Manjit offered $50k for 15%. The most compelling was Joe, who wanted to go in with Michelle for $100k for 35%. After a few counteroffers, they brought in all 4 Dragons that made offers at 50K for 20%.
- Uniqueness 80%
- Visual Appeal 50%
- Usefulness 75%
- Overall 60%
If you’re interested in downloading the OneSet app, check out their website here
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