Layback Co.

Justin Chorney and Adam Cook, from Vancouver, British Columbia, asked for $150,000 for 15% of Layback Co., a company selling cotton-canvas and nylon hammocks along with a beach blanket tote prototype. The cotton canvas hammock retails for $128 and the nylon version for $85, both manufactured in China; the nylon version weighs one and a half pounds but can hold up to 350 pounds. The company sold out its first run of 600 hammocks for about $20,000 in sales the prior year, quadrupled its order for the following year, and had already matched the prior year's total sales within the first six weeks, with about 20 stores carrying the product in the US.

Joe Mimran initially declined, feeling more execution work was needed, and Arlene Dickinson declined as well, disagreeing with a mass-retail strategy. Michael Wekerle and Manjit Minhas jointly offered $150,000 for 35%, and Jim Treliving separately offered $150,000 for 25%; Michele Romanow then joined with Joe Mimran and Jim Treliving to jointly offer $150,000 for 35% with three Dragons. After negotiation, the founders and the three Dragons agreed on $150,000 for 30%, split 10% each between Joe Mimran, Michele Romanow, and Jim Treliving, which was accepted.

Layback Co. is still operating and sells through its website.