Oar Board Sup Rower

Diana Lesieur, Harold Aune, and Adam Kreek
Victoria, BC

The pitch

Diana Lesieur, Harold Aune, and Adam Kreek from Victoria, BC, pitched Oar Board Sup Rower in Season 20, Episode 5, asking the Dragons for $1M for 20% of the company.

Asked for$1M for 20%
Valuation$5Mimplied by the ask
OutcomeNo deal

Offers in the Den

Dragon	Offer	Result
Arlene	No offer made; respected Harold Aune's business but felt sales stagnation was concerning	Out
Brian	No offer made; skeptical of market size, niche product	Out
Wes	No offer made; concerned about difficulty raising capital and cash crunch	Out
Manjit Minhas	No offer made; felt it was a small market opportunity	Out
Michele Romanow	No offer made; felt the ask was too risky relative to business economics	Out

Harold Aune, along with Adam Kreek and Diana Lesieur, pitched the Oar Board Rower from Victoria, BC, an attachment that turns a stand-up paddle board into a rowing device, sold for $3,100 US alone or $5,000 US including the paddle board, shipping to 65 countries. Harold Aune invented the product 10 years ago and owns the business 100%; sales were $1.2 million last year, down from a peak of about $3.5-4 million during COVID, with profit margins around 25-30%. The founders sought $1 million for 20% equity, and the business has no debt but has not attempted to raise outside capital before this pitch.

All five Dragons declined. Arlene respected Harold Aune's craftsmanship but was concerned about declining sales. Brian was skeptical of the market size. Wes was wary of the business being cash-crunched. Manjit Minhas felt it was a small, niche market. Michele Romanow felt the proposed deal carried too much risk relative to the business's economics. No deal was made.

Pitch details from CBC’s Dragons’ Den pitch page.