Waddies

Andy Speers and Trevor Aitchison, from Centre Wellington, Ontario, asked for $100,000 for 20% of their company, Waddies, a tossing game similar to cornhole where players throw a rubber puck onto a wooden board. Sets cost about $70 to produce and sell for $120 online, with shipping around $25 per set. The founders, who both work full-time jobs elsewhere, launched the game four years ago in their community, trademarked the name, invested about $30,000 in marketing, made $65,000 in sales last year, and were on track for $160,000 this year through partnerships with breweries and events; they project a five-year plan to sell 140,000 units and build a $16 million company.

All five Dragons declined to invest. Manjit Minhas felt it was more of an emotional project than an investable business at its current scale. Michele Romanow does not invest in businesses whose founders are not full time. Arlene Dickinson felt the business needed more investment to scale than she could offer. Wes Hall encouraged them to focus on execution rather than dreaming bigger. Brian Scudamore felt they lacked a clear plan for using outside investment, resulting in no deal.

Waddies is still operating and sells through its website.