Technology Entrepreneur Thinks His Company's Worth £63M | Dragons' Den

First Light Solutions is a technology company within the leisure marine industry to help prevent 'man overboard' situations with sonar technology and alarms. Matt Hazel is seeking an investment of £100,000 in exchange for 5% of his company. His competitors are supposedly making £63M from a very similar technology, but will he have the same kind of success?
Season 3, Episode 3
An international sensation, Dragon's Den features entrepreneurs pitching for investment in the Den from our Dragons, five venture capitalists willing to invest their own money in exchange for equity.
#DragonsDen #BusinessPitch #RichardFarleigh

[@jimmorrison8203]

Misleading and unfair title. He originally valued his company at £2M overall. He reduced that overall valuation to £0.33M. He said another company with a similar product was valued at £63M. Sort it out Dragon’s Den, there’s really no need for misrepresenting in this way.

[@supershinigami1]

Click bait obviously

[@jimmylittle9393]

Welcome to KZbin

[@mavetyan]

He doesn't think his company is worth £63M.

[@Vrishab18]

Exactly

[@HCPCYamaha]

£500,000

[@Scratiznutz]

No, not £63 million. But, I can also see that somebody here doesn't understand how share investment works. £100k @5% equity representable is valued at £2Million. This will be profits and stock valuation at the current market share value. Equity value = Enterprise value minus debt. He has to prove there is a market there firstly.

[@steveyi2859]

Maybe 63 pounds

[@EZ-D-FIANT]

​@@ScratiznutzThat's not how businesses are valued!

[@ShayCat]

I love how Richard didn’t feel insulted at all when the guy didn’t know him. He was totally respectful and humbly told him who he is and what he does :)

[@LCRichardM]

Tbh, but its really a fail on the pitchers side. I mean, you should do your due diligence who are you pitching to.

[@ShayCat]

@@LCRichardM for sure yeah. But looking back on Richard, class act

[@WattzOrJerk]

​@LCRichardM do they know what Dragons are going to be there on the day they pitch?

[@anthosm]

​@@WattzOrJerkyeah.. the dragons don't change midseason...

[@anthosm]

I've seen loads of seasons and Richard is probably the classiest of them all. Kinda sad that they screwed him over and didn't bring him back... (he thought he was gonna be back for the new season and then they kicked him off)

[@rhysnolan6080]

Farleigh was a class act. You can see the intelligence in his eyes. A shame they didn't keep him.

[@royfr8136]

He was too reasonable and wasn't controlled by ego, unlike the others so he left

[@smoothmicra]

Richard Farleigh is 62 years old now. Life goes by in a flash people, cherish it.

[@MsMaryPatricia]

I looked him up and he still has his fabulous hair lol.

[@imrank9282]

Didn't think I'd come to a Dragons Den video to think about life, but damn, I will, thanks for the reminder 😊

[@honor9lite1337]

Understood.

[@kermitTheFrog466]

wasn't he 62 in this lol

[@Gonken88]

You found that out by finding out Farleigh's age? Well good luck.

[@flashtheoriginal]

Richard Farleigh - one of my favourite Dragons. Straight, friendly, reasonable, intelligent, with a professional assurance

[@karishmadas420]

Plus, he's so hot !

[@antonydandrea]

Loan shark

[@jackrutherford966]

His sexuality has nothing to do with this???

[@kappsedits7167]

@@jackrutherford966 i think he meant straight forward

[@jackrutherford966]

Needs to be more clear doesn’t he

[@4JJA14]

He did well keeping BOTH negotiations alive. Normally one dragon gets annoyed and declares out

[@eat_a_dick_trudeau]

Especially Peter.

[@jeffreyfalcon243]

Probably the best negotiating I’ve seen in DD.

[@BigWes95]

Richard just didn't get butthurt when he's clearly not the first choice investor

[@razzledazzle84921]

Very skilful negotiation on both sides. And nice to see how grumpy Peter got when rebuffed.

[@rickjamesb.]

Richard was so fair and humble. Really a counter weight to the others. It's a shame he wasn't a part of DD for too long.

[@simonjohnson9055]

He wanted to stay, but wasn't renewed. He subsequently said said he thought it was because they didn't want a white male, and he went back to Oz.

[@hugoschkiglitz]

His beef/rivalry with Peter was palpable, I would have liked to see him stay just to watch that

[@967mviews2]

Couldn't agree more. One of my favourite Dragons ever. So different in many ways, left far too early!

[@967mviews2]

​@simonjohnson9055 🤔 Peter and Duncan are white and Theo is olive skinned. Find that strange he would make that kind of suggestion 🤔

[@sheikhu1039]

​@@967mviews2well with the way the popular stuff online are white hating I'm assuming he was referring to that, the show runners probably thought they'd blame the show for too many white people and not enough "diversity"

[@amrvandenadel]

Richard, you are just a legend! When he said "I don't need to discount myself against Peter" "I have assessed the business in a fair way" that was the big hit here! The only one who could break Peter's ego!

[@scienceevolves4417]

And for that he was very quickly banished.😊 Kinda shows DD is partly owned by PJI.😂

[@amrvandenadel]

@@scienceevolves4417 I agree with you. I think sometimes Peter doesn't have morals or ethics and he would do anything to protect his fake image ..

[@MisterPotter]

"I don't need to discount myself against Peter" ....*proceeds to discount himself against Peter LOL, if they were both at 30% he would have gone with Peter

[@honor9lite1337]

​@@scienceevolves4417what's PJI😮

[@slimal1]

Dick measuring contest 😂

[@RighteousPursuitMinistries]

Richard was such a level headed and humble guy. Shame he wasn't in it longer.

[@DannyEastes]

Right? It was cool to see him explain calmly who he was and what he does when Matt admitted he wasn't familiar with his history. I feel like any other Dragon would have been offended and kicked right off

[@modelsteamers671]

He doesn't value his business at £63m, he gave 30% equity for £100k - he values his business at £330k.

[@Retzii_]

He initially offered 5% for 100k so he valued his business at £2m. It was Richard/Peter who discounted it.

[@modelsteamers671]

@@Retzii_ yes, he initially valued it at 2m and later revised his valuation at 330k to reflect the offers at the time.

[@antonydandrea]

He compared his company to another that was worth that.

[@lucybellehennessy8160]

Richard Farley is so humble. I can't help but think that if asked who they were, other dragons would roll their eyes or declare out.

[@BLMeredith87]

Exactly what I was thinking definitely

[@gridlo]

Agreed. They'd get all HOW DARE YOU??? "Do you homework!!" - Deborah, for sure

[@kilotangosierra]

i really enjoy seeing Peter getting owned by Richard in this early series. Richard had such a missing quality on Dragons Den

[@Squoggs]

One of the best dragons fr. I miss him

[@hamza361]

So underrated. He is a very private person. Not much on him online since he left the den.

[@amrvandenadel]

@@hamza361 Because he is Scorpio LOL

[@darryljones8369]

What is the missing quality?

[@amrvandenadel]

@@darryljones8369 The missing quality is that person who was not letting any influence from the arrogant Peter affect his decision. Peter is always talking he is a multi-millionaire and the most successful person forgetting to be humble to everyone and thinking he must be always at the center of attention ... This is the missing quality we are talking about.

[@B_Bodziak]

*To whomever is involved in posting these clips:* Please, add the date the segment originally aired on TV ...even just the year would be nice!

[@chaytiano6896]

No.

[@chrislaw4189]

August 2006

[@khandadonb111]

To whoever cares, please Google it if it bothers you that much.

[@xpwngasmxfan1995]

Just put it in the description even, you don't want people leaving your video to Google something

[@HarmlessKiwi]

Just look at the hair product used, from there it is quite easy to date

[@markojokanovic349]

This title is extremely misleading. This was easily one of the most amusing negotiations. The chivalry at the end when they congratulate both of the men is very underrated.

[@jakehay3074]

Bring Richard back. A seriously good Dragon.

[@arnold8746]

Not bad for a Peter puffer.

[@BDogs10]

One of the best Dragons. Very refreshing

[@user-qf8ij7dn4h]

He doesn't need the show, it's a matter of I'd he wants to come back for fun

[@ianoliver7271]

The company dissolved in 2012 with a net worth of -£30,240.00 and liabilities of £10,240.00! Not a bright light!

[@kjp1232]

Greed and a lack of common sense can do that.

[@markheitz7963]

Cheers

[@Zzyzzyzzs]

@@kjp1232 Why would you jump to the conclusion that there was greed and a lack of common sense involved?

[@TheDirtysouthfan]

How do you have a net worth of -30k and 10k in liabilities? Unless I’m forgetting something net worth is your assets minus liabilities. You’d have to have 0 in assets and 30k in liabilities at minimum to get that net worth.

[@user-op9kq9vc2o]

​@@kjp1232Or not the right product-market fit, maybe the product showed great potential but didn't manage to succeed in execution.

[@matt5802]

I love how he kept saying to the dragons "you sit here in front of me" 😂

[@jarvsonsecond4939]

asking to be part of my company xD

[@FlareNationify]

It's crazy to think how far technology has come since this was aired....

[@Zauchi]

17 years is quite a while.

[@yblackburn6829]

What technology are they using at this moment?

[@mikeh2006]

​@yblackburn6829 the ships themselves have a system for detecting someone falling off

[@bizy7133]

This isn't really old technology, can't think of any other way someone would get found even these days

[@-elvis-3592]

It hasn't developed that much if you think what this was near 2007-8 technology hasn't developed that much since then just redefined things

[@B_Bodziak]

I found it insulting that he didn't do any research on Richard Farley. I've never seen any ask a dragon, "Who are you?" Wow

[@ChicDead26]

Not that we know how much the participants were told about the dragons. Maybe they weren't even named - precisely so people wouldnt do any research beforehand. And yeah, its not how it rolls currently.

[@MrTibbs12]

@@ChicDead26this was the third series..he didn’t do any research on who any of them were

[@ChicDead26]

@@MrTibbs12 ah crap, thought it was the second. debra there shouldve been a given

[@MrTibbs12]

@@ChicDead26 first season had rachel,the odious doug richard and simon woodroff..simon was switched for theo in the second..ive been watching dd since day one lol

[@michaelwallden7261]

u missed a lot of programs because this have happened several times in the past

[@AdamBechtol]

Dang Richard Farley kicking butt. :p First deal I've seen him get. Also, this was one of the most professional-sounding exchanges I've heard on the den.

[@jamesbooles5395]

Is that DOUG RICHARDS WITH HAIR???

[@EliaszPimpicki]

richard seems like a chad, i literally been waiting for this episode since i watched it back in 2007 with family and dad r.i.p!!!

[@onyenu7404]

I enjoy his ability to hold on to the prospects and making them want his invention. He got a good deal with Richard.

[@CalumO94]

Old Dragon's Den was a no-nonsense show... Its a bit too flashy now.

[@jonathanbirch2022]

Agreed

[@myahiaoui]

What would make that not work? Nothing! Me: Signal-to-noise ratio, signal interference, false returns, echoes, unintended object reflections, target orientation, limited sonar resolution & bandwidth for distinguishing multiple signals🤓

[@ddraigmafon4725]

Richard was a fantastic dragon, he left to the show’s detriment.

[@youngma5296]

how did i miss these older pitches...i binged on these awhile back...😅

[@XACMPL]

because it was uploaded after your binge, perhaps?

[@youngma5296]

@@XACMPL probably yea 😅

[@XACMPL]

stay safe@@youngma5296

[@ianlister7333]

cant help but think, if this was filmed today, Richard would have said "you are here for Peter, so im out"

[@Hutchyy]

Nah cause he knew he would get it with the lower equity offer

[@doctorsocrates4413]

Richard farley was the best ever dragon in the den...

[@wayneerichsen]

This would be more suitable for deckhands on fishing boats.

[@olimot8081]

Quite sure he thinks it’s worth £2M and then reduces that further

[@soulreaperichig0]

No he didn't think it was 63million

[@RockyDave]

You're right. He went in at 4 million and moved to 2 million before finally accepting a valuation of 1/3 million.

[@JohnDoe-sk6wy]

These are throwback videos when Theo, Duncan and Richard were still around lol.

[@neilshirley]

Richard at least makes it interesting and competitive and therefore much more interesting. Nowadays I get the feeling the dragons all work together to get the best deal for themselves!

[@user-ff8sp3xl3c]

He thinks his company is worth $2 million, not $68 million.

[@sheikhu1039]

I used to think the disaster episodes were fun to watch, but these types here hit different 🙌🏾

[@abreathingcoffin8089]

he did an exceptional job at dissuading the problems with it. I think it's a valuable asset for any commercial oceanic experience.

[@jmharris251]

OMG, he cames on show w/out researching the Dragons.

[@Katie-hj5eb]

I am disturbed by the fact that someone could have a patent that means no one else can develop sonar rescue systems.

[@Lucy-nw4im]

Yeah same

[@deerkaiser9983]

Patents more often than not halt progress and force people to find other less effective methods, basically you pay money to defend yourself from competition

[@ryleypalmer]

Yeah but he’s not going to have the money to defend his copyright versus a massive company.

[@BenjaminGoose]

Parent, not copyright.@@ryleypalmer

[@hamza361]

Company failed in 2012 and looked like it had many years of losses before then.

[@B_Bodziak]

It sounds like it at least worked. He was too early pitching his "company" -- he should have waited until he had a fully tested and working model. He's still only pitching an idea. He should have taken the $100k for 30%.

[@free_gold4467]

@@B_Bodziak he did.

[@anubusx]

It went under then.

[@B_Bodziak]

@@free_gold4467 After I read your reply, I actually had to go back and re-watch the last 3-4 minutes. I think I was so distracted from him asking Farley "Who are you?" that I didn't pay enough attention to what was happening after that! Lol. Thanks for responding and setting me straight!

[@free_gold4467]

@@B_Bodziak You're welcome! :)

[@darryljones8369]

Well done Richard. This will save lives :)

[@amodelchucrut]

"i'd like to welcome you on board" was, ironically, the best pun of them all :P

[@sadikmeah4057]

Richard was a great dragon and I miss him

[@B_Bodziak]

It's out of range after 3.5 seconds at 30 knots after someone hits the water seems like a HUGE issue. They should at least add a water-activated light to the lanyard like the lifejackets on airplanes have.

[@sj-red]

The problem it solves is losing someone overboard at some point during the trip without knowledge of this happening. The entrepreneur noted at 6:18, that the RNLI and the US Coast Guard agree that if you know the location someone entered the water you’re 95% more likely to find them - that’s massive. I believe it’s pretty objective that this product solves a significant part of the problem it attempts to solve.

[@oneheadlight8000]

It pings the GPS location when it hits the water.. sonar is not the best tech for this.

[@scienceevolves4417]

And add a whistle too! Always seems to work for me when we have a water landing in the middle of the Atlantic Ocean and there are huge stormy waves around 😅

[@kjp1232]

That's what flares, radio and rescue helicopters are for 😂

[@invertedname3099]

He’s a good looking dude. That look he has alone will get him far in business

[@seanjosephhayes]

Multiple tests done in multiple locations. Experts in the field: We believe this works. Duncan Bannatyne: I don't believe this works.

[@MichaelWallden]

I love when People think this is live....

[@seanjosephhayes]

@@MichaelWallden I never said it was live? And what’s that got to do with Duncan disagreeing with the experts anyway? 🤨

[@sachinfulsunge9977]

There can be other reasons they dont want to invest, but they don't want to reveal the reasons so they make excuses

[@user-qf8ij7dn4h]

He has no working model...

[@unnamedchannel1237]

Ya but it’s the same guy that thinks an electric tooth brush has no battery

[@free_gold4467]

Max Headroom gets the investment he wanted.

[@anubusx]

Jenny falls out of the boat and says: i'm out.

[@Sam-qh1sh]

😂🤣😂 that’s a blast from the past!! Totally forgot about Max

[@longq5198]

Love seeing professionals talking and negotiating business deals.

[@TheManInBlueFlames]

Okay, but this device is GENIUS! Like, it could ACTUALLY SAVE LIVES!

[@wlink639]

Didn't expect to see you here, they use better systems now.

[@thefonzkiss]

Jeeze, this guy talks like a future dragon. Never seen such poise in the den.

[@stevesalt9005]

Richard is a class act.

[@ianrae1546]

Bit of a misleading headline there. He didn’t once say that his company was worth £63M. He said that there was a similar company on Australia that was worth £63M.

[@dieseljester3466]

Dude needs to pitch this to the merchant marine and fishing industries. This would cut down on the number of fatalities every year from people falling overboard.

[@FRANCESCA01234]

So funny how he was interrogating Richard 😂

[@drpk6514]

Very professional

[@jamesgraham6122]

I've no idea just how much of this may have been edited out but found it strange that nobody asked for details on production costs and retail price, the retail price especially would affect the numbers sold... would each crew member be able to carry one while on board, or would the costs dictate that the boat had just one or two that would be carried by anyone alone on watch on deck ?

[@teamalpha8134]

Great Episode 🐺

[@anubusx]

"Just floated their company." lol.

[@scienceevolves4417]

Was early days for Evan... He missed out on so many puns in this one😊

[@anubusx]

I sea what you mean.

[@brucebaker810]

Me too.

[@solomonororiwho1305]

Wonderful

[@saintjimmy456]

Deborah wanted him to demonstrate a full working model before investing. Did she expect him to bring the sea into the den?

[@user-yf4jh3bv9s]

Well he said it would activate in a glass of water, so he should have been able to demonstrate in a fish tank

[@kjp1232]

No she just wanted to sit back and laugh at idiots

[@socawarrior1263]

lmfao !!!!!!!!!!!!!! oh you made my night there with this one buddy !

[@sajti812]

One of the really enjoyable negotiations

[@socat9311]

A true bold entrepreneur would bring to the Den a device that transcribes Duncan's words

[@poppyboiXCIX]

I can transcribe for ya - Duncan : "Am ooaut"

[@GameAGuy]

I wish Richard was there longer.

[@hudsonlee6140]

Absolutely the best pitch for the dragons.

[@Steve-td1wz]

Always liked Richard by far the nicest humble dragon there ever was

[@ramonbmovies]

I can tell this episode is old. What year was it screened? The negotiation was very interesting.

[@valdirmassiala606]

Peter's competitiveness inspires me!

[@muzzmurgatroyd]

Did I miss the bit where he says his company is worth £63M? Maybe he thinks that, but he didn't say it.

[@Braketech9]

I agree with Theo.. I’ve just sat here and listened and listened and listended.

[@nukaghoula]

having something like that attached to people on scuba diving tourist tours would have already saved multiple lives in Australia

[@Billy_B]

Business went overboard in 2012

[@IgnoreMyChan]

But did they get an alarm or...? 😛

[@scienceevolves4417]

I heard they had massive problems with cash flow?

[@Hoopspur]

Peter lurking in the water like a Great White. Richard is Chief Brody.

[@Noelhall88]

Well done

[@maxprivate3805]

A cheap RF proximity detector could signal the overboard and cheap GPS would give continual coordinates (antenna needs to be above water).

[@VanlifewithAlan]

My maths must be a bit out. According to the title the entrepreneur thinks his company is worth GBP63m. He wants 100k for 5%, I don't think that makes GBP63m but maybe the rules have changed since I went to school. A pity the title writer did not watch the video, the 63m was for a rival company floated in Australia. And finally surely he should not have welcomed someone 'on board' but rather 'off board'!

[@marcusg6573]

Very well made pitch.

[@DJcyberslash]

Fantastic idea

[@Rusmiester]

He was one of the best contestants to have ever been in the den

[@SpoodinOot]

Very cool idea

[@mahamedhassan7242]

The titan submarine could of done with that

[@hoads123]

Click bait title. This guy was actually very nice and respectful

[@adelezierler1547]

That was a quiet a negotiation indeed. It is never boring to watch these Dragons on the Dragons Den.

[@bunnywarren]

The company never made money and was always in debt. It was dissolved in 2012 with debts of £30,240 on the last accounts provided.

[@just_caitlin]

I can think of severally potential flaws, number 1 being would the clip not fall off on impact with the water? It's not held on very well from what I can see here.

[@dawsonje]

This is so much more wholesome than the US version

[@ianbaird1730]

Peter is the kiddie in any deal he offers on

[@colmwhateveryoulike3240]

So Doug Richard came back to stand on the other side of the den eh?

[@closetome]

Farley and Jones are blatantly friends outside the show. Rory could use one of these sonar thingys?

[@JoshuaSmith-yh8fq]

Richard you’re the most respectful and kind person on the den ever

[@gtmode6947]

New Dragons Den is like a parody of this.

[@kingkong5483]

I couldn’t help but wonder if the fobs contained batteries🤔 And, if so, that could cause issues.

[@unnamedchannel1237]

Lmao

[@jimmylittle9393]

Not sure why it matters who falls into the water? That's an odd feature...what do you do with that ..decide whether they're worth saving or not lol

[@azmanntoz]

It would matter somewhat if the person was a child or elderly. Or maybe someone who can't swim.

[@Robbie32]

Nice to see a happy ending for a change.

[@funkyironman69]

4:25 A glass of water won't work because sonar travels through water, with the massive air gap between that and the receiver the signal won't get back to it

[@poppyboiXCIX]

Why did they get rid of Richard Farleigh? He's awesome.

[@user-in8tw8zl7i]

I feel like Peter was told to look disappointed, he couldn’t give two fuc*s

[@D.34.N]

Richard is Class.

[@emc59789]

You don’t need the clickbait title we’ll still watch it

[@rontronimous]

This is a damn good idea.