From Dragons' Den to SPAC: Dr. Bailey's LeakBot Now Part of Ondo InsurTech
Dr. Samuel Bailey, inventor of LeakBot, has seen his creation become part of Ondo InsurTech Plc following a SPAC reverse takeover in 2021. The journey began with Bailey founding engineering consultancy Skyrad and inventing LeakBot, the world's first clip-on pipe flow detector for micro-leaks in homes.
Bailey's innovative spirit was evident when he pitched Pippa, a wall-mounted device warning of fire hazards, on Dragons' Den. He initially asked for £100,000 for a 5% stake in Pippa. Impressed by the product, three Dragons—Peter Jones, Deborah Meaden, and Touker Suleyman—decided to invest.
Jones offered £100,000 for 12.5% of Skyrad instead of Pippa, but Bailey preferred the Dragons' combined offer for Pippa. Meaden and Suleyman both offered £100,000 for 10% of Pippa. Bailey accepted their offer, receiving £150,000 for a 15% stake, valuing Pippa at £1 million. Bailey expressed delight in having three Dragons backing his business.
LeakBot, Bailey's brainchild, is now part of Ondo InsurTech Plc, demonstrating his entrepreneurial success. His Dragons' Den appearance not only secured investment but also marked a significant step in his entrepreneurial journey.
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