Nooks get Dragon partner

Nooks Designs have found a Dragon partner to work with.

The Kelowna company was featured on the CBC program Dragons' Den Wednesday night.

In the episode, taped back in May, Nooks Design asked for a $100,000 investment in exchange for 15 per cent of the company.

They had four dragons interested in investing, but settled on Manjit Minhas, who offered the money for a six per cent royalty instead of equity in the company.

Louis-Philippe Lavoie who, along his wife, Ruthy Penner, started the company four year ago, said he remains happy with the royalty deal.

"The royalty I think is going to work out in everybody's favour, because Manjit has a lot on her plate, and by no means is she interested in managing another business," said Lavoie.

"The royalty aspect is a good way for everyone to maximize benefits from the deal without having to involve too many people in the management of the company."

Seven months after the deal was struck, they are still negotiating the finalization of that deal.

There are times when a deal made on the program does not get completed.

Many businesses that appear in The Den get an initial bump after the show aired, whether they get a deal or not.

Lavoie said they have felt the "Dragon Effect."

"We've gained three new wholesale accounts overnight. We've had quite a few sales come through, and a lot of interest.

"More importantly, I think it re-established that we do intend on maintaining that cottage industry feel despite the volumes getting larger. Our plan is to remain true to our roots and true to the cause we originally created."

The entire pitch rarely makes it to air. Lavoie said the seven minute segment on the show was actually about 47 minutes in real time.

While much of the pitch didn't get to air, he said he was pleased with the way the episode was edited and produced.

Nooks Design, named after their oldest daughter Anouk, are shoes and clothing for children made out of pre-loved items.

Along with their success on the show, the company also agreed to participate in a commercial for Canada Post, one of the sponsors of the show.

The commercial will be filmed next week. The 30-second commercial will air on Dragon's Den next year, while a 90-second version will air on the website.

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