P.E.I. company declines major offer on Dragons Den

A P.E.I. literacy program company may have turned down a big offer on the Dragons Den but Joelle MacPhee says Ooka Island Inc. walked away from the show with valuable exposure.

The company’s pitch, shown on CBC’s popular reality business show Sunday night, drew strong praise from all five Dragons.

Dragon billionaires Jim Treliving Bruce Croxon teamed up to offer an investment of $1.5 million for 50 percent of the company.

Giving up half the company seemed too steep a price so a deal could not be reached.

Still, the national coverage will only help a company that has already been making noise with their adaptive online early literacy program.

“We knew we had a groundbreaking product, which is already helping kids learn to read in 22 countries around the world,’’ said MacPhee, Ooka Island’s director of reading partnerships.

“Receive a generous offer from not one, but two Dragons serves as validation for the tremendous potential for the Ooka Island Adventure series.’’

Formed in 2008, Ooka Island has combined science-based reading methods with dazzling 3-D imaging to develop the only comprehensive early literacy program offered exclusively through technology for children age three to seven.

William Lyon: - February 1, 2013 at 11:11:39

I've noticed that since the EI protests on PEI and out pouring of support from Islanders that Harpers paid call centre internet commentators are out in full force. They are on it eh SAP?

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Justine Thyme: - January 29, 2013 at 01:36:51

I wonder how much Provincial/Federal money has gone into this company already and on what terms? As a taxpayer, I might have wanted the Dragon's money, instead of more out of my pocket.

Mell: - January 28, 2013 at 14:40:04

Congrats for having the courage to stand up to the "Dragons"! More people should - I wish there was a way of doing a follow-up report on the ones that did take the offers that the Dragons put forth to see if there were success for them or regrets. The Dragons are out for blood!

SAP

- January 28, 2013 at 16:22:11

Stand up to them? People go their asking for money, the people with the money have certain expectations. You can take it or leave it. As the old saying goes, if I give a dog a bone, I don't want to hear if it tastes good or not.

SAP: - January 28, 2013 at 12:39:23

So, what you are saying is, that it is better to get taxpayer money for this, instead of private money? And that the government should be willing to pay out more than the dragons offer? The companies looking for money are free to try the banks for money, or any other private investors they like.

John: - January 28, 2013 at 12:11:19

@Dragons are CBC sponsored greed team to correct your statement on the honeybee guys, they did in fact accept the offer from the dragons and only turned it down a few months later when their company took off in Europe and they didn't need the Dragons money any longer, at least not at the previous valuation..

Marie: - January 28, 2013 at 12:00:07

If they received $20,000,000 before what did they do with it?They shouldn't need the Dragon's money.

Great exposure: - January 28, 2013 at 11:43:59

Great to see Island entrepreneurs on this show! Good luck to this new and upcoming business!!

Dragons are CBC sponsored greed team: - January 28, 2013 at 11:20:14

Here is he Dragons, CBC's very own venture capital team. Bravo to turn down such a terrible and greedy offer. These people already spent 3 million and the Dragons want half of the company for half the amount already invested. The dragons are just like many CBC parasites, promoting themselves and their own crappy books on themselves. As we saw with Honeybee, turning the dragons down is best bet. The dragons like CBC want all the action at a discounted price. Never discount CBC pay scales though, they are all top secret. funny eh?

dan

- January 28, 2013 at 11:51:06

I would suggest they had no real interest in selling in the first place unless it was to kevin. He was quite qware they had sold the previous product for 20 million. So they don't need the money. They either wanted Kevin because of his experiance in this area or secondly the free advertising. I think they were the winners as they got what they wanted.
Anon

- January 28, 2013 at 12:20:09

You have literally no idea how business works.
UPWESTER

- January 28, 2013 at 13:07:49

Who used who here? Honibee did the same thing. They got the exposure they were looking for by going on the Dragons' Den. If it wasn't for DD, you would never have heard of either of them.You couldn't buy all the free exposure they got nationally by going on the Dragons Den. Let's not be to quick to point the finger at these guys(DD), maybe you should take a look at these people who used DD to get national attention.

Impressed: - January 28, 2013 at 11:06:06

Very impressed with their professionalism and very wise not to give up 50% of their company. I know that this exposure will go a long way to helping them. I've already checked out the website and am impressed, as well, the article should make note that there is a 50% discount right now as part of the dragon's den promotion, so if you were ever thinking about helping out an island company, here might be the time to do this.

WHY TAKE IT: - January 28, 2013 at 10:51:34

Why take 1.5 million dollars from an investor for 50 per cent of the company when they will probably get the same amount or more for nothing from this Government?

SAP

- January 28, 2013 at 16:09:11

You took the words right out of my mouth.

Fenarfin: - January 28, 2013 at 10:50:28

So, I wonder how the Dragon's feel about being used in an advertising ploy. Perhaps they learned from the Lawyer in Toronto who did the same thing. That 'something for nothing' mentality doesn't put The Island business community in a very good light. But, perhaps we're used to it ... I can still remember the Tourism minister telling Islanders we need to 'raise the bar' on quality and value for dollar spent ... Sad, really, when we have to be asked to stop gouging the tourists.

Terry

- January 29, 2013 at 06:22:21

I would say that the Dragons area tickled pink knowing that someone used whatever tactic they could use to gain exposure for their compy... It's business!! Kudos and best of luck

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P.E.I. company declines major offer on Dragons Den

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