PRESIDENTIAL CANDIDATE Seán Gallagher remains well liked by the former Dragons' Dencontestants in whose businesses he pledged to invest, despite the reality that the majority of deals he negotiated on air fell apart after the show.
Fewer than 20 per cent of the start-up businesses that were promised an investment by Mr Gallagher actually received the amount stated on the show, while fewer than half received any money at all.
During his three seasons as a “dragon” on the RTÉ programme, Mr Gallagher said that he would invest in 11 businesses, committing himself to over €220,000 in total. However, the rules of the show state that agreements reached on air are not binding and they allow both sides the right to back out of the deal afterwards.
While two business ideas received full funding from Mr Gallagher and another three received partial funding, six contestants stepped away from the deals themselves following personal reflection after the show.
The two business proposals that went ahead as stated on the RTÉ programme were Surf Seeds, a healthy snack food, which received a €50,000 investment from Mr Gallagher in return for 10 per cent equity in the company, and Boiler Bleed, a device that fixes air locks in burners, which received €20,000 for 20 per cent equity.
Terry Rehill was one of the entrepreneurs who backed out of a deal with Mr Gallagher after his business idea – a website called whohasit.ie that provides a trading place for surplus stock in industry – was promised funding.
“Me and my wife thought about it and decided no, that we were going to hold on to 100 per cent of our business,” Mr Rehill said.
“Not to sound too corny or anything, but Seán was an absolute gentleman and he was very free with his time and his advice for us. My dealings with him have been very positive and I would have nothing bad to say about him.”
Mr Rehill’s comments were broadly reflective of the five other former contestants who, after coming to an agreement with Mr Gallagher on air, later decided that they were giving up too much equity in their company.