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Woodstock Company Emerges Victorious from Dragons' Den

Thursday, 10 October 2013 at 00:00

Heart FM Local News

It was a successful venture into the Dragons' Den for Woodstock's Modern Waste Products.
 

The company's President was on the CBC investment show last night and was able to secure a deal from two of the Dragons, Dave Chilton and Bruce Croxon.


They were pitching their "BinPak" - a trash bin and compactor in one.


Business Development Director Lee Cunningham explains the deal.  "So it's a royalty deal.  They gave us $150,000 in cash, and then we pay them $1000 per unit we sell until we pay back the $150,000.  And then once we reach that threshold, we give them a $300 royalty for any unit that's sold."


The "BinPak" sells for $16,000 per unit, and costs around $9000 to make.


Even though the show just aired last night, the segment was taped back in the winter, and Cunningham says the deal has already reaped rewards for the company.  "Back in June we were able to be named preferred supplier for McDonald's Canada.  So any new units that are being built or renovated for corporate, they'll be placing our units.  That was before we even aired."


MWP also sold their first bin in Quebec, and has opened a sales office in Chicago as they look to break into the US market.


The deal could also lead to an expansion here in Woodstock, and added employment.

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