20/08-10   -   Press releases

Graduate convinces Dragons’ Den millionaires to part with cash

A budding entrepreneur and graduate of the University of Surrey has successfully convinced two of the millionaire judges on the BBC’s hit show Dragons’ Den to invest in his firm that provides monitors for virtual graffiti as an unusual entertainment at social functions.

Tim Williams appeared on the programme which features aspiring entrepreneurs who try to convince a panel of successful venture capitalists to invest in their companies.

With his business partner and old school friend Tom Hogan, Tim runs a firm called Lumacoustics, a creative company which designs and builds interactive experiences. Their flagship product is called Yrwall - an interactive digital graffiti wall which can be hired by the day in the UK and Europe. The firm works with major clients including Google, YouTube, Orange and Glastonbury Festival.

Tim, who graduated from the University in Retail Management in 2001, said: “During the four year course I had a year in industry, with a placement at a software company. I was lucky enough to be offered a full-time position with them after I graduated

“I stayed in the software industry working my way up to managing key accounts for a large global software firm. However, I still wanted to start my own business.

“Tom approached me when he had started developing YrWall, our digital graffiti wall product, and after a few long discussions Lumacoustics was born. At the start of 2009 I quit my job and we both focussed on the new business 100% of the time. It wasn´t easy at first, we really had no money and our social lives suffered as we put everything we could into starting the business.

“I loved my time at University and the course, along with many of our tutors inspired me to want to run my own business one day.

“The University fuelled and encouraged my desire to start a business; I look back very fondly on my time there. The University gave me many of the skills I use every day.“

He says the filming of Dragon’s Den was a bit daunting. He said: “I wasn´t nervous until we were just about to walk up the steps into the Den, my heart started pounding as reality dawned on me. We decided we wanted £50,000 for 10% equity in our company, which as we had a good trading history and we are making money we knew it was a good deal. Our approach was to get the best deal on the day and then think about it afterwards.

“We fought hard to get the deal we got offered and secured Deborah Meaden and Peter Jones, investing £25,000 each for a 20% stake in our company. This was much higher than we wanted and after walking away from the Den we really questioned if we had done the right thing. However, to have two business heavyweights on board is incredible and we are very close to finalising the deal now. We are really excited about the short and long term future."

Professor Andrew Alexander, of the University’s School of Management, commented: “The School was delighted to see Tim and his business partner gain success in the Dragons’ Den. Tim’s achievements illustrate nicely the qualities of our graduates, strong academic ability combined with business acumen and an entrepreneurial spirit. We wish Tim and Tom every success for the future of their business venture."

First launched in Japan, the Dragons´ Den format has been successfully used around the world in different national versions.