myCELLmyTERMS Captures $400K on CBC Dragons’ Den

Dragons Den episode4 , Season 4 played at 8pm Wednesday night, Oct 21st on CBC television. This is always very exciting television and last night was no exception as the investors were at their best, and the business that came walking in was all very interesting…  But honestly nothing looking super profitable, except the four men from a new start-up web service that hopes to revolutionize the way Canadians buy cell time. That could be very profitable…

myCELLmyTERMS started strong as Kye Husbands explained how their process was an improvement on today’s existing service model, because on their website the customer chooses his own cellular service rate plan with all the desired trimmings, and then myCELLmyTERMS goes out and does the legwork to try and find dealers that are interested in aquiring the new business and willing to match each request point for point. This is win win as the customer gets ultimate choice and the dealer has the account…  Yes the team was doing very well, until Kevin asked about ‘the monthlies’ and thats when it was revealed that the team was only charging Dealers a one time fee…

Kevin was upset at not getting any reoccurring revenue and his dissatisfaction was echoed in the expressions and statements of the other investors – Brett seemed anxious to get Kevin out of the arena and he would have left had Arlene not entered a bid of $200K cash and 200K in services.

Kevin wanted to ‘squeeze their heads’ but Brett joined Arlene by offering to provide 100K worth of cash for a quarter of Arlene’s deal.  And so that’s how it broke down. Paul Peic had the most transcending moment of the encounter when he leapt up on the riser to give Arlene a hug and a handshake as they accepted her offer.

This morning, I read @myCELLmyTERMS twitter update that reported that myCELLmyTERMS had over 10,000 visitors last night, and so right now I’m sure all four entrepreneurs are working hard,  busy helping Canadians get better rates for cellular service.