In the Dragon’s Den

It’s unlikely to be hailed as a miracle, but a Victoria inventor with alchemic dreams is looking to turn water into wine with a little help from Royal Roads University, and, well, a den of dragons.

Granted, turning water into wine might be an overstatement of Biblical proportions. But turning apple juice to apple cider isn’t. Using a dash of yeast and a custom-designed pressure cap, Peter Chapman says fruit juice can turn into cider (or beer in the case of barley malt mix) after sitting for five days at room temperature.

Chapman, a photographer by trade, says he’s been brewing the idea for 20 years, and came close to launching the cap-and-yeast concept a few times, but the financial backing fell through. But in late April he pitched the concept to the CBC reality program Dragon’s Den during a casting call at Royal Roads.

Dragon’s Den allows budding entrepreneurs to pitch their business plan to five fire-breathing venture-capitalist “dragons,” who heap scorn on inept concepts, and invest cold cash in good ones. Chapman survived round one, and will face the dragons in a taping session at CBC studios in Toronto in late May.

“The problem is persuading people this will work. I’ve had an expert says it’s the best cider they’ve tasted and the same expert call me a liar,” Chapman said. “The only way to persuade people is to activate a bottle (of juice). Drop in the yeast, put on the cap and put it behind someone’s desk for five days.”

Chapman says he did just that — he left a bottle in a potential investor’s secure office, which fermented and carbonated into cider by the end of the week. “They accused me of actually breaking in to the office and swapping my bottle for B.C. sparkling cider,” he said, exasperated.

Royal Roads University business professor Brent Mainprize advised Chapman and other hopefuls auditioning for Dragon’s Den, and says pressure cap concept is viable, but the pitch needs to have passion and clarity, and the idea needs protection.

“Brent was here the first day of auditions and gave a lot of help before getting in front of the cameras,” Chapman said. “It’s nice to have someone to talk to who knows what they are talking about, and who knows what the dragon’s reaction will be.”

Chapman was unsure of a reasonable deal structure, should the dragons buy in. Should he look at royalty deal, a revenue split, or a mix of both? How much control should he give up to get the idea to the commercial stage?

Mainprize advised Chapman file an invention disclosure document with the Canadian Patent Database. He also said Chapman needs to keep a level of involvement and ownership that won’t hinder the marketing and design process, but won’t see him shuffled to the sideline. Mainprize noted that Chapman has done his homework on the success and challenges companies using similar bottle and pressure cap systems.

“Investors and entrepreneurs who specialize in commercializing technology often ponder when to shoot the inventor. They just don’t want to let go,” Mainprize quipped while advising Chapman on his pitch a few weeks before the Toronto taping session.

“You need a clear idea of what value you bring to the project. You’ve put a lot of hours into this, you’ve got a lot of knowledge and that will help on the commercial side,” Mainprize said. “The dragons are looking for you to let go to allow the commercialization to happen…Saying you’ll share the risk and push ahead with them is a good message to send.”

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