Lennart Rieper, Florian Goecke und Paul Dudda, the founders of the Hamburg-based Towell+ came out on top Tuesday (September 6th) during VOX TV’s “The Lion’s Den”. However, the envisaged investment of EUR 250,000 negotiated with the “lions” Jochen Schweizer und Ralf Dümmel in return for a 20 per cent share of the company did not come about in that way, the private initiative Hamburg Startups reported. The trio instead reached a co-operation agreement under which Schweizer will sell Towell+ on his web page, co-founder Dudda confirmed to Hamburg News.
“Pitching like crazy”
Rieper and Goecke are both product designers and together with their co-founder Dudda they pitched their “Towell+” – a sports towel that beats rival products. Their towel comes with a double-layer of material, zippable bag sown in, clear front and reverse and with an adhesive magnet to make life easier for athletes – and astonished the jury.
But their success was by no means coincidental. The convincing pitch, which Frank Thelen praised profusely calling it an “almost perfect product pitch”, had been prepared meticulously. Prior to the show, Dudda told Hamburg News: “We wanted to do everything perfectly and so we researched all the ‘lions’ including their interests and expertise, even their daily routines – right down to every detail. In reference to the judges who had appeared in the earlier seasons of the show, we analysed precisely all the questions and their reactions to the individual pitches. Just before the show, we had a stand at the FIBO (a global fitness trade fair) in Cologne. We pitched like crazy from morning to night there, and are going to DSDL with this tailwind behind us.”
New products in the pipeline
Following their coup, the trio now wish to take off with their Stryve start-up that they contracted out from their Thinks design agency in August 2015. “The demand for Towell+ has swelled like a flood in the wake of the show”, Dudda said. But the trio do not intend resting on their laurels. And they have already surpassed a crowdfunding target of EUR 10,000 on the Kickstarter platform for their latest product – a sports watch called Intwo. Research into patents for another sports product is also underway, Dudda disclosed.
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