Syncbox Net Worth 2022 – What Happened After Dragons’ Den?
It’s often the simplest ideas that bring in the big bucks. That seemed to be the case for the inventors of Syncbox.
Even though one of the Dragons’ Den investors called it ‘just a box’, it resulted in a much more interesting story than some dragons thought it would and built a net worth of over £1 Million.
From the first time viewers saw the Syncbox team enter the den, they were smiling. Are they smiling still?
What is Syncbox?
The Company
In their own words, the company sells hidden connection systems.
Syncbox is a concept to simplify cabling in homes or other buildings, especially when it comes to entertainment areas.
The basic concept is a recessed box, set inside the wall, into which all relevant cables are plugged into: power cables, HDMI, audio and sound cabling and much more.
Because it’s recessed and has a cover plate, there’s very little sticking out past the surface of the wall, which carries aesthetic value.
It also enables you to place a flat screen TV flush against the wall, without the cabling affecting the angle or positioning.
A box can be customized according to specific needs, which makes it relevant in all countries, no matter what the local connection and power requirements are.
The Owners
Two business partners who were already active in the audio visual installation industry designed Syncbox:
- Steve Noyes
- Duncan Summers
They discovered the need of making cabling neater and getting it out of the way while installing customers’ equipment such as flat screen TVs. They found there’s no practical solution on the market.
The idea started with a sketch and they made sure to patent their designs. Syncbox as a company was established in 2015.
Syncbox & Dragons’ Den—What Happened?
Steven and Duncan did manage to manufacture and sell some units—2000 in multiple countries in just the first year — but starting up a new company was expensive.
In order to expand they needed help. They opted for Dragons’ Den after friends prompted them and had to prepare their pitch in just two days.
Their goal was to £55 000 in return for a 20% stake in the business.
Three of the dragons thought they were over-designing a simple box and that it didn’t really have a market.
However, Deborah Meaden and Sarah Willingham saw its value. As stated on Deborah’s own website, her own refurbishments showed her the need for such a solution.
However, both dragons wanted 35% stake in return. It took some deliberation and the promise that they could buy back some of the stock during the first year before the Syncbox guys agreed.
Deborah wasn’t interested to partner with Sarah in a 50/50 deal, and eventually the Syncbox team chose Deborah as their investor.
Syncbox Today
The decision turned out well for all three. As early as 2018, according to startups.co.uk, the brand was selling 3000 units a year and Syncbox was listed at #27 on Top 100 Startups in the UK.
It also became a standard feature in certain developments for brands like Crown Plaza Hotels, says Professional Electrician.
Conclusion
This little box transforms lives. Syncbox helped Duncan and Steve become successful and it’s simplifying life while beautifying home entertainment areas. Are the other dragons regretting calling it ‘just a box’?
