 Next up is Holmfirth-based tech
   entrepreneur Martyn Gould,
 who has a lot riding on his trip
           to the Den.
 Today is huge for us and our company
   because we've worked really hard
     for the last two years,
 to build something that's great
 but we've recognised that we need
            some help.
 Martyn's decided that to win the
 Dragons over, honesty is the best policy.
   I'm going to be transparent,
    I'm going to be friendly,
 and, hopefully, when I get back in that lift,
 I'll have a big smile on my face!
 Hi, Dragons. My name's Martyn Gould,
         I'm the CEO of Yboo.
   I'm here today to ask for an
      investment of £250,000
  for a 2.5% equity share in our
            business,
          Yboo Limited.
 Dragons, did you know that in the UK
          every single year,
 consumers overpay for mobile phone
             contracts?
  They don't know what they use,
  so they don't know what to buy
  and the market is deliberately
           complicated.
    We made Yboo to solve that
             problem.
       One, download Yboo.
   Two, use your smartphone as
             normal.
 Three, sit back and wait for Yboo to
         match you to a deal
       that's best for you.
 Not only do we match you on price,
      but we also match you on
 signal strength and we're ideally
     placed to scale in the UK
       and internationally,
   but we need you guys onboard
   to help us do that quicker.
  Look forward to receiving any
   comments about the product.
 An app that tracks your call and
 data usage to recommend the best
 mobile phone deals is the offering
  from Yorkshireman Martyn Gould.
 He's asking for a sizeable £250,000
          for a 2.5% share
         in his business.
 Sara Davies is keen to know more
    about Martyn's experience
    in the mobile phone zone.
          Martyn. Hello.
    You are from the industry?
           Absolutely.
 We've been in the telecommunications
        industry for 20 years.
 I was one of the first employees at
    Cellnet when it was analogue,
    and the networks know us.
 And do they love our team and our
              people?
           Absolutely.
 You've just gone in, found a few of
          the best people,
 put the super-duper, awesome team
             together?
 We've built a team to solve a real
       problem for consumers
 and mobile networks, and we've got
      the foundation to grow.
 And I do believe in it because I've
   spent 14 months with no salary,
 no income, spending my savings to
       launch this service.
 That's how much I believe in it.
 Martyn's passion and his impressive
    credentials seem to be going
   down well with Sara Davies.
 Peter Jones made his first millions
             in mobiles.
 How will Martyn fare being quizzed
           by an expert?
           Martyn, hi.
           Hi, Peter.
 You said the selling point is the
    fact that it will tell you
  the coverage where you live...
              Yeah.
    ..and the best network for
            you. Yeah.
 How do you get that information?
 So, we crowdsource it from users
     and we know that people
 have their mobile phone with them
           all the time.
 This is from our own systems and our
           own algorithms.
 And how many users do you have?
 So, to date, we've had 40,000 people
    that have downloaded our app.
 And how many people in the UK have a
            mobile phone?
 So, there's 60 million people that
    have a consumer connection.
 60 million people have a connection?
               Yes.
 And yet 40,000 people tell you where
           the coverage is?
 So, I'm going to go on your site.
 I bet, and I put my postcode in,
     you're not going to know
 whether the coverage is good for me
               or not.
 So, if we don't know, we'll tell you
         that we don't know.
 We're completely transparent and
        we'll tell you...
  So, I get a message back to say,
 "I'm sorry, I just don't know it"?
 As we scale in the UK, we'll have
    more detailed crowdsourcing
  information and, hopefully...
     Well, you won't get it -
        that is my point.
 You'd be far better to utilise...
 ..an average network coverage map.
  I... I think we've made the right
 decision in not using operator maps
  and being independent of every
      single mobile network.
 The operator maps are static, they
   take no account of population.
    I totally agree with you,
   but you've got 40,000 people
 out of a population of 60 million.
   Martyn's failure to embrace
     all the data available
  to improve his service signals
    trouble with Peter Jones.
 Will he get a better reception from
           Deborah Meaden
 on the subject of the company's
            finances?
  How much money have you spent
             so far?
     So, we've spent about...
         ..£1.1 million.
 And that's across the whole of our
             business.
     So, that's on technology
 development, patents, operations,
     sales, people, premises.
        OK, and marketing?
            £300,000.
   You see, I think £300,000...
  ..I'd have expected, possibly,
      to have heard of you.
               OK.
 And £300,000 for 40,000 sign-ups.
 Does that sound like a good return
              to you?
               No.
 The reason we're here today is
 because we need your experience
         to grow quicker.
 So, tell me what happens on day two.
         Here's £250,000,
 what are you going to do with it?
 So, we're going to use that money
    to launch internationally.
      What is the rush to go
         internationally,
 when you haven't even tested the
        market fully here?
 I think there's a huge desire to go
           internationally
 because the product's portable.
   One of our key target areas
          is Australia.
 Because of the geographic landmass,
       there's a real problem
 with signal strength out there.
          So, Martyn...
 ..you know, sometimes people can't
 get right what's in front of them.
 Yeah. They've got expectations to go
           somewhere else.
    We think that our app has the
 potential to scale internationally,
 and, you know, that's the return
          for investors.
 I mean, it's like saying, you know,
       you can't get UK right,
  maybe there's a softer target
           elsewhere.
    I think you're delusional.
               OK.
 Martyn's plans for world domination
       haven't gone down well
 with a wound-up Touker Suleyman.
 And it looks like he's not off the
             hook yet,
      as Peter Jones wants more
 information on the company coffers.
  What has been your last year's
            turnover?
 I'm assuming this is going to be a
       very, very big number
 because you valued your business
      today at ten million.
 It's not as big as we want it to be
   but we're well-placed to scale.
         In the millions,
    what's your turnover been?
 So, for the financial year '18-19,
    we're going to post revenue
      of around £50-60,000.
           £50-60,000?
           Absolutely.
      ..sitting on my chair.
              OK...
 OK, well, that's... I wasn't sort of
           expecting that.
  Wow, how do you go from there?
  Do you want to know why we've
    arrived at the valuation,
         would that help?
 No, I don't think you could put
    any level of common sense
        to that valuation.
             Martyn?
 Peter might not want to know,
          but I do...
    ..because I'm fascinated!
 I think the other thing, Deborah,
   that supports our valuation -
 less than 12 months ago, one of the
    major price comparison sites
         tried to buy us.
 The valuation that they gave us at
     that time was £5 million.
 Is it possible to see that offer?
 Yeah, I've got it here. Oh, right.
     Would you like to see it?
 All right. Yeah, please, love to see
                that.
            Thank you.
 You said that you received an offer
   for £5 million for the company.
               Yep.
       Here's the reality.
          You raised...
        ..£2.1 million...
      ..1.5 million of debt,
          650 of equity,
 only to receive an offer from this
          company... Yep.
 ..of two million, and they would
    have invested two million
 on the basis of the fact that the
       company's already got
        £650,000 of cash.
  So, the offer that you really
    had was not five million.
  To be clear, sorry, I probably
          misrepresented
   what happened, by accident.
      Well, I'm not sure...
 The debt facility was after that
          offer arrived.
 We did not have that £1.5 million
    debt facility on the table
     when that offer arrived.
   But you can't use that as a
  suggestion that your company,
 a year ago, was worth five million.
 Your company was worth significantly
           less than that,
 and the offer shows that in writing.
               OK.
 So sadly, I'm not going to invest
              today,
      and say that I'm out.
 Tech tycoon Peter Jones dismisses
 Martyn's valuation of his company
     and is the first to exit
           proceedings.
 And the flaws in Martyn's finances
       haven't gone down well
   with Deborah Meaden either.
   I'm not happy about somebody
       standing in the Den,
 who is misrepresenting an offer to
   the level at which this offer
     has been misrepresented.
 So, to get that letter, I presented
           to their board,
 their complete UK operating board.
 There's things and conversations
        behind that letter
   which makes me believe it's
       completely genuine.
       That makes it worse.
 This is clearly just an indicative
             proposal.
 You're either very naive or you
      think I'm very naive.
       Well, it must be me.
             It's me.
 Well, either of those scenarios
           are not one
     that I particularly want
          to be part of.
    So, I won't be investing.
             I'm out.
 Martyn, I think you're in a very
        difficult position
     but you're an optimist.
 What would be even better is if
      you're a realist. OK.
  And I think it's a good piece
    of technology, actually.
  But really, the value of this
    technology only comes in
 when you've got about five million
       users and you can get
 the accurate data that you need.
  For me, it's not an investment
              today.
       Good luck. I'm out.
   So, Martyn, you're not a big
             company.
   You're doing £50,000 a year
            turnover.
 A little market stall that does
         more than that.
   So, you've got a valuation,
          £10 million,
 which is probably worth no more
         than a million.
  As it stands today, you think
    a Dragon will come along
          and save you.
 One thing's for sure - I'm not!
             I'm out.
  That thorny issue of Martyn's
  valuation just won't go away,
  as Touker Suleyman becomes the
     fourth Dragon to hang up
  on the investment proposition.
 But does Sara Davies think she's
     spotted a kindred spirit
       in the entrepreneur?
 Do you know what's funny, Martyn,
       is I'm a salesperson.
 That's what I do all day, every day,
           day in, day out.
             I sell.
 And I'm watching you and I'm trying
     to read your body language
 as you're going because it takes
         one to know one.
               OK.
 I think you're a great sales guy.
            Thank you.
   But I actually think you are
         believing a lot
    of what's in that letter.
    And that for me is what's
          worrying me.
     And that's why I'm out.
            Thank you.
    Good luck. Cheers, Martyn.
      Thank you, thank you.
    So, that's it for Martyn.
 The confident entrepreneur remained
        cool under pressure,
         but in the end,
      his company price tag
 proved a hot spot he just couldn't
           get away from.
 Thank goodness you asked for that!
        So, that letter,
   in black and white, says...
 ..we'll buy your company for a lot
             of money,
 and after two years after we've put
 more of our money into your company,
    we'll give you more money.
      He's a good salesman.
 I think the Dragons have missed a
              trick.
 I hope I bump into them all in a
         couple of years,
   and I can buy them a drink.
