Innovation Factory client, The Greenlid, lands deal on Dragons’ Den
When a startup company makes it onto the nationally televised Dragons’ Den stage it’s a rare accomplishment to actually secure a deal, let alone to spur the dragons to fight for a deal.
However, that’s exactly what happened when The Greenlid appeared on the show this February. Founders (and brothers) Morgan and Jackson Wyatt inspired heated competition amongst the dragons and ultimately signed a deal for $85k for 20% of their company with Arlene Dickinson and David Chilton.
So, what is The Greenlid? It’s the first completely compostable compost bin. No more leaking plastic bags or cleaning compost bins after every use – it’s made from 100% end-of-life recycled pulp paper and is fully leak-proof.
The brothers are originally from Brockville, Ontario but have ties to Hamilton via McMaster University. Morgan earned his PhD in Chemical Biology from McMaster and brings an expertise in microbial metabolism, ideally suited for the development of compostable products, while Jackson graduated from UofT as well as Humber College's Bachelor of Industrial Design program and brings a unique design experience to The Greenlid.
The company had some exciting successes prior to their Dragons’ Den appearance; in 2014, they were finalists in the LiON’S LAIR competition put on by Innovation Factory and the Hamilton Chamber of Commerce, taking home the People’s Choice Award along with second place which consisted of $51,250 of in-kind services. The Greenlid also made the list of Grocery Innovations Canada’s top 10 most innovative products of 2014.
Their product is now available for purchase online as well as in Home Hardware and Home Depot stores across Canada.
Innovation Factory is incredibly proud of The Greenlid’s success and continues to act as a hub of professional resources for the steadily growing startup. As a client of Innovation Factory (iF), The Greenlid has had access to valued resources such as mentoring, business coaching and pitch training.
Prior to facing to the dragons, Morgan also pitched at iF’s Innovation Night – Hamilton’s own pitch night for innovators and entrepreneurs – taking home the prize for Best Business Idea.
Innovation Factory is the Regional Innovation Centre for Hamilton in the Ontario Network of Entrepreneurs, leveraging funding and support from all three levels of government and the city’s top private sector and institutional partners. Our goal is to stimulate economic activity in this city by helping Hamilton businesses embrace the principles of innovation. www.innovationfactory.ca