How Sharon Wright, founder of Talpa Products Ltd and inventor of the MagnaMole, conquered the Dragons' Den

Sharon Wright had her eureka moment in October 2006 when she moved into a new House. "I watched with my own eyes first a BT engineer and then a satellite engineer both struggling to put a cable through a cavity wall," says the former sales manager from Scunthorpe. "I watched one of them using an ad hoc, unsafe method involving a bent coat hanger—I was immediately inspired."

Within a couple of hours Wright had already got an idea in her head of how her MagnaMole—a magnetic pick-up tool for safely threading wires and cables through cavity walls and void spaces—was going to work. "I drove to my local builders merchants and asked if I could borrow a couple of magnets just so I could see if the principle worked, which it did," she says.

Wright sat on the idea for a couple of weeks and registered the patent online. "Once I'd thought everything through and come up with all the obstacles in my head, I went to Hull University and asked for their help and support—they gave me a government grant of £250 so I could have a prototype built."

Wright then went to BT to show them how her product could save them millions of pounds. "They said they liked it but that I had to prove it was going to save millions of pounds, so I had to organise for a Six Sigma analysis to be carried out," says Wright. "The results showed I'd save them £6.5m on downtime."

Launched in 2007, the MagnaMole allows engineers to quickly and efficiently thread wires and cables through cavity walls and void spaces with minimal disruption and damage. Designed for workers' health and safety, it also protects users from electrical shocks. And, says Wright, it works in scenarios where no other product in the market will work—going around corners.

The BT deal took 17 months to go through. In the meantime, Wright was already talking to other electrical distributors and getting instant sales—"because everyone who saw the product loved it," she says.

In July this year, the 39-year-old single mum appeared on BBC's Dragons' Den, asking for £50,000 for 15 per cent equity of the company. Her pitch has been said to be the best pitch they've ever had on the show and she walked away with more money than she asked for—£80,000 for a 22.5 per cent stake from Duncan Bannatyne and James Caan.

But sales of the MagnaMole were already booming, with around 20,000 units sold—so what made her go for the funding in return for a stake in her already successful and profitable business? "It was never about the money," explains Wright. "It was more about the infrastructure and support to take it to the next level. Two years to invent a product, take it to market and sell the amount I've sold has been fantastic. It was about their help and support and guidance—and I wanted the PR," she says.

Sure enough the show has catapulted Wright's business to another level. After it was aired, Wright received 7,000 emails—"which was just mad but every single one had to be read because there could have been little cherries in there," she says.

So far, companies in 15 countries have contacted Wright wanting to distribute the MagnaMole. Her goal is to take it global—she's not got off to a bad start. "My target for the next 12 months was to take it into five new countries. I'll be in five new countries by the end of this year," she says.

What's the secret of her success? "The three key things that anybody needs is strategy, tenacity and self-belief—and it is about self-belief because plenty of people have great ideas but just don't know where to start. Neither did I and I had no experience, but I just broke it down and took one step at a time."

So what advice does she have for other entrepreneurs looking for funding or even thinking about entering the Dragons' Den? "Know your business. Because it's an opportunity you shouldn't miss. You shouldn't miss a second of opportunity on national TV. That's priceless to pay for that advertising."

Posted 21 October 2009 : Director.co.uk