Clarke Bitter wants to replace everything that's made of Styrofoam and plastic in the food and beverage industry with a more environmentally friendly substitute and is looking for a little seed money to do it.
The only catch is, he has to face a fierce panel of investors to get it. And he has to do it all while the TV cameras are rolling. Bitter is pitching his company on the CBC's Dragon's Den, a popular TV show entering its third season where ordinary folks with big ideas look for cash and support from five of Canada's boardroom giants.
"I'm more excited than nervous," said Bitter, before making his pitch to the Dragons yesterday (Thursday), asking for between $1-2 million. "I'm confident, I really believe in the product and that we are the guys to bring it forward.
"I would like to get the deal done, something like that would speed our company along a few years."
Bitter is pushing a line of food containers made from bamboo and sugarcane for restaurants and food establishments to use to package takeout orders instead of using the Styrofoam or plastic containers they have now. Bitter's containers are non-toxic, with no heavy metals, and biodegrades in 31 days. Styrofoam, on the other hand, is made from toxic materials and is difficult to recycle.
"We have a complete system," said Bitter, adding his company, P&C Compostech, opened in Niagara Falls in October. "Everything goes back into the bag that it came in and the bag goes into the composter.
"What we are looking for is the ability to expand nationally."
Bitter applied to go before the Dragons and was accepted without an audition. He was supposed to tape his pitch next month, but producers asked him to come in this week instead.
"I think they think our company has a real shot at doing this," he said. "I think they have a funny feeling we are going to get some money."
Bitter says he's got a winning idea, it's just a matter of winning support from the Dragons. He's got to convince the panel to give him the full amount he's asking for or he goes home with nothing, he said. If one Dragon comes in with part of the cash, Bitter's got to convince at least one other to invest.
While he is hoping to appeal to everyone, Bitter said his product may definitely peak the interest of Kevin O'Leary, a businessman who cut one of the largest tech deals in Canadian history and who looks for investments that make money and are environmentally friendly. Bitter's product may also appeal Jim Trevliving, the former police officer who franchised Boston Pizza across North America.
In return for the investment, Bitter has to give up a percentage of the company and those negotiations tend to make for great TV. Bitter said he's hoping to gain more than just cash, he's hoping whoever invests will join the company's board too.
"We want their input in our business, we want their connections, we want their friends, we want their ideas," he said.
"Dragons will go along way for us if we can work out a deal."
Auditions wrapped this week and the show is slated to air in the fall. Other Dragons include Robert Herjavec, Brett Wilson and Arlene Dickinson. The show is hosted by Dianne Buckner.
