Umbrella innovators turned down investor Peter Jones’ £50k in Dragon’s Den
Two entrepreneurs who founded an umbrella company based on a ground-breaking design, impressed in the TV show Dragon’s Den with their approach to tackling long-standing flaws in traditional designs.
Reid Jacoby, from Clapham and Trib Gosain from Queen’s Park , founders of the company Gilley, showcased their product to good effect but in a bold move, declined an offer from the show’s long-standing star Peter Jones, choosing instead to continue their journey independently.
Reid, originally from Michigan, moved to London in 2019 to study at London Business School, where he experienced first hand the frustration of unreliable umbrellas in the city’s unpredictable weather.
Determined to find a solution, he spent years refining a design that not only stands up to the elements but also tackles the biggest issue umbrella users face – where to put a wet umbrella after use.
The Gilley’s selling point is a compact light-weight water-tight casing that doubles as a handle and makes it easier to store in a bag or coat.
Trib, a strategy consultant from Middlesbrough, who studied business at the University of Leeds, joined Gilley in early 2024, bringing his expertise in product innovation and business strategy.
Facing the Dragons, Reid and Trib delivered a flawless pitch, demonstrating strong numbers, meticulous preparation, and a clear growth strategy, with Peter Jones recognising their business’s vast potential.
Peter Jones made an offer of £50,000 for 20 per cent equity, significantly higher than the 3 per cent stake the founders were willing to part with. Confident in their vision, Reid and Trib turned down the deal, believing they could push Gilley forward on their own terms.
Reid Jacoby said. “Although we walked away from his offer, Peter’s interest in Gilley was a huge validation of what we’re building. But ultimately, we knew our worth and stuck to our plan.”
Trib Gosain added: “We went into the Den looking for a strategic partner, but we also knew we were in a strong position. Peter saw the potential, and that’s a huge win for us. Now, we’re more focused than ever on growing Gilley into a global brand.”
Following their Dragons’ Den appearance, Gilley is entering its next phase of growth, with plans to expand its product line with new colours, sizes, and design features, whilst continuing to build a global brand, solving age-old umbrella problems for consumers throughout the world.
While they may have walked away from an investment deal, Reid and Trib left the Den with even greater momentum, validation, and confidence in Gilley’s future.
Pictured top: Reid, left, and Trib deliver their pitch to the Dragons (Picture: BBC)