P.E.I. company turns down Dragon's offer
Not enough money on table for Island entrepreneurs
CBC News
Posted: Jan 28, 2013 8:24 AM AT
Last Updated: Jan 28, 2013 12:46 PM AT
The offer made to Ooka Island wasn't enough. (CBC)
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A P.E.I. company appearing on Dragons' Den Sunday night looking for an investment in its education software program got an offer, but turned it down.
Charlottetown-based Ooka Island is an online program that teaches kids to read through an interactive website.
The program is based on Kay MacPhee's research and the work of her company SpellRead Canada. MacPhee did her research to help her deaf son Lowell learn to read, and Lowell is still involved in the company. It was Lowell and his daughter Joelle who faced off against the Dragons.
The company received universal praise from the dragons, and Bruce Croxon made an offer.
"I'm motivated to look at this but I'd need half of it at 1.5 [million dollars]," said Croxon.
"There's a deal in here somewhere, but for me it's not at 7.5 million. But I love it."
Jim Treliving also stepped up to partner on the project.
But Ooka Island said no thanks. The company has already spent $3 million developing the Ooka Island program, and giving up 50 per cent of the company for $1.5 million was not in the cards.
The company is hoping the appearance on Dragons' Den will still have a positive impact on its business.
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