Two entrepreneurs had their feet held to the fire Wednesday on the business pitch reality show Dragon’s Den.
St. Catharines native Alex Peters and Rohan Mahimker walked away without a deal for their math software called Prodigy, developed with the help of a quartet of Brock computer sciences students and Prof. Beatrice Ombuki-Berman.
Peters and Mahimker, University of Waterloo engineering graduates running the tech startup SMARTeacher, asked the dragon’s - some of Canada’s top business minds - for $120,000 for 12 per cent equity in their business, which they valued at $1 million.
Four of the dragon’s, Bruce Croxon, Arlene Dickinson, David Chilton and Jim Treliving offered $120,000 for 50 per cent equity, arguing that while they saw potential in the game, which takes its cues from a players emotions, there have been no sales yet.
Peters and Mahimker countered with a proposal for $200,000 and 30 per cent equity but were turned down.
Peters and Mahimker received $50,000 from the federal government’s Applied Research and Commercialization Initiative (ARC) last year to collaborate with Ombuki-Berman and students Alex Bailey, Kyle Harrison, Ethan Jackson and Chris Stinson to bring to life their idea for a children’s math game that uses technology similar to a lie detector test to determine a player’s reaction to the questions being asked and adjusts the level of difficulty accordingly.
Brock is one of ARC’s administering bodies in south-central Ontario.