Jacob Thundil | Photo: TwitterImagine you have just three minutes time to pitch in your business idea. You win, you get investment from five multimillionaires. Now that's what this Keralite did after entering into Dragons' Den, the famous BBC television series in the UK.
Jacob Thundil, founder of organic food brand Cocofina, is the first Keralite to win an investment from Dragons' Den and also struck a deal with two multimillionaire investors Sarah Willingham and Nick Jenkins.
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Dragons' Den is a reality show that features entrepreneurs pitching their business ideas in three minutes to get investment from a panel of five rich investors (investors are referred to as dragons) willing to put their own cash. A percentage of company's stock will be offered to the dragons in return for the investment that the contestant gets.
Now, what did Jacob Thundil do? Each dragon was given a tray of samples to taste with his Cocofina products like low-calorie snack bars, coconut amino soy sauce alternative, pure coconut water, and low GI coconut sugar.
All five dragons loved his products and were interested in investing in return for 20 percent equity and Jacob efficiently negotiated and said yes to the joint offer put forward by Sarah Willingham and Nick Jenkins for an investment of £75,000.
Jacob, who is to buy back 10 percent of the share after 12 months, speaks to Onmanorama from the UK. Excerpts.
You are the first Keralite to enter Dragons' Den. What made you participate in the show?
Dragons' Den is a show viewed by 4-6 million people in the UK. It is watched by our customer demographic and offers a brilliant platform to explain more about our brand.
Jacob Thundil and Cocofina's operation director Manisha Solanki with investors Nick Jenkins, left, and Sarah Willingham, right. Photo: TwitterHow challenging was your task that too when you have only three minutes to pitch in your business idea? Did you expect an investment from them?
It's hard when you have to shorten the pitch. We packed all of the important facts in a short pitch, but the BBC tweaked it to make it a bit longer. I didn't expect offers from all five Dragons, but expected one offer.
What was your favorite moment in the show?
The feedback from the Dragons was the most incredible moment. Everyone loved the products and they polished off the samples in a matter of seconds.
How did you manage to charm the Dragons? What was the magic?
The magic is to be yourself. You need to work with them over the long term. If you pretend to be someone you are not, it's not going to last. The products won over the Dragons and they voted with their taste-buds.
How did the idea of starting brand Cocofina come up?
Cocofina productsCoconut was always an obsession. As a young boy, I would wait for the time when a laborer would come home to pluck coconuts. I carried the seeds of this in my heart for a long time. After studies in the UK, I started on the graduate program with corporates, including British Telecom, HSBC, Accenture, Atos Origin and Standard Charted Bank. When I was 30, I decided that I needed a change and went on to pursue my dream.
One day, I was sitting on a beach in Rio and I was given a coconut by a street vendor. I took this as a sign and got back to the UK and founded Cocofina. I was reluctant to hand over my resignation letter for about six weeks, before handing it in.
Tell us something about your Kerala connection
I was born in Kollam. My mum Sophy lives in Kottayam and my twin sisters Maya and Jaya live in Kochi so I still have a very strong bonding with Kerala.
I started my Schooling at Corpus Christi (Pallikoodam) and finished the last two years at Infant Jesus, Kollam. Then I went on to do a Mechanical Engineering Degree while running my dad's business (He passed away while I was in my first year of engineering). After completing engineering, I left to pursue an MBA in International Finance.
How far did your Kerala connection help you in the success of your brand?
The Kerala connection helped with the selection and quality control of the products. I had picked up so much about farming, caring, harvesting and production of coconuts.
How is the investment that you earned from the show going to help you?
We did not go on the show for the investment but for the contacts, exposure, and the experience. The Dragons we got are very influential, experienced and successful so we now have advisers we would have never been able to afford and got paid for it in return.
Are Cocofina products available in India?
We were approached by Godrej for their Natures Basket stores, but they didn't have a sufficient foot print to warrant a market entry. In the past, we have also had smaller players from individual states, but if we work in India we will need to formulate a national strategy.
What is the process behind choosing the best coconuts for your customers?
We currently source coconuts from all over Asia depending on the purpose. There is a criterion for each product. For example, the coconut water has a 32-step check to ensure that it meets our standards.
What are the other awards that you got for your products?
From 2006, we have won awards every year. The first one was an Excellence in Food and Drink awards. This year, we won six Great Taste awards from the Guild of Fine Food. The Guild of Fine Food is one of the top awards for a food and drink company and consumers understand that too.
How do you feel about the new success and your brand's growth so far?
We are cautious about expanding, but we are almost doubling our stores and products every year. The interest in the brand has been very encouraging and we received a few thousand emails within the first few days of the show.
