Jordan Daykin CEO Gripit Fixings Written Interview
We video interviewed 21 year-old Jordan Daykin, CEO and founder of Gripit Fixings. We began by asking Jordan about the humble beginnings of Gripit Fixings with his Granddad and how the business has become what it is today, and where the idea initially came from.
Jordan Daykin is a phenomenal entrepreneur, who has had huge success at an extremely young age, with an idea which most would have never thought of, let alone manufactured and brought to market, all from 2008 onwards at the young age of 13.
The Gripit fixings owner was trying to fix a curtain rail to a plasterboard wall, after being defeated and searching endlessly through hardware shops with no success in finding the appropriate fixing for the job, Jordan and his Granddad began creating a solution in their garden shed.
They created an effective mock mechanism version of the fixing they would need, and successfully hung the curtain rail, a blind and even a television.
What amazes me personally with Jordan’s story is how this simple idea was not only a success; Jordan took the mechanism a huge leap forward and turned this idea into an income for not only himself, but currently 37 other staff members. Most of us think of clever ideas, we blag things, improvise, but this was much more than that.
Jordan’s idea was funded from a previous business sale, RS2 Services. RS2 Services was built when Jordan was only 12 years old, after being inspired by the game Runescape. Jordan saw an opportunity to buy the virtual game gold in bulk and sell to his friends at a profit. He sourced a supplier in China and saved his pocket money to allow him to place an order. He then went on to build his own website from watching YouTube videos, which gave him a platform to re-sell the virtual game gold he had purchased. His web based business allowed him to work around school and eventually Jordan sold RS2 Services business back to the Chinese supplier for a good return on his investment.
This return on investment and a small investment from his Granddad’s pension, allowed him to reinvest and fund the proto-type of his Grip it fixings idea. This allowed him to take it to investors to secure the necessary funding. Jordan explains in the video the importance of funding your idea or product as far as you can; before taking it to seek investment. If you can get your product to even 50% it allows you to negotiate better percentages when offering up some of your company to the investor and creates better value.
There was a short time in between discovering the Gripit and taking it to market, this was due to awaiting approval for the patent needed to market the product. Jordan and his Granddad wanted full protection on the idea. In this time, Jordan discovered his second business, Tutor Magnet.
Tutor Magnet still exists today and was created to help with home tutoring and offer a personal learning experience.
Upon receiving the patent acceptance for Gripit fixings, Jordan began approaching stores such as Screwfix, Wickes, and secured an order of £4,000 from Screwfix. After brainstorming ways to expand, Jordan applied for Dragons Den for two reasons, further investment and contacts. Jordan succeeded and raised £80,000 for a 25% stake in his business from Deborah Meaden. As oppose to selling to less than 500 stores prior to Dragons Den, Grip it Fixings a year later supplied to over 2,000 stores and is now sold in over 32 countries worldwide.
The future plans for Gripit Fixings over the following 18 months is to open its market to Australia and the US. This will create 15,000 more stores.
Lessons learnt from this interview with Jordan-
- Spend time and market research your idea before investing any money of your own. You need to be able to prove your product as the number one step.
- Invest as much money and time of your own into your product before taking the idea to investors. This creates better negotiating when offering a stake of your company in return for money.
- Create a sample or something real for your investor to feel and see. This helps speed up investment by being able to demonstrate instead of speculate.
- Create a brand, create leaflets and send everything to suppliers who you feel would stock your item. Chase them up via emails.
- Jordan always looks at each new business as if he had no money. His advice is to view your own start up this way. Start small and do as much of the work as you can.
- When your business is successful and employing staff, show your staff you are still prepared to put the work in.
- Continue to reinvest your profits back into your business
- Create helpful contacts through regularly connecting with people within your niche.
The Entrepreneurs Platform have published this interview as a video version. This is more detailed and contains more tips and information. Want to view it? Simple. Below is the link for the video.