Teen businessmen win Dragon investment but give away 79% equity

The two teens, Ryan Ashmore and Liam Webb, founded the RKA Records music label only last year, but are now setting their sights on chart domination.

 

Speaking with BusinessZone.co.uk  the day after the show’s transmission, Ashmore said the label had just signed their third act, a boyband called Reconnect. “We’re going to be working hard with them in the studio on their album,” he explained. “We’ve got an announcement coming in the next couple of weeks with their first single.”

 

Ashmore’s ambitions for the band are clear, as he revealed his expectations for Reconnected and the RKA Records label over the next year: “We’re hoping with this first track that we’re going to chart top ten. I think it’s more than doable,” he explained. “We’re going to get clear plans sorted out, and in 12 months’ time hopefully we’ll have a boyband that’s one of the biggest in the world.”

 

As for the preparation both he and Webb undertook ahead of facing the Dragons, Ashmore said while the two practiced for hours and hours, “as soon as you walk up those stairs and see the five dragons sitting there it all goes out of your head, and you just completely forget”.

 

He continued, “It’s so overwhelming that you’re there. You watch them on the telly all the time, and the fact you’re actually there standing a few feet away from them is just so surreal.”

 

Now the deal with Bannatyne has been completed, Ashmore commented while the Dragon is very busy with other commitments, “he’s always on hand if we need any advice”.

 

“He openly admitted that he didn’t really know much about the music industry, and that he’s going to learn from us in a way. We’re going to use his investment wisely and put it into the right people,” the young entrepreneur commented, before adding:  “It’s got to the stage now where we’re not in it for the money because of the very little equity we both have in the company, so we’re not in it for the money. We’re in it because we’ve got Duncan on board; we couldn’t ask for a better mentor.”

 

“We’re in it for the fun,” Ashmore revealed. “The music industry is a fun place to work, and we’re just ready to have a good time.”

 

UK unemployment for the 18-24 age bracket is currently around 17%, so does Ashmore think more young adults should follow his and Webb’s footsteps and form their own business? “Definitely!” he exclaimed, before offering some advice: “The only advice I can give is if you want to do something and your heart is set on doing it, just do it. Don’t let anything hold you back. Don’t let people talk you down. I’ve had loads of people turn around as say it will never work and it’s going to fail. I believed that at some stage but I love what I do so ignored that, and [now] we’re starting to achieve a huge amount of success.”

 

“My advice is if you’re young don’t let your age hold you back,” Ashmore reiterated.

 

In a statement, Bannatyne said: “I saw something in Ryan and Liam that caught my imagination, which encouraged me to make them the offer in the Den. For the past year they have been serving an entrepreneurs’ apprenticeship learning about how to run a business and break into a tough industry. Now, with my investment and hands-on involvement, we can really take the business forward and achieve Ryan and Liam’s ambitions.”