Interview With Tom Schoffelen - LogiChem 2024 Dragon's Den Winner

What inspired you to pitch your business idea on Dragon's Den, and what were your initial expectations going into the pitch?

As a young startup, we're incredibly passionate about our idea and its potential to revolutionize the chemical industry. However, we understand that even the best ideas need validation and refinement. The opportunity to pitch at the LogiChem Dragon's Den offered an exceptional platform to not only showcase our solution, ChemSmog, but also to gain invaluable insights from industry leaders.

While LogiChem is primarily focused on logistics, we saw an opportunity to align our sustainable solution with the industry's broader goals. Our initial expectations were tempered by the fact that this was one of our first public pitches. Despite this, we were eager to gauge the market's reaction to our innovative approach to managing slow-moving chemical inventory.

Can you share some behind-the-scenes insights into your preparation for the pitch? How did you ensure you were ready to impress the Dragons?

To prepare for the Dragon's Den pitch, we embarked on a comprehensive rebranding effort, incorporating feedback from previous pitches. This involved redesigning our logo and pitch deck to create a more impactful and professional presentation.

We meticulously refined our pitch, focusing on a clear and concise message that would resonate with the Dragons. By leveraging these improvements, we aimed to deliver a compelling and memorable pitch that would leave a lasting impression.

The Dragons can be tough negotiators. What was the most challenging moment during your pitch, and how did you overcome it to secure a win?

The Dragons certainly lived up to their reputation as tough negotiators. One of the most challenging moments came when they delved deeper into the specifics of our business model. They were particularly interested in understanding how we could successfully sell slow-moving inventory while the company owning the material is not able to.

To address this, we highlighted our proprietary data-driven approach, which allows us to identify the functional properties of chemicals and match them with potential buyers outside the original supplier's traditional market. By emphasizing the innovative nature of our solution and its potential to unlock significant value, we were able to convince the Dragons of our business's viability.

Winning Dragon's Den is a remarkable achievement. What advice would you give to other entrepreneurs looking to follow in your footsteps and make a lasting impression?

Winning Dragon's Den is certainly a significant accomplishment, but it's important to remember that the journey is just beginning. My advice to aspiring entrepreneurs is to prioritize understanding your target market and actively seeking feedback from customers. By closely listening to their needs and pain points, you can develop a solution that truly addresses their problems.

Don't be afraid to iterate and refine your idea based on this feedback. This iterative approach will help you create a product or service that resonates with your market and has a real chance of success.

Now that you've successfully navigated the Den, how has the experience impacted your business's growth and future plans?

The exposure we gained from Dragon's Den has been invaluable. It significantly increased our company's visibility and enabled us to connect with potential partners and investors. The insightful feedback from the Dragons and other conference attendees has been instrumental in refining our business strategy and product offerings.

To capitalize on this momentum, we've expanded our team by hiring a strategic advisor and two additional staff members. This strategic move will bolster our capabilities and accelerate our growth.

As we look to the future, we're exploring opportunities to expand our value proposition and consider a larger portion of the chemical supply chain. Additionally, we are increasing our presence at international events and we're actively investigating startup incubator programs to further accelerate our growth and gain access to valuable resources and mentorship.

As a past attendee of last year's LogiChem event, what were your impressions of the conference, and what significant insights or advantages did you glean from your participation?

I was very impressed with the format of last year's LogiChem conference, particularly the combination of expert presentations, company workshops, and exhibitor stands. It provided a well-rounded experience that allowed me to gain valuable insights and network with industry leaders.

One of the most significant takeaways from the event was the strong emphasis on sustainability and the urgent need for innovative solutions to address the challenges of the 2050 climate goals. It was inspiring to see so many large companies actively seeking collaborations with startups to drive innovation and create a more sustainable future.

I believe that this focus on sustainability presents a tremendous opportunity for startups like ours to develop groundbreaking solutions and contribute to a more sustainable chemical industry.