‘Four cliches’ are the recipe for success

IMRAN Hakim, the Bolton businessman who secured backing for his iTeddy invention on BBC’s Dragons’ Den, has said his success was based on “four cliches”.

Speaking at an event organised by Future Pro-Manchester, a networking group for younger members of the city’s financial and professional services sector, Mr Hakim outlined his business philosophy.

He said this consisted of four cliches: anybody can do it; never fear failure; embrace change; and think positive.

“Negativity eats up potential,” said Mr Hakim, “positivity magnifies potential.”

He was addressing members of Pro-Manchester and budding entrepreneurs at Manchester Metropolitan University’s business incubator Innospace.

Mr Hakim spoke about his childhood in Bolton and his first foray into business as a trader in computer hardware while still at school.

After studying optometry he set up Mikah Eyewear and later came up with the idea for the iTeddy – a teddy bear that also plays music and video. The software can also be updated from a dedicated website.

Mr Hakim pitched the idea to Dragons’ Den investors in January 2007. He was seeking £140,000 in return for a 15% stake. Peter Jones and Theo Paphitis agreed to provide the capital but secured 40% of the business.

Worldwide distribution deals have since been struck for the iTeddy which has been ranked as a best seller in many countries.

Mr Hakim also spoke about his relationship with other businessmen as well as his dealings with the stars of Dragons’ Den. Peter Jones is a passionate motivator, said Mr Hakim, while Mr Paphitis has urged him to be up-to-date with every corner of his company’s activities, such as its tax arrangements.

He added that his friend Scott Fletcher, chief executive of Manchester IT firm ANS, joked of the iTeddy: “It’s amazing what you can do by shoving a radio in a teddy bear”.