Building momentum in a growing business
RolleyGolf started out in a basement workshop at South Bank University in London where Arnold studied product design. He was encouraged to take part in a ‘Dragons’ Den’ style competition where students pitched for investment, and it turned out that one of the judges was a keen golfer. Arnold secured funds and started the first of two businesses: Drive Daddy which focused on building the product, and later the RolleyGolf Experience which hired out the trolleys.
“Within the first year I secured 30 pre-orders and every time we tested the product, it gathered interest.” The trolley featured in golfing magazines and on television, but it was another two years before Arnold was able to secure a manufacturer. To keep customers interested, he offered them the latest prototype to test so he could receive feedback to help the next iteration.
Arnold spoke to several successful business people out on the golf course, and secured extra investment to scale-up the company to provide a broader offer: a lightweight electric vehicle to navigate congested city streets.
But within five years the firm experienced difficulties. Demand kept growing, but the product was struggling to meet various pieces of legislation required of vehicles. Arnold launched one final investment round, but investor fatigue appeared to be setting in. “Sadly the company had to be dismantled in front of me.”
Arnold spent two years in and out of court, “learning everything I needed to know about business through the mouths of lawyers. It taught me how to build a business, raise investment and what my responsibilities are – not just to clients but investors who had backed my dream. Once a business grows, it can be hard.”
The experience “tore down my entrepreneurial world” but Arnold was thankful for the support of family and friends. He decided to use his experience to help other entrepreneurs.