LBS alumnus takes on the British weather and Dragon’s Den

Reid Jacoby (London Business School MBA 2021), the co-founder of Gilley, an innovative, London-based umbrella company, has been braving not only the British weather but also the fearsome 'Dragons', Touker Suleyman, Sara Davies, Deborah Meaden, Peter Jones, and Steven Bartlett in the latest episode of Dragon’s Den (BBC 1, Series 22, episode 6).

Reid, who originally hails from Michigan, and his co-founder Trib Gosain, impressed the Dragons with their groundbreaking approach to tackling the long-standing flaws in traditional umbrella design.

However, in a bold move, they declined Peter Jones' offer, choosing to continue their journey independently.

Facing the Dragons, Reid and Trib delivered a flawless pitch, demonstrating strong numbers, meticulous preparation, and a clear growth strategy, with Peter Jones recognising Gilley's potential.

Peter Jones made an offer of £50,000 for 20 per cent equity, significantly higher than the three per cent stake the founders were willing to part with. Confident in their vision, Reid and Trib turned down the deal, believing they could push Gilley forward on their terms.

Reid Jacoby said. “Although we walked away from his offer, Peter’s interest in Gilley was a huge validation of what we’re building. But ultimately, we knew our worth and stuck to our plan.”

Trib Gosain added: “We went into the Den looking for a strategic partner, but we also knew we were in a strong position. Peter saw the potential, and that’s a huge win for us. Now, we’re more focused than ever on growing Gilley into a global brand.”

Following its Dragons’ Den appearance, Gilley is entering its next phase of growth, with plans to expand its product line with new colours, sizes, and design features, whilst continuing to build a global brand, solving age-old umbrella problems for consumers throughout the world.

Speaking about his time at LBS, Reid said the experience studying for his MBA proved "really helpful for Gilley".

"Everyone likes to talk about the weather and everyone could use an umbrella, so I was able to have hundreds of useful conversations about the idea with classmates before going full-time on it after graduation. That’s when the real work began," said Reid, adding, "I work in an office with other LBS alum, which has been critical for my development and saved me endless time and costly mistakes. There is no real playbook you can follow for entrepreneurship, so it’s super valuable to be around people a few steps ahead of you in your professional journey. Particularly if they’re friendly faces from around Marylebone campus."

Speaking about the the development of Gilley and Reid's time at LBS, Jane Khedair, Executive Director of LBS' Institute of Entrepreneurship and Private Capital (IEPC), said: "It’s been great to follow Reid’s progress with this exciting venture. His journey not only demonstrates his commitment to the business but also his relentless resilience, both being integral traits of a successful entrepreneur that go hand-in-hand with the learnings from his MBA. We look forward to seeing Gilley become a household name in the months to come!"