Dragon’s Den” on CBC, a great new show that puts up and coming entrepreneurs in front of a panel of 5 millionaires (the “Dragons”), trying to pitch a deal that one or more of the Dragons will invest in. Frankly, when I heard the concept I thought it would be bad – especially since it’s a CBC production. But watching it is addictive, and it provides great insight into business and the world of entrepreneurs. Last night, they updated a previous story where 4 young guys pitched a new employment site they had developed called JobLoft, and the Dragons decided to invest (which they rarely do). They showed what happened in the company’s boardroom when the Dragons showed up, cheque in hand, ready to invest and get involved in the business. Now keep in mind these Dragons are all multi-multi-multi millionaires (a couple of them at or near billionaire status), entrepreneurs that have started companies like Boston Pizza and La Senza. One guy that sold his company for over 2 BILLION dollars. And the pitching entrepreneurs are fresh out of school, maybe pushing 21 or 22. They made the mistake of having a ridicuously foolish professor from their school on the board of directors, who was there to oversee the meeting. Before long, the professor hi-jacked the meeting and insulted the Dragons, demanding the company be taken in a totally different direction than what the young guys had pitched to the Dragons to begin with. It was truly awe-inspiring to watch such a display of idiocy and conceit. He went on for 12 minutes, and threw a number of insults at the mentors-in-waiting. I was surprised these guys had enough patience to sit through the tirade. This doorknob was so offensive, one of the Dragons picked up the certified cheque for $200,000 that they had brought with them, and tore it up on camera. Afterwards, they interviewed the young kid running the company, and asked whether they were going to go with the professor, or with the Dragons. The kid gulped, and said that they were going to go with the professor. That’s laudable loyalty to a guy who just screwed you out of $200,000, boys. Not to mention, making you look like naive fools in front of a national television audience. One of the funniest moments was when the teacher stopped the meeting and, out of nowhere, demanded “do any of you have degrees?” Again, this is a college professor standing in front of several of Canada’s top entrepreneurs. In response, one of the Dragons laughed and said “having a degree has absolutely NOTHING to do with business success!” Which, in my experience, is true. (Ask Bill Gates, Henry Ford or Ray Kroc if dropping out of college hurt their business success…) Many years ago, I had the chance to get incredibly talented and successful investors involved with me, but I always felt they were not investing enough, or not valuing the company properly. In most cases, they never did get involved in the business. I found a way to manage, but looking back I realize the incredible opportunities I passed up without even realizing it. Watching this show last night, I found myself mad at these young guys for doing such a dumb thing. These guys had a chance to build a life-long relationship with possibly the most successful business people they’ll ever be in a room with, and they chose instead to side with someone who clearly lacks any professional business skills in the boardroom. They should have been willing to give half of the company away FOR FREE, just to get these investors involved in their business. Imagine what they could have learned from the likes of the guy who started Boston Pizza, or La Senza! Thankfully, I think I’ve learned that one of the true keys to success in business is learning from those who have been there, done that. The same applies to investing, and that’s why I am always interested in hearing what someone I look up to has to say.]]>