Home > Entertainment > Dead Idea in the Dragon’s Den

Dead Idea in the Dragon’s Den

14-Oct-07 10:05 pm EDT Leave a comment Go to comments

They seem intelligent, enthusiastic, young – possessing all the raw ingredients of entrepreneurial success.  And they’ve got a cool new idea for the Internet!  Doesn’t that mean it’ll make money?

I loved watching CBC’s reality TV show "The Dragons" in its maiden season last year and after switching out the female Dragon have another successful season in store.  The show pits 6 successful entrepreneurs in the role of venture capitalists against contestant entrepreneurs with fresh ideas to take to market, who, with cameras rolling, attempt to earn a fixed amount of investment capital which each of the Dragons themselves offer.  Of course, there are plenty of crazy (and I do mean crazy) ideas that seem to be brought on to the show for no other reason than to add comic relief.  But each Dragon has their own personality to contend with; and some are flamboyant, to put it politely.

The two UBC contestants who are the subject of my article tonight were, for reasons that baffled me, offered $200,000 in exchange for 51% ownership and decision-making stake in a currency exchange website.  I’ve learned to respect the Dragons – especially the 5 that have carried over from last season.  I’ve never disagreed with their decision to invest before; decision not to – a couple of times.  But this time, they’ve offered a lot of money in a website that they seemed to heap way too much respect on.  I could code a website like that – and it wouldn’t cost $200,000 – I guarantee.  But the lack of technical impediments aren’t all there is to say about it.  There’s a certain risk in assuming, as these folks readily do, that the cash to cover transactions will always be present in the system.

To remain solvent, the business has to ensure that whenever a person sticks $10,000 in the system, that there’s the equivalent in another currency already there to do that conversion.  If not, the cash stays in the system – and my concern would be, as an investor, that insolvency in the early days of the project may end up killing it before it can get off the ground; never mind the question of having too much of one currency and not another – and a whole lot of other complications not addressed in the segment covering these two.

In any event, the programme itself offers these and a lot of other worthy ideas – some of which might spawn ideas in the viewers themselves (like me).  And maybe one of those will be a winner someday to.  A good selfish interest for watching.

Categories: Entertainment
  1. 11-Mar-13 06:08 pm EDT at 06:08 pm EDT

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  2. Raj
    30-Dec-12 06:08 am EDT at 06:08 am EDT

    What’s the one month version?


  3. 29-Dec-12 02:03 pm EDT at 02:03 pm EDT

    Having read this I thought it was rather informative.
    I appreciate you taking the time and effort to put this information together.
    I once again find myself personally spending a lot of
    time both reading and leaving comments. But so what, it was still worthwhile!


  4. Robert Bell
    24-Nov-12 08:18 am EDT at 08:18 am EDT

    how much would it cost – or time would it take?


    • 20-Dec-12 06:12 am EDT at 06:12 am EDT

      Robert Bell :

      how much would it cost – or time would it take?

      Well as I understand it the site is already down and company out of business. So you might want to consider that before trying to take this kind of project on. Having said that, inclusive of all they outlined in their presentation- it might take between 1 to 3 months development time depending on feature sets and other systems integration challenges (which might well have killed this project).

      One would want to learn immediately weather it was either necessary to integrate with other exchange systems to be viable, and what cost would be involved in doing so. It would be my expectation that investors engaging in currency speculation and exchange gainfully would desire integration with other investment systems as well. There are places one can obtain delayed quotes for commodities and securities….are non-delayed currency exchange services available?

      One would also want to learn what killed this startup.


      • Robert Bell
        20-Dec-12 07:44 am EDT at 07:44 am EDT

        i agree. you are spot on in every way.

        if i can answer those questions, can we talk?



        • 01-Dec-13 05:30 pm EDT at 05:30 pm EDT

          I’m fortunate I review comments on my own blog every so-often. That said, I really should’ve found some way to get myself informed about this final note being posted a year ago. So, to Rob, sure we can talk about this or anything else that comes up. My email address listed in the left-hand column (along with all my other contact info) at http://http://en.gravatar.com/ross613. Reach me whenever convenient for you….my latest related research centres on Bitcoin (which I hope to get an article out about soon).


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