Jobloft blows a done deal on Dragon's Den thanks to big mouthed Professor

As many of you know, I enjoy Dragon's Den and Shark Tank as these shows feature successful entrepreneurs as Venture Capitalists helping smaller entrepreneurs with big ideas but need funds to expand or take it to the next level.  Last night on the CBC, they did a reflection of the past several seasons regarding the most memorable moments on the show.  These moments included times when those making their elevator pitch broke down in tears at Kevin O'Leary's caustic response to ridiculous valuations, funny moments when the Dragon's clowned around, times when pitchers used scantily clad men or women to pursuade the Dragons, and even a time when a Food Pitcher served up a dish to the Dragon's that was revealed to be Dog Food!!!

However the most memorable moment came from the first season when the founders of JobLoft.com, an internet job site that would alert job seekers in service businesses such as restaurants, hospitality and retail stores, who was hiring in what areas via Text and enable faster application filing for those in those industries.



Jim Treliving, Franchise Baron of Boston Pizza and Mister Lube  was very interested, as were the other Dragons.  A deal was done--first deal closed of the first season.  However, at the closing, the founders of Jobloft (a group of University students) brought their mentor, a business professor, along for the signing of the deal and the cheque being issues.  However, that business professor (a bigger blowhard than I am) ruined things:


Suffice it to say, the Professor's behavior is very disappointing on many levels.  For one, the student entrepreneurs had made a successful elevator pitch and had a done deal, cheque written etc.  Although I am sure the Professor had good intentions, if he had ANY business sense AT ALL, he would have voiced his feelings about the deal PRIVATELY with those students he was mentoring and not done any grandstanding at the closing.

As someone who would be very pleased to help mentor students that are serious about becoming entrepreneurs or advancing into a career in business, and as someone who spent more than 16 years of his life in the Financial Services realm prior to teaching college & university students, I would consider it my role to advise anyone I was mentoring at appropriate moments and then step back and allow them to do what they felt best, including reject some or all of the advice I provide, and reap the benefits, or suffer the consequences.  That closing was Jobloft's moment to enjoy and their mentor should have just said "Congratulations" and been happy for them, rather than shoot his mouth off.  If I'd been in his shoes, I'd have  kept any ruminations about it to myself during the closing and would have been more jazzed to meet some of the Dragons.

Future participants on Dragon's Den learned a valuable lesson at Jobloft's expense:  BE  VERY CAREFUL who you invite to the closing of the deal.

Until next time,

Professor Hank Lewis

Would you use these products?

Economics Students and Readers:

This past week there were several great pitches on Dragon's Den as well as Shark Tank.  Here are a few of the products:'

From CBC's Dragon's Den:

1.  Dans Un Jardin (In a Garden)--Deteregent Dispenser.  You pay $1.00 for a refillable bottle, and then refill it with detergent rather than waste plastic bottles.  This isn't the pitch, and it is in French, but I think this is something that would be best installed in Apartment Complex and Dormitory Laundry Rooms.  I'd actually use it since the Soap is Phosphate Free and the reusable bottles are better for the environment.  One of the Dragons (Jim Treliving) nearly made a deal but then changed his mind.


2.  Jitterbee Pancake Shaker.  Frank here is doing something that has already been done by Bisquick and Aunt Jemima.  However, those who've tried the product have said they taste better.  Frank is a dad raising kids so I get why its been hard to promote the product.  Again, this isn't the pitch, but would you consider trying this product?


3. Chillbed laptop cooling stand.  I personally see this product as having been done a number of times before.  I realize aluminum makes  a good heat sink, but come on!  It may be cheaper than those with fans or freon, but really, this product is too easily duplicated since nobody has nor can they get a patent on the metal Aluminum.


From ABC's Shark Tank:


1. Chord Buddy Guitar Learning Aid.  Robert Herjavec went nuts for this one.  It seems to be a good idea to me!


2.  Tail Lightz. Lighted patches for your rear end. uh... NO!!

http://www.taillightz.com/As-Seen-on-Shark-Tank.html

3.  You Smell Soap.  This gal was shrewd and got a deal for her organic soaps and soap paper!!!




There were some good deals and some stinkers!

What are your thoughts?

Success to you all!!!

Prof. Hank Lewis