From: Geoff Archer
Sent: Wednesday, January 13, 2010 1:07 AM
To: Scott Shane
Subject: RE: [ENTREP] Dragon's Den and Shark Tank
(don't quote me on this part)
I love to integrate pop culture into my classes. I use dozens of video clips, ranging from 'The Jerk' to 'Seinfeld'...even infomercials (one favorite is the 'Hawaii Chair' http://www.youtube.com/watch?v=E9_amg-Aos4 through which I push students to think creatively about their competition). One recurring exam question involves writing a marketing plan for the chopped liver waffle cone idea proposed in 'Something About Mary.' So it should come as no surprise that I do watch these shows, TiVo them, edit that (with TiVo desktop then video ReDo and then Windows Movie maker), and play excerpts in class. Of course it is reality TV so the casting of both the judges and the would-be entrepreneurs is going to be biased towards drama and conflict (as opposed to highest quality). I personally find the Canadian version of Dragon's Den to be the easiest to watch, because it is less extreme in these ways than the other two. Although ironically it can be a bit more sexually risque than the US one (a disproportionate number of bra and thong ideas abound in Toronto it would seem). Note: 'American Inventor' was on for a single season in 2006 or 2007 on ABC...it was similar, but more 'wacky' than useful. Richard Branson and Mark Cuban's failed reality shows were also related, but more like Trump's Apprentice on adrenaline.
(go ahead and quote me on this part if you care to)
- Some stupid ideas get funded (not all Angels are brilliant)
- Some great ideas fail to get funded, because of negotiaton failure (often personality), greedy pre-show valuation, total collapse of public speaking ability, etc.
- Founding team-mates can really muck up a presentation and/or a deal
- Regular workaday people sometimes reinvent themselves as entrepreneurs - and this discussion can be related to your 'Prior Knowledge and the Discovery of Entrepreneurial Oppty" (2000) article
- Some people dump massive proportions of their net worth into average or stupid ideas - hugely violating the Affordable Loss principle (Sarasvathy) - and indignantly claim they will keep on doing so after losing on the show
- Having even a few customers and some real sales makes a great impression
- Finding smart money makes a big difference to pitchers (it certainly seems to make a difference in end-of-show valuations if a dragon convinces a pitcher that he/she is smart money, and the other dragons are not)
- Body language, poise and listening skills are very important in an elevator pitch type environment
(that's all for now...this analysis is interrupting my TV time)
Geoff Archer, PhD
Associate Professor of Management and Director of the Eric C. Douglass Centre for Entrepreneurial Studies
Royal Roads University
Victoria, BC
(250)391-2600 x4207
geoff.archer@royalroads.ca
From: Entrepreneurship Division Listserv on behalf of Scott Shane
Sent: Tue 1/12/2010 11:09 AM
To: ENTREP@AOMLISTS.PACE.EDU
Subject: [ENTREP] Dragon's Den and Shark Tank
I am planning to do one of my Business Week columns on what, if anything, the reality TV shows Dragon's Den and Shark Tank teach people about raising money from business angels.
I'm wondering :
1. If any of you use episodes in your entrepreneurship classes and if so how?
2. What you think these shows teach and fail to teach about raising money from business angels.
If you answer me, please tell me if you want your statements for attribution or not for attribution. If you answer me and it's not for attribution, then I reserve the right to steal your ideas when I write the column.
Regards,
Scott Shane
A. Malachi Mixon III Professor of Entrepreneurial Studies
Department of Economics
Weatherhead School of Management
Case Western Reserve University
11119 Bellflower Road
Cleveland, OH 44106
Tel: (216) 368-5538
Fax: (216) 368-5039
email: scott.shane@case.edu
See my column on entrepreneurship at Business Week
http://www.businessweek.com/bios/Scott_Shane.htm
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************************************** This message is from ENTREP which is sponsored by the Entrepreneurship Division of the Academy of Management. Please do not post messages with attached files. Commercial messages or spammed messages are not allowed on the list. The use of auto-responder "out-of-office" messages may also lead to your removal from the list. You can manage your subscription options, including joining or leaving the list here:
http://aomlists.pace.edu/scripts/wa.exe?SUBED1=entrep&A=1 If you have questions or need help, please contact Dr. John Bunch
jbunch@benedictine.edu. Ventures HO!