Comments on: JobLoft’s Dragons’ Den Story http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/ A peek inside the walls of the loft Sun, 07 Sep 2008 22:51:54 +0000 http://wordpress.org/?v=2.0.3 by: The Startups Forum » Blog Archive » Dragon’s Den Coming to a City Near You http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-15790 Fri, 18 Apr 2008 20:27:29 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-15790 [...] Dragon’s Den Coming to a City Near You Launching a business is no small task. No matter how big an idea you think you have, it still takes a lot of work and a ton of cash. Enter CBC’s Dragons’ Den, where aspiring entrepreneurs pitch their business concepts and products to a panel of Canadian business moguls who have the money and the know-how to make it happen. Crazy entrepreneurs and their half-baked ideas make for great TV but you never know what a visit to the Dragon’s Den can yield - just ask the guys from JobLoft.com. If you and your business idea are up for it, CBC is visiting cities across Canada in April and May looking for entrepreneurs to pitch their business idea. If you want to audition in person, their tour will include stops in Prince George, Kingston, Regina, Saskatoon, Winnipeg, Toronto, Kitchener, Waterloo, London, Kelowna, Calgary, Vancouver, Ottawa, Edmonton, Victoria, Thunder Bay, Sault Ste Marie, Montreal, Moncton, St. John’s, Cornerbrook, Charlottetown, and Halifax. Good luck! [...] […] Dragon’s Den Coming to a City Near You Launching a business is no small task. No matter how big an idea you think you have, it still takes a lot of work and a ton of cash. Enter CBC’s Dragons’ Den, where aspiring entrepreneurs pitch their business concepts and products to a panel of Canadian business moguls who have the money and the know-how to make it happen. Crazy entrepreneurs and their half-baked ideas make for great TV but you never know what a visit to the Dragon’s Den can yield - just ask the guys from JobLoft.com. If you and your business idea are up for it, CBC is visiting cities across Canada in April and May looking for entrepreneurs to pitch their business idea. If you want to audition in person, their tour will include stops in Prince George, Kingston, Regina, Saskatoon, Winnipeg, Toronto, Kitchener, Waterloo, London, Kelowna, Calgary, Vancouver, Ottawa, Edmonton, Victoria, Thunder Bay, Sault Ste Marie, Montreal, Moncton, St. John’s, Cornerbrook, Charlottetown, and Halifax. Good luck! […]

]]> by: Fred http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-15290 Tue, 08 Apr 2008 15:18:09 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-15290 Didn't see the show so I shouldn't be allowed to comment, but perhaps it also brings an objective view. Sounds like you guys have a great idea and with this PR, it should be able to attract funding from others, and at a better valuation (if it hasn't already happened). A team that can get yes from the Dragons is worth betting on for most investors. Good luck. When you make it big, return the Karma to others. Didn’t see the show so I shouldn’t be allowed to comment, but perhaps it also brings an objective view. Sounds like you guys have a great idea and with this PR, it should be able to attract funding from others, and at a better valuation (if it hasn’t already happened). A team that can get yes from the Dragons is worth betting on for most investors. Good luck. When you make it big, return the Karma to others.

]]> by: Dragon’s Den Coming to a City Near You http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-15259 Mon, 07 Apr 2008 16:51:20 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-15259 [...] Crazy entrepreneurs and their half-baked ideas make for great TV but you never know what a visit to the Dragon’s Den can yield - just ask the guys from JobLoft.com. [...] […] Crazy entrepreneurs and their half-baked ideas make for great TV but you never know what a visit to the Dragon’s Den can yield - just ask the guys from JobLoft.com. […]

]]> by: Matt Jones http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-12056 Sat, 09 Feb 2008 08:27:24 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-12056 Congratulations guys. Here in the UK it seems we have the same show but a different set of Dragons. Have you ever read any of the <a href="http://bloggingfingers.com/blog-reviews/dragons-den-success-from-pitch-to-profit-book-review/" rel="nofollow">Dragons Den Success</a> books? Congratulations guys. Here in the UK it seems we have the same show but a different set of Dragons. Have you ever read any of the Dragons Den Success books?

]]> by: JobLoft Snapped Up by Hcareers http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-8327 Mon, 29 Oct 2007 11:23:47 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-8327 [...] JobLoft.com hasn&#8217;t been in the spotlight much since its controversial appearance on the Dragon&#8217;s Den reality-television show last year where it initially accepted an investment from the dragons only to back out of the deal, which made for great television. [...] […] JobLoft.com hasn’t been in the spotlight much since its controversial appearance on the Dragon’s Den reality-television show last year where it initially accepted an investment from the dragons only to back out of the deal, which made for great television. […]

]]> by: Jakob http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-4452 Sun, 29 Jul 2007 08:16:50 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-4452 This is exactly what I expected to find out after reading the title Den Story. Thanks for informative article This is exactly what I expected to find out after reading the title Den Story. Thanks for informative article

]]> by: Brett http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-3539 Wed, 04 Jul 2007 20:13:25 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-3539 The Dragons were cheap from the beginning. The professor was absolutely write in what he was saying. The professor put the dragons in their place and they were dumb-founded. (They needed that) But the Jobloft boys lost out on contacts. That's the major asset that the dragons had. Not their money- but their friends. Also, that one dragon who said something about "dark forces of greed" on the show was the first to throw an insult. These boys were humble and innocent and to say that reflected his own heart and not the hearts of the boys. The Dragons were cheap from the beginning. The professor was absolutely write in what he was saying.
The professor put the dragons in their place and they were dumb-founded. (They needed that) But the Jobloft boys lost out on contacts. That’s the major asset that the dragons had. Not their money- but their friends.
Also, that one dragon who said something about “dark forces of greed” on the show was the first to throw an insult. These boys were humble and innocent and to say that reflected his own heart and not the hearts of the boys.

]]> by: Buck http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-3443 Sun, 01 Jul 2007 23:18:09 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-3443 I just watched the show again and I will yet again come to the old conclusion that those who do do and those who can't teach. You had a chance to get capital but even more importantly, contacts, and you let it slip through your passive hands in that meeting. You prof may have taken you and the company to the current stage but he can't take you further. He acting selfishly by sabotaging your deal so he could maintain his control over the company and perhaps yourselves I hope you do well in spite of this lapse in judgement. I just watched the show again and I will yet again come to the old conclusion that those who do do and those who can’t teach.
You had a chance to get capital but even more importantly, contacts, and you let it slip through your passive hands in that meeting.
You prof may have taken you and the company to the current stage but he can’t take you further. He acting selfishly by sabotaging your deal so he could maintain his control over the company and perhaps yourselves
I hope you do well in spite of this lapse in judgement.

]]> by: John http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-3344 Thu, 28 Jun 2007 22:08:15 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-3344 I saw your repeat last night on DD and was immediately sorry that you guys didn't get a chance to pitch the option of say $450k for 48% which is just above the midpoint between the investment you sought and the initial offer from the dragons. The editing left the audience with the understanding that 50% was a priority for the dragons. I just read the rest of your story and am glad you guys didn't let them ride rough-shod over you for the price of a year's entry salary in IT, which is how I view their paltry offer. Great site and best of luck. Some quick comments; last night after the airing I tried to find your site and found it subsituted by a GoDaddy.com standard, the audio behind the 'about jobloft' page sounds like a take from 'the it crowd/www.channel4.com and is a bit loud if played in an office environment. I saw your repeat last night on DD and was immediately sorry that you guys didn’t get a chance to pitch the option of say $450k for 48% which is just above the midpoint between the investment you sought and the initial offer from the dragons. The editing left the audience with the understanding that 50% was a priority for the dragons. I just read the rest of your story and am glad you guys didn’t let them ride rough-shod over you for the price of a year’s entry salary in IT, which is how I view their paltry offer. Great site and best of luck.
Some quick comments; last night after the airing I tried to find your site and found it subsituted by a GoDaddy.com standard, the audio behind the ‘about jobloft’ page sounds like a take from ‘the it crowd/www.channel4.com and is a bit loud if played in an office environment.

]]> by: isaac http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-3341 Thu, 28 Jun 2007 19:51:37 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-3341 i just saw the show with you last night and i have to saw you guys are very very smart i would use your site but i already have a job :) good luck and i hope you have a great future i just saw the show with you last night and i have to saw you guys are very very smart i would use your site but i already have a job :) good luck and i hope you have a great future

]]> by: jtzxbcquga http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-2905 Mon, 18 Jun 2007 23:16:22 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-2905 Hello! Good Site! Thanks you! fpsbstoqls Hello! Good Site! Thanks you! fpsbstoqls

]]> by: Byron Bethel http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-2785 Thu, 14 Jun 2007 08:55:23 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-2785 This one makes sence "One's first step in wisdom is to kuesstion everything - and one's last is to come to terms with everything." This one makes sence “One’s first step in wisdom is to kuesstion everything - and one’s last is to come to terms with everything.”

]]> by: jonathan frate http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-334 Mon, 04 Dec 2006 19:07:47 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-334 Hello, I just wanted to tell you to not listen to the nay sayers in the above 2 posts. There's more to an investment deal than just money. Clearly you've found that out now that you've had a flare up. Consider yourself lucky that you managed to unmarry the dragons at this early stage, instead of having to deal with them after they were in and the business was actually making money. Also keep in mind, that yours is not a capitally intensive business. You don't actually NEED 200K to get off the ground, and what's more, you can probably leverage your cashflow in the next 2 quarters to borrow 200K for much less than 50% of your business. So in short - you should thank your professor for doing the dirty work and giving you a good excuse to walk away from the deal. Hello,

I just wanted to tell you to not listen to the nay sayers in the above 2 posts.

There’s more to an investment deal than just money. Clearly you’ve found that out now that you’ve had a flare up. Consider yourself lucky that you managed to unmarry the dragons at this early stage, instead of having to deal with them after they were in and the business was actually making money.

Also keep in mind, that yours is not a capitally intensive business. You don’t actually NEED 200K to get off the ground, and what’s more, you can probably leverage your cashflow in the next 2 quarters to borrow 200K for much less than 50% of your business.

So in short - you should thank your professor for doing the dirty work and giving you a good excuse to walk away from the deal.

]]> by: Savannah http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-274 Sat, 25 Nov 2006 02:40:37 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-274 I think that you guys allowed your professor to cloud your judgement...When you have a web site where job seekers are supposed to be able to apply for jobs online, how much good is it going to do if you have no employers lined up? If there is no employers, what are the job seekers going to apply for? Job seekers are a dime a dozen, the hard part is getting employers on board with your company. To sit in a board room with some of the most successful business men in Canada and allow someone to insult them is not a smart business idea. They were able to invest in your new company and try to give you the oppertunity to get off the ground with their money and experience in the real business world, (very different from theory in the classroom) and your advisor shot them down. They did not get where they are today, where they are able to have young business people pitch their ideas, invest their own money in them and give them a chance, by being rude and condesending to the people who invested in them when they started out. Wouldn't you guys love to be able to go to a meeting in a private jet? And I'm sure one day you will as you have an excellent idea for a business, but the dragon's could have helped you get there faster. As I said before, if you just focus on the job seekers, which you can find everywhere, what jobs are they going to apply for if you don't invest time and money in getting the employers to sign on with you? That is the biggest case of putting the cart before the horse that I have ever seen. I wish you guys luck in the future, you deserve every success that this business brings, but don't be afraid to speak out against your advisor if you don't agree with what he is saying. I understand that you have learned a lot from him, but this is your business and you have to do what you feel is right. If you feel he should have control over what decisions you make than he should invest in you for his 51% of the company. I think that you guys allowed your professor to cloud your judgement…When you have a web site where job seekers are supposed to be able to apply for jobs online, how much good is it going to do if you have no employers lined up? If there is no employers, what are the job seekers going to apply for? Job seekers are a dime a dozen, the hard part is getting employers on board with your company. To sit in a board room with some of the most successful business men in Canada and allow someone to insult them is not a smart business idea. They were able to invest in your new company and try to give you the oppertunity to get off the ground with their money and experience in the real business world, (very different from theory in the classroom) and your advisor shot them down. They did not get where they are today, where they are able to have young business people pitch their ideas, invest their own money in them and give them a chance, by being rude and condesending to the people who invested in them when they started out. Wouldn’t you guys love to be able to go to a meeting in a private jet? And I’m sure one day you will as you have an excellent idea for a business, but the dragon’s could have helped you get there faster.

As I said before, if you just focus on the job seekers, which you can find everywhere, what jobs are they going to apply for if you don’t invest time and money in getting the employers to sign on with you? That is the biggest case of putting the cart before the horse that I have ever seen.

I wish you guys luck in the future, you deserve every success that this business brings, but don’t be afraid to speak out against your advisor if you don’t agree with what he is saying. I understand that you have learned a lot from him, but this is your business and you have to do what you feel is right. If you feel he should have control over what decisions you make than he should invest in you for his 51% of the company.

]]> by: Fellow Entrepreneur http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-239 Fri, 24 Nov 2006 01:49:55 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-239 Hi guys, as a fellow tech entrepreneur, I was heart broken to see what happened with the Dragons and your professor. You guys already know the value of the contacts that the Dragons bring to the table and that the amount of money is only a small part of the equation. And, it is good that you question the Dragons’ time commitment to your business, but remember that the deal was not yet done. I’m willing to bet that once their ‘skin was in the game’ you would see more action – and even if you didn’t, and they were busy doing other things – you would still have access to them when you really needed it. I can’t tell you how important that is. The Dragon’s are aggressive, arrogant, sometimes rude, and often jump to conclusions too quickly without knowing your business and the market. That is dangerous, yes. But, your professor/advisor acted unprofessionally and selfishly. He did not act in your best interests. Had he been doing so, he would have expressed his reservations openly and honestly. Instead, he acted in a passive-aggressive manner, throwing under-the-breadth insults at your future partners. I agree that loyalty is important and if I were in your shoes, I would not want to easily discard my mentor. But, if he truly respected you, he would have allowed you to make the decision whether to go forward with the deal or not, rather than force the hand of the Dragons himself. He may have helped you get to where you are today, but his behavior is going to keep you there. I hope he has apologized to you. If he hasn’t then it may certainly be time to move on. Best wishes. Hi guys, as a fellow tech entrepreneur, I was heart broken to see what happened with the Dragons and your professor. You guys already know the value of the contacts that the Dragons bring to the table and that the amount of money is only a small part of the equation. And, it is good that you question the Dragons’ time commitment to your business, but remember that the deal was not yet done. I’m willing to bet that once their ‘skin was in the game’ you would see more action – and even if you didn’t, and they were busy doing other things – you would still have access to them when you really needed it. I can’t tell you how important that is.

The Dragon’s are aggressive, arrogant, sometimes rude, and often jump to conclusions too quickly without knowing your business and the market. That is dangerous, yes. But, your professor/advisor acted unprofessionally and selfishly. He did not act in your best interests. Had he been doing so, he would have expressed his reservations openly and honestly. Instead, he acted in a passive-aggressive manner, throwing under-the-breadth insults at your future partners. I agree that loyalty is important and if I were in your shoes, I would not want to easily discard my mentor. But, if he truly respected you, he would have allowed you to make the decision whether to go forward with the deal or not, rather than force the hand of the Dragons himself. He may have helped you get to where you are today, but his behavior is going to keep you there. I hope he has apologized to you. If he hasn’t then it may certainly be time to move on.

Best wishes.

]]> by: pete http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-230 Thu, 23 Nov 2006 21:43:45 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-230 you guys blew it, you had the deal by the throat and let your loopy prof. insult your partners, and all stood like a deer in headlights. money is one thing and experience is another, you had both within your grasp you will also learn that loyalty will never make you rich in big business. you will have to learn to seperate emotion from making the right decision. we all have to learn some how All the best to you in the future Cheers you guys blew it, you had the deal by the throat and let your loopy prof. insult your partners, and all stood like a deer in headlights. money is one thing and experience is another, you had both within your grasp
you will also learn that loyalty will never make you rich in big business. you will have to learn to seperate emotion from making the right decision. we all have to learn some how
All the best to you in the future
Cheers

]]> by: Another startup guy http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-227 Thu, 23 Nov 2006 21:15:26 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-227 Just some math ... You guys got 36 clients, each paying $600 per month. (Hope I got these right from the show) That's around $20K per month. The investors were offering $200K, which you guys can easily make back in 10 months. For 50% of the company, those $200K are just pennies compared to what you guys can earn in the near future (assuming that the number of customers will only grow and that you guys will continue doing this stuff and grow the business). $200K for 50%. Not only will you loose the control of the company, but more importantly, those investors can intervene and turn the direction of the company they like, which is not a good thing for the company. Because, imho, I don't think the investors understands a) the technology b) the market (arguably) c) the team dynamics that you guys have already going. Also, those $200K aren't gonna go directly into you guys' pockets anyways, it'll be going into the company which (with 50% ownership), those investors will no way in hell let those $200K translates into you guys' salary/dividend paid. So, your prof is right. $200K is just nothing when compared to what you guys can earn and the future of jobloft. Also, but going onto the show, you guys already got the publicity (which is why I'm writing right now in the first place). And on the "softer" side, good choice sticking with someone who brought you guys up and went through the ups and downs with you guys. Wish you guys all success and wealth in the future ! - Just another startup guy Just some math …

You guys got 36 clients, each paying $600 per month. (Hope I got these right from the show) That’s around $20K per month.

The investors were offering $200K, which you guys can easily make back in 10 months. For 50% of the company, those $200K are just pennies compared to what you guys can earn in the near future (assuming that the number of customers will only grow and that you guys will continue doing this stuff and grow the business).

$200K for 50%. Not only will you loose the control of the company, but more importantly, those investors can intervene and turn the direction of the company they like, which is not a good thing for the company. Because, imho, I don’t think the investors understands a) the technology b) the market (arguably) c) the team dynamics that you guys have already going.

Also, those $200K aren’t gonna go directly into you guys’ pockets anyways, it’ll be going into the company which (with 50% ownership), those investors will no way in hell let those $200K translates into you guys’ salary/dividend paid.

So, your prof is right. $200K is just nothing when compared to what you guys can earn and the future of jobloft. Also, but going onto the show, you guys already got the publicity (which is why I’m writing right now in the first place). And on the “softer” side, good choice sticking with someone who brought you guys up and went through the ups and downs with you guys.

Wish you guys all success and wealth in the future !

- Just another startup guy

]]> by: Matthew Fong http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-82 Fri, 10 Nov 2006 22:57:31 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-82 Hi guys, It was great to see you at the ITM Awards night on Wednesday November 8th. It's always great to have such a success story to motivate us students still in university to create our own businesses. Wish you all the best in the future, Matthew Fong Hi guys,

It was great to see you at the ITM Awards night on Wednesday November 8th. It’s always great to have such a success story to motivate us students still in university to create our own businesses.

Wish you all the best in the future,

Matthew Fong

]]> by: Carolyn Marshall http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-54 Thu, 26 Oct 2006 16:53:13 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-54 Hey guys, I had CBC on in the background and your idea and presentation really caught my attention! I'll happily reccomend it to anyone looking for "a job". I'm surprised you don't have any partnerships with companies that hire for call centre and data entry positions though. These are huge markets with high turnover in the Ottawa area and they are very common jobs for students and people with other service-industry experience to take. It would be an excellent fit for your site and there is currently no authority for jobs like this that I've been able to find. Anyways, congratulations on such a smart and simple idea, I hope to see the site grow and I'll be passing it along whenever I can! -Carolyn Hey guys, I had CBC on in the background and your idea and presentation really caught my attention! I’ll happily reccomend it to anyone looking for “a job”.

I’m surprised you don’t have any partnerships with companies that hire for call centre and data entry positions though. These are huge markets with high turnover in the Ottawa area and they are very common jobs for students and people with other service-industry experience to take. It would be an excellent fit for your site and there is currently no authority for jobs like this that I’ve been able to find.

Anyways, congratulations on such a smart and simple idea, I hope to see the site grow and I’ll be passing it along whenever I can!

-Carolyn

]]> by: Austin Hill http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-53 Tue, 24 Oct 2006 17:56:50 +0000 http://www.jobloft.com/blog/2006/10/19/joblofts-dragons-den-story/#comment-53 Hey Jobloft. As a fellow Canadian entrepreneur I wanted to congratulate you all on your first round of financing. Although I'm a little critical of the show, and the structure of the deal that was proposed to you (http://www.billionswithzeroknowledge.com/2006/10/24/puff-the-magic-dragon-lives-on-cbc/) as I mention in my post - you guys did a great job presenting. Look forward to meeting you someday, Austin Hill Hey Jobloft.

As a fellow Canadian entrepreneur I wanted to congratulate you all on your first round of financing. Although I’m a little critical of the show, and the structure of the deal that was proposed to you (http://www.billionswithzeroknowledge.com/2006/10/24/puff-the-magic-dragon-lives-on-cbc/) as I mention in my post - you guys did a great job presenting.

Look forward to meeting you someday,

Austin Hill

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