Doug Richard Interview

Doug Richard – Interviewed by Bradley Chapman

I first met Doug Richard at the Business Startups show held at London Excel in May. Doug's School for Startups stand was next to ours. We had a brief chat and he agreed to do an interview for our online network and a later interview to appear on the front cover of edition 8 of our magazine called Raw Business.

Doug is a no nonsense straight talking "spade is a spade" kind of guy. He knows what he wants and how he is going to get it. When you get to spend some time with him, he actually has quite a dry and funny sense of humour. I enjoyed the time that we spent together and I hope that there may be some JV opportunities in the future.

Many of you will remember Doug Richard when he appeared in the first two series of The BBC's BAFTA award winning Dragons Den programme. Doug's latest venture is called "School for Startups".

Doug Richard is a UK–based Californian entrepreneur and specialist in technology transfer, commercialisation, and business incubation. Doug's education credentials include a B.A. in Psychology from the University of California, Berkeley and a Juris Doctor from the University of California, Los Angeles.

Richard is co–founder of trutap new mobile phone network, and before this, he was founder or CEO of three different technology companies. He is also the Non Executive Chairman of Beats Digital.

In May 2006 Doug received an honorary Queen's Award for Enterprise Promotion for his work promoting, developing and helping entrepreneurs. He is the first American to receive the honour.

Doug also appears in Raw Business Magazine Edition 8 read his interview here

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When did you first turn a profit and what was it with?

Reselling personal PCs on the grey market in Los Angeles with my brother. We used to buy surplus products from dealers who had not managed to sell against pre ordered stock. We would buy the product in bulk at a discounted price, then drive across LA and sell it on for a profit.

When you were growing up, what factors had a major influence on who you are today?

I drifted in to a series of fortunate accidents. I am internally directed and cannot actually point to a turning point. I think that you do need a bit of luck and I took the opportunities that presented themselves to me.

What was the most difficult business decision that you have ever had to make?

I sold my company to a huge corporation and took shares; as a result I nearly got wiped out. I decided to make a hostile takeover bid to buy the company back to exact my revenge backed by investors on Wall Street.

Did you secure investment in any of your first personal business ventures and did you have to offer equity in exchange for investment?

My first company was self funded by my brother and myself. My second company attracted angel investment in return for equity.

When you first started in business if you could have had access to an Entrepreneur Network like Million Impossible, how would you have used it to your advantage?

Business Networks did not exist in the 80s or not that I know of. If they did I would have sold a personal computer to them all. Networking is a key ingredient and if you do not get out and meet people then you quite simply do not grow. It is a vital mechanism to making it happen for you.

Is money or success more important to you?

SUCCESS full stop! I enjoy the intangible wins more than money and as far as success I am not there yet, but I will let you know when I am.

I put a lot of value in my gut instincts and feelings do you?

No mine suck. I analyse and use other people's gut instincts. In fact I know some people who have great gut instincts and I look to them.

If you lost everything overnight and you had to fight back again, what would the first thing be that would do when you wake up?

I already have about three times! As I said earlier the major time was when I decided to make a hostile takeover bid for the company I sold. It took me four years and three months to turn the company around. I went to the disgruntled investors on Wall Street and rallied them.

I was not myself for over four years. During that time my wife would have described me as a bit of an a***hole, but she's cool with me now. I was moody and grumpy for a while after getting wiped out but took action and had my day. During my business career I have felt the winds of chapter eleven on my back a few times.

What are your thoughts your time on Dragons Den?

Huge fun and I loved every minute of it. Everyone thought that the toughest Dragon was me but actually I think it was Peter Jones! I was a Dragon for two series and became overwhelmed with two start–ups in a row and moved on to more viable and lucrative opportunities. I think for the Dragons now it is more like a hobby but it was good fun.

If you give one piece of advice to our Entrepreneur members and readers, what would it be?

Learn what you are doing before you start.

What advice would you give me? I was bankrupt during 2007, lost everything and then decided to create Million Impossible to help more businesses survive, but in the process I have placed myself right in the face of adversity. Do you think what I am trying to do is a service that UK Entrepreneurs need right now?

If people can learn more about business and the decisions that they make result in fewer failures then why not. If it reduces people from making fatal mistake then it is fantastic.

Do you think that by offering help to someone that they may return the favour is just a romantic and foolish notion or do you think there can be value in it?

Sure, I think that there is a lot of value in it. I do it all the time. Some people will offer help in return and for those that don't well, at least I know what type of person they are.

We met at the recent Business Startups exhibition where our stands were next to each other – Where are you taking School for Startups?

First it is a series of events and one day seminars then it will go online. The model is based around teaching and mentorship and helping people to take advantage of what I have learned.

Is there any way that I can help you right now?

Yes let everyone in your network know about School for Startups

If I took you to dinner where would we go and what would we eat?

If we ate in London we would go somewhere lively and cheerful, we would eat Asian food and drink. I don't mind red wine or white but we would definitely have a drink!

Doug thank you for sharing your thoughts and experiences with the members at Million Impossible. As I said to you we are a small but passionate network and we hope to grow and of course we would be delighted to keep talking with you and your team.

Who knows anything is possible!

Thanks Doug from all the Team at Million Impossible
Regards Brad