Doug Richard

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Doug Richard
Doug Richard b2b.jpg
Doug Richard pictured in 2006
Born (1958-05-06) 6 May 1958 (age 66)
Education University of California
Occupation(s)Entrepreneur, businessman, government advisor
Known for Dragons' Den
Children3
Awards The Queen's Award for Achievement in Enterprise Promotion

Doug Richard (born 6 May 1958) is an American entrepreneur best known for his television appearances in the United Kingdom. He appeared as a "Dragon" on the first two series of Dragons' Den and was also a government adviser. [2] [3]

Contents

Education

Richard received his undergraduate degree from University of California at Berkeley majoring in psychology in 1980. He received his Doctorate of Law at University of California at Los Angeles in 1985. He received his Executive Management Certificate from UCLA School of Business in 1989.

Business background

Richard founded his first company, ITAL Computers in 1985, which sold services that integrated computer-aided design and manufacture systems to the southern California aerospace industry. ITAL Computers was sold in a private transaction in 1991 and the profits were used to found his second company, Visual Software. [4] Richard co-founded, managed and sold Visual Software with his partner John Halloran. [5] Visual Software was sold to Micrografx, a NASDAQ listed public company for $12,000,000 in shares in 1996. In 1997, Richard became the president and CEO of Micrografx, the company by whom he had been acquired the year before. [6] [7] [8] Richard turned around the fortunes of Micrografx by shifting its focus from consumer software to business and technical marketplaces. Micrografx was sold to Corel Corporation in 2001. [9] [10]

After the sale of Corel Corporation, Richard re-located to Cambridge with his family. Shortly after the move, Richard co-founded the Cambridge Angels, [11] an angel investment group focusing on technology startups in the Cambridge region, with Robert Sansom in 2001.[ citation needed ] He retired from the Cambridge Angels in 2008.

Richard was an active angel investor from 2001 to 2008. His first investment was in a Manchester based startup, Designer Servers, known as DSVR. [12] [13] Richard and the founders successfully exited from the company in 2004 when it was sold to the company that became Legend Communications, PLC. [14]

Also in 2001, Richard co-founded Library House with a group of entrepreneurs and angel investors from the Cambridge Cluster. [15] Library House was founded as a buy-side research house focusing on technology startups and bespoke analysis for venture capital firms. The financial downturn in 2008 led venture firms to reduce their investments in research forcing Library House into administration as another victim of the global downturn. [16] Its database of transactions, which was the only database of European venture activity, was sold to Dow Jones. [17]

In 2004, Richard co-founded Trutap with David Whitewood. It was a mobile software company offering free text and interactive messaging across the internet, prior to the introduction of smart phones. Trutap received three rounds of funding from two investors, Tudor Investments and the Cambridge Angels. The company closed in good order and the remaining investment was returned to Investors after the company was unable to pivot with the introduction and success of the iPhone.[ citation needed ] In 2008, Richard founded School for Startups Ltd.

Dragons' Den

In late 2004, Richard was approached by the BBC to join a new reality TV show called Dragons' Den . Richard was joined by Peter Jones, Duncan Bannatyne, Rachel Elnaugh and Simon Woodroffe as the first 'Dragons'. [18] Richard appeared on the first two series of the programme. He voluntarily stepped down after the end of the second series after accepting a position as a venture partner with the hedge fund Tudor Investments.

Awards and recognition

In 2006, he received an honorary Queen's Award for Enterprise Promotion. The award was honorary as Richard was a US citizen. [19] [20]

In 2009, Richard was awarded an honorary doctorate from the University of Essex for his work supporting entrepreneurship. [21]

In 2010, he was awarded Enterprise Educator of the Year by National Council on Graduate Entreprise. [22]

In 2013, Richard was awarded an honorary doctorate from University of Plymouth for his work with Plymouth in supporting the growth of small business in the south west. [23] [24]

Richard was appointed as an ambassador for the British Library's Business and IP Centre. [25]

He is a fellow of the Royal Society of the Arts.[ citation needed ]

Publications and government advisory work

In 2008, Richard wrote and published the Richard Report on Small Business, as the Chairman of the Conservative Party Task Force, a policy guideline on support for small business for the Conservative Party while in opposition. [2]

In 2010, Richard published the “Entrepreneurs Manifesto”, a call-to-action to drive entrepreneurship in the UK.

In 2012, Richard published the Richard Review of Apprenticeships, a government requested review of the apprenticeship system which was supported by all political parties and formed the basis for the reform of the apprenticeship system in the UK. [3]

In 2013, Richard published his first Book, “How to Start a Creative Business”, on entrepreneurship in the creative industries. [26]

Board memberships and non profits

Richard served as a Counsellor at One Young World in 2012, 2013 & 2015. [27] [28]

Richard is a former non-executive director of Innovate UK, the UK's Innovation Agency. [29]

School for Startups

Richard founded School for Startups in 2008 to help people start their own businesses through training and support courses, and to help governments and regions drive economic growth based on the principles of entrepreneurial economics. The school has taught over 30,000 people how to start their own business.[ citation needed ] The school is best known for a series of high-profile programmes including:

More recently Richard has focussed School for Startups on programs in developing countries. Recent programs include:

Allegations of Child Sex Offences

In January 2015, the Daily Mirror reported that Richard had been arrested on suspicion of rape involving a 13-year-old girl. [34] Richard strongly denied the allegations.

On 7 September 2015, Richard was charged. He appeared before the City of London Magistrates' Court on 5 October and was bailed until his appearance at the Old Bailey in January 2016 for trial. [35]

On 25 January 2016, Richard appeared at the Old Bailey, where he admitted sexual activity did occur but said it was consensual, believing her to be 17 at the time. [36] The court heard that the girl in question provided Richard her ID on a number of occasions showing that she was 17. [37] On 29 January 2016, Richard was cleared of all charges against him. [38]

Related Research Articles

A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship includes all new businesses including self-employment and businesses that do not intend to go public, startups are new businesses that intend to grow large beyond the solo-founder. During the beginning, startups face high uncertainty and have high rates of failure, but a minority of them do go on to become successful and influential.

<span class="mw-page-title-main">Venture capital</span> Form of private-equity financing

Venture capital (VC) is a form of private equity financing provided by firms or funds to startup, early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in terms of number of employees, annual revenue, scale of operations, etc.. Venture capital firms or funds invest in these early-stage companies in exchange for equity, or an ownership stake. Venture capitalists take on the risk of financing start-ups in the hopes that some of the companies they support will become successful. Because startups face high uncertainty, VC investments have high rates of failure. Start-ups are usually based on an innovative technology or business model and they are often from high technology industries, such as information technology (IT), clean technology or biotechnology.

Seed money, also known as seed funding or seed capital, is a form of securities offering in which an investor puts capital in a startup company in exchange for an equity stake or convertible note stake in the company. The term seed suggests that this is a very early investment, meant to support the business until it can generate cash of its own, or until it is ready for further investments. Seed money options include friends and family funding, seed venture capital funds, angel funding, and crowdfunding.

<i>Dragons Den</i> (British TV programme) British reality television series

Dragons' Den is a British reality television business programme, presented by Evan Davis and based upon the original Japanese series. The show allows several entrepreneurs an opportunity to present their varying business ideas to a panel of five wealthy investors, the "Dragons" of the show's title, and pitch for financial investment while offering a stake of the company in return.

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References

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