Page 10-11 - CIO_Dec2011_FINAL

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CANADIAN INDUSTRY ONLINE - DECEMBER 2011
IM: Is Canada a good place to be an
entrepreneur?
BW: Well, the bulk of my activity is all in
Canada, and I’ve done really well by it.
But what excites me is seeing the seeds we
plant—where we start to plant seeds of
entrepreneurship in people. Even better is
when they get the opportunity to water those
seeds (I like this). [With these entrepreneur-
ship-type shows] we’re bringing the whole
concept of early stage investing into the
public’s eye. We’re changing people.
IM: Is Canada behind on innovation?
BW: I think we’re competitive. Do I think
we’re ahead of the curve? No. Do I think
we’re behind? Definitely not. Do we have
some mistakes in the making? Yes. Having
said that, there is entrepreneurship and
innovation occurring through universities
and people all across our great nation, up
down and sideways.
IM: Is there a venture that you look back
on and think: epic fail?
BW: The number of times I’ve invested in
early stage businesses is almost staggering—
I’ve invested in probably 3 or 4 hundred.
Have we made mistakes 5 or 10 per cent of
the time? Yes, I’ve backed the right person on
the wrong day or the wrong person on the
right day. But I’ve lost money with some
people only to have them come back with
future investment opportunities and they
make out very well. The learning comes in
evaluating people. For me, it’s more about
the person than getting smarter about other
businesses. The focus is on becoming
comfortable with people.
IM: How hard is it to say no?
BW: It’s easy to say no. The reality is that I
only said ‘yes’ on Dragons’ Den to 60 deals,
and I saw 700 in the three years I was there.
That’s a lot of nos. Also a lot of times I said
yes and tried to do a deal but the valuation
made no sense. But instead of coming down
on them for the valuation I made a deal. I
said no a lot.
IM: Any advice for companies on staying
innovative?
BW: Study marketing (that’s number one)
and number two: study entrepreneurship.
Number three: study philanthropy.
Differentiate your brand from others. Most
entrepreneurs say they don’t have time to go
back to school. But if it’s going to advance
your business, why wouldn’t you do that?
IM: How important was it to you to be
named as part of the Order of Canada?
BW: It’s quite a moment when you get the
call that someone’s nominated you and
someone’s evaluated you, in order to receive
the award. It’s a really cool experience.
IM: Finally, what ’s the best purchase
you’ve made in the last year? Based on your
cool shirt choices and other things you’ve
done in public, you seem to be quite the
savvy consumer.
BW: Hmm. Probably my Mac Book Air. It’s
a fabulous tool, and it’s been around the
world with me a few times. It’s definitely one
of the most notable adaptations of technology
that I’ve put on the table for myself.