Off topic: Dragons' Den UK
Thread poster: Madeleine MacRae Klintebo
How about getting one of those famous venture capitalists to invest in your translation business?
Dragons' Den (UK TV program) tonight was hilarious - a guy named Gavin came on asking for £250,000 for 4% in his business.
And what is his business? A combined machine translation tool and online agency. What a revolutionary idea!!!
And a newish translation business site worth a potentional £5 million+!!!
The most hilarious part was that he got one of the "business angels" to offer £125,000 for 9%.
Alas poor Gavin, the way this program works is that you have to get all the money you asked for or you gets nothing. So, poor guy, he ended up with £0.
Now, let's not all rush off to write our very believable business plans and sign up with providers of free/cheap machine translation tools.
After seeing the next contestant's idea about mittens attached to a buggy, I'm now busy working on my old design for rain cover for parents of young children. (Please, no infringements of my future (?)patents).
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| | Adam Burman
Local time: 23:08
Spanish to English
I also saw this and recognised the company in question (two of my best projects have come from working with them!)
The company is obviously doing quite well - voted start-up of the year and has received good publicity. I don't want to sound like one of their representatives but I applaud Gavin for having gone on there, if for no other reason than to generate interest in his business. I even doubt how much they needed the capital from the Dragons - his proposal was almost impossible to accept in my eyes.
I also think that the online, machine translation proposal is probably just a new venture and their core business is outsourcing translations; both times I was contacted it was by phone and from different members of their team.
I would be interesting to look at their accounts to see how they arrived at their valuation of the business - from what I remember it was several million £.
Anyway, good luck to them I say!
Do you remember the episode with the guy trying to promote Reggae Reggae Sauce? In the news today as being a big hit and Sainsburys has now placed large order.
[Edited at 2007-03-07 16:01]
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