Doug Richard: The dragon roars
Article Date: Mar 18 2005
Doug Richard was stern and uncompromising during his stint on the BBC’s Dragons’ Den programme. These qualities have undoubtedly served the tech visionary well over the years, although his penchant for ‘radical opportunism’ has been equally important.
Doug Richard is as fiercely alert, bright and blunt in the flesh as he was on the BBC’s surprisingly successful Dragons’ Den business series. However, perhaps what the series didn’t convey is the fact that off-camera he’s a far more jovial character, with a dry wit and a passion for business and innovation that is almost childlike in its intensity.
This infectious enthusiasm is probably what has enabled him to successfully develop a clutch of technology ventures both here and across the pond. The latest in this long line is Library House, which he founded in 2002 and where he currently sits as chairman.
Before our interview has even begun (and just after he has cracked a few jokes) he has launched into a bullish monologue on why Library House, a comprehensive database profiling technologically innovative companies in the UK and Europe, will thrive.
‘Library House is the first port of call for investors on the lookout for exceptional investment opportunities. A listing on its database can dramatically boost an entrepreneur’s ability to get in front of key angel investors.’ Without pausing for breath, he tells me the business is apparently, ‘on a tear, growing as fast as it can grow’.
According to Richard, he spends around 70-90 per cent of his week with Library House, with his remaining time devoted to Cambridge Angels, an investors’ organisation that he founded back in 2001 and which has been responsible for a large number of the ‘Cambridge phenomenon’ success stories of recent years.
The virtuous cycle of success
Richard’s history is littered with corporate triumphs. He was President and CEO of US-traded software outfit Micrografx, which was sold onto Corel Corporation in 2000. Prior to that, he was the CEO of Visual Software, which was set up with the mission of bringing 3D technology to the PC market in the form of creativity and productivity software. Visual Software was sold to Micrografx in 1996.
Before Visual Software, Richard founded ITAL Computers. ‘My first company,’ he reflects with an affectionate smile. It was not only the first company, but the venture that kickstarted his business career, as it was the proceeds from the sale of ITAL (which provided CAD/CAM systems integration services to the California aerospace sector) which were used to found Visual Software.
Build jobs for exceptional people
Richard’s first rule of thumb when building a business is a bit of advice that I’ve heard many leading businessmen and women utter. ‘Never be scared, as an owner, to hire people that are better than you are,’ he urges.
To this staple nugget of knowledge though he has added his own unique rulebreaking spin. ‘By hiring exceptional people, you’ll be standing on the shoulders of giants. But remember, great people don’t come along every day. If I spot one, I’ll build a job for them, rather than let them walk. I’ll ask myself, how do I redesign the business so this person can be in it?’
