Doug Richard
Doug Richard | |
|---|---|
| Born | May 6, 1958 United States |
| Occupation(s) | Business leader, entrepreneur, investor |
| Known for | Original "Dragon" on BBC's Dragons' Den, founder of School for Startups |
Doug Richard (born 6 May 1958) is an American business leader best known for his participation as a "Dragon" during the initial two seasons of the BBC’s Dragons' Den and for his advisory roles within government.
Education
Richard completed a psychology degree at the University of California at Berkeley in 1980, followed by a Juris Doctor from University of California at Los Angeles in 1985. He later obtained an Executive Management Certificate from the UCLA School of Business in 1989.
Business background
In 1985, Richard established ITAL Computers, which delivered integrated CAD/CAM solutions tailored to Southern California’s aerospace industry. He privately sold ITAL Computers in 1991 and reinvested the capital to co-found Visual Software alongside John Halloran. Visual Software was acquired in 1996 by Micrografx, a NASDAQ-listed company, in exchange for $12 million in stock. Richard assumed the role of president and CEO at Micrografx in 1997, steering the company’s focus towards business and technical software sectors rather than consumer markets. Micrografx was subsequently sold to Corel Corporation in 2001.
After the Corel transaction, Richard moved to Cambridge and co-founded the Cambridge Angels investment group with Robert Sansom in 2001, concentrating on early-stage technology ventures within the region. He stepped down from Cambridge Angels in 2008.
Between 2001 and 2008, Richard actively invested as an angel investor, beginning with Designer Servers (DSVR), a Manchester-based startup that was successfully sold to Legend Communications PLC in 2004.
In 2001, he also co-launched Library House with fellow Cambridge entrepreneurs and investors. The firm specialized in providing buy-side research and customized analysis for venture capital firms but entered administration amid the financial crisis of 2008. Its proprietary database covering European venture capital transactions was acquired by Dow Jones.
Richard co-founded Trutap in 2004 with David Whitewood, a mobile software company that offered free text messaging and interactive communication before smartphones became widespread. Despite securing three rounds of funding from Tudor Investments and Cambridge Angels, Trutap ceased operations after being unable to adapt effectively following the launch of the iPhone.
In 2008, Richard founded School for Startups Ltd.
Dragons' Den
Richard joined the BBC’s Dragons' Den as one of its original investors in late 2004, alongside Peter Jones, Duncan Bannatyne, Rachel Elnaugh, and Simon Woodroffe. He participated through the first two series before leaving to take on a venture partner role at Tudor Investments. Following his departure, Richard and Elnaugh were succeeded by Richard Farleigh and Deborah Meaden.
Awards and recognition
In 2006, Richard was honored with the Queen's Award for Enterprise Promotion in recognition of his significant contributions to entrepreneurship despite his American nationality.
He received honorary doctorates from the University of Essex in 2009 for his support of entrepreneurial initiatives and from the University of Plymouth in 2013 for his efforts to stimulate small business development in the southwest region.
The National Council on Graduate Enterprise named him Enterprise Educator of the Year in 2010.
Additionally, Richard acts as an ambassador for the British Library's Business and IP Centre and holds fellowship status with the Royal Society of the Arts.
Publications and government advisory work
In 2008, Richard authored the Richard Report on Small Business while serving as Chairman of the Conservative Party Task Force, offering strategic policy recommendations to bolster small enterprises.
Two years later, in 2010, he released the Entrepreneurs Manifesto, designed to encourage entrepreneurship throughout the UK.
By 2012, Richard was at the helm of the government-commissioned Richard Review of Apprenticeships, a report that received bipartisan endorsement and significantly influenced apprenticeship reforms across the country.
His inaugural book, How to Start a Creative Business, was published in 2013 and concentrated on fostering entrepreneurship within creative sectors.
Board memberships and non-profits
Richard held the position of Counsellor at One Young World during the years 2012, 2013, and 2015.
Additionally, he has experience as a non-executive director at Innovate UK, the national agency dedicated to innovation in the United Kingdom.
School for Startups
Established by Richard in 2008, School for Startups provides training and support services to more than 30,000 aspiring entrepreneurs. The organization collaborates with governments and regional bodies to stimulate economic development through entrepreneurial education. Notable initiatives include:
- School for Creative Startups, an accelerator program tailored for creative industry enterprises,
- The Launcher Programme, which acts as a social lending partner affiliated with the Startup Loan Company,
- Southwest Peninsula Programme, offering assistance to emerging businesses in southwest England via funding from the Regional Growth Fund,
- Web Fuelled Business, a series of bootcamps sponsored by the Department of Business, Innovation & Skills aimed at helping small businesses utilize online platforms,
- Windows of Opportunity, bootcamps focused on fundraising and investment strategies, also supported by the Department of Business, Innovation & Skills,
- Makegood Festival, an annual four-day event celebrating creativity and entrepreneurship that received the 2014 London Design Award,
- Nigeria Youth With Education Programme, funded by both the UK Department for International Development and Nigeria’s Ministry of Finance, providing complimentary bootcamps and mentoring to young Nigerian entrepreneurs,
- School for Startups Romania, a two-year initiative backed by EU funding operating in Bucharest and Cluj.
More recently, Richard has directed School for Startups’ efforts towards emerging markets with programs such as:
- Colombia Creative, sponsored by Innpulsa, which mentors Colombian creative startups aiming at international markets,
- San Andres Projects, focused on rejuvenating tourism in San Andrés, Providencia y Santa Catalina through fostering local entrepreneurial ventures; financed by the Foreign and Commonwealth Office’s Prosperity Fund alongside Colombia’s vice-ministry of Tourism,
- Aldea program, launched by Innpulsa to support small innovation-driven companies in Colombia through mentorship.
Allegations of Child Sex Offences
In January 2015, it was reported by the Daily Mirror that Richard had been detained on suspicion of rape involving a 13-year-old female. Richard categorically denied these accusations.
On 7 September 2015, formal charges were brought against him, leading to his appearance at the City of London Magistrates' Court on 5 October where he was released on bail pending trial at the Old Bailey scheduled for January 2016.
During proceedings at the Old Bailey on 25 January 2016, Richard acknowledged that sexual contact had taken place but maintained it was consensual, under the belief that the individual was aged 17. Evidence presented included instances where she had displayed identification indicating she was 17 years old. On 29 January 2016, all charges against Richard were dismissed.