Nasty VCs on TV? It's a Brit Hit

By Mark Halper

The TV judges are ruthless as ever. "Never seen anything quite so completely ridiculous," snarls one. Another drops any pretense of civility. "I don't like you," she tells the hair-gelled losing contestant, who spits back vitriol and musters a euphemistic "Thanks for the feedback."

The latest American Idol? Wrong! Dragons' Den is a program about money for sale. Five wealthy venture capitalists take pitches from hungry entrepreneurs, who try to persuade the moneybags to invest in businesses ranging from fashion to toys to furniture. The VCs finger stacks of money like countinghouse kings while they grill the hopefuls, causing more squirm and humiliation than The Office.

Second surprise: Dragons' Den isn't a U.S. show. Started in Japan, it has become a prime-time hit in Britain, not known for entrepreneurial zeal or money obsession. That, of course, is changing. The Brits are demonstrating that they can be as avaricious and rude as any Yanks. The VCs, who include Doug Richard, an American expat, even fight with one another. "You've just completely been a sly little s___," one excoriated another after getting burned.

The hour-long program has been a hit for the BBC and rights owner Sony. Filming starts in May on a second series, following a January-February run in which viewership swelled with each Tuesday, 8 p.m. airing. Why do people watch? Maybe to cringe, learn or revel with the occasional winner, whose businesses have included tailor-made clothes for women, beanbag-like hammocks, and mushrooms. Just as in real VC handshakes, deals can unravel during postshow due diligence. There's a Clay Aiken effect too. Like the Idol loser who flourished, Dragon rejects have found cash elsewhere. Dragons' Den looks ripe for the U.S., venture capital's home. Sony is talking with a U.S. network, rumored to be Discovery. --By Mark Halper