Investing into social media
Posted on | November 12, 2009 | No Comments
I was watching Dragons Den a TV show on CBC, and they where posted with a question of investing into a new social media tool
The tool – Scribble Live.
Scribble Live is a live blogging platform similar to Twitter but with a few significant changes. The makers of Scribble Live went to the den to request a sum of money in exchange for 20% of their business. They walk away with the amount of money they wanted but the Dragons (3 of them) purchased 30% of the business, instead of the original 20%.
This got me thinking – social media is a lot like investing, you look into the market, see what is happening, and decide if you would like to invest. But social media is more like an RRSP – the longer you’re willing to invest, the better the results (generally speaking of course).
If you have been considering social media for your business, think of it as an investment, not an advertisement.
- This feature appeared on Seasons 4, Episode 6 of Dragons Den November 4, 2009. You can watch this at CBC.ca under video’s.
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