Rice of the Prairies on Dragons Den

I did a feature on Scott Sigvaldason and his "Rice of the Prairies" in the October 5 Grainews. The entrepreneur from Arborg, Man., is marketing hulless oats as a rice alternative he's calling "Rice of the Prairies." He pitches the idea to the panel of entrepreneurs on CBC's Dragons Den this week — Wednesday night. Scott taped the show a few months ago, so he knows the outcome but he has sworn to secrecy. I'll be watching to see if the dragons gave him any money.

Dialogue in the Den

At the Dragons Den website, you'll also find weekly business discussions with KPMG — a sponsor — and the dragons. The podcast topic this week is the importance of a solid business plan for any new venture. You want to try something new on the farm, do up a business plan.

Some highlights of the podcast: Be realistic about what you've got and what you're going to do. "You're not going to be good at this for the first 12 to 18 months. Make sure you have the cash to see you through this period," one person on the podcast says. Pay attention to the competition your new venture will have and recognize your competitive advantage. Remember the bank has to see a return on its investment before it will give you money. Let a seasoned businessperson review your plan.