Loyalty
A friend made the comment that most people in the business world have no loyalty or ethics. I took exception to that remark but he countered with examples of senior executives sticking it to employees and shareholders.
"File for Chapter 11, stash all your dough off-shore, serve a brief sentence in a country club and then enjoy the rest of your days on the shattered lives of others. And prison only applies if your high-priced lawyers can't get you off."
He then asked me for just one example where in business friendship/loyalty withstood the lure of money/greed.
I gave him one example, that appeared on the CBC television show The Dragons Den, where students who launched a Canadian start-up company turned down a venture capital investment because of loyalty.
Many have criticized Jobloft for being blindly loyal to their professor. Opinion of one but I respect them for sticking to their principles and with their mentor.
I have no doubt these guys will have successful careers, be it at Jobloft or elsewhere. Why? Those are the kind of people I'd want to be in business with. The kind who have ethics.
I met them at CaseCamp and was very impressed. It's nice to see loyalty still counts for something, especially by our future leaders.
In spite of cash being dangled in front of them, the Jobloft crew did not sell their souls to the dragons. That takes a lot of moxie on national television.
And those critical of their professor based on the above clip, granted it doesn't look good but television editing dramatically affects reality. Who knows what hit the cutting room floor?
It's in the CBC's best interests to make the Dragons look good. As opposed to someone working for Ryerson University that is not on the CBC payroll. And conflict, be it fabricated or otherwise is very good for ratings.
People in the academic world do not get paid well compared to those in business. There are exceptions but most professors and teachers I've met do it for the love of teaching.
Their professor helped for who knows how long with what appears to be zero financial gain. If after all kinds of due diligence, the Dragons were still prepared to invest $200k that speaks volumes about Jobloft's potential. There will be other investors.
Some critics said that being on the Dragons Den and turning down the investment capital was negative marketing for Jobloft. Sorry but I respectfully disagree.
They could never buy that kind of marketing exposure as a startup. Not to mention showcasing their integrity and loyalty on national television.
Nice guys might finish last but at least they finish.
