BrewDog's millionaire founder James Watt has criticized Dragons' Den and The Apprentice for their “outdated” format and portrayal of entrepreneurs as “deranged” as he announced his rival reality show.
The 42-year-old mogul is launching House Of Unicorns in an attempt to find a startup company with promising potential to invest in.
The competition show will see ten 'Unicorn startup' companies go head-to-head over the course of six weeks as they compete to win £2 million – the largest cash prize in Britain's history.
In the business world, a 'unicorn' is a privately held startup with a valuation of at least $1 billion (currently around £808 million).
Investors like Watt – who is believed to be worth more than £250m – love unicorn startups because they have the potential to be highly profitable, disrupt markets and introduce new consumer trends.
The entrepreneur, who co-founded craft beer giant BrewDog in Aberdeenshire in 2007, will invest £1 million of his own money into the winning companies, with a further £1 million from Founders Capital – Europe's largest community of founders and investors.
Viewers have the power to vote, with three companies winning £1 million of the prize money and also being able to invest in the winning companies. Mr Watt will decide which companies will win the other million.
House Of Unicorns' fresh new format will rival that of the BBC's Dragons' Den and The Apprentice, which Mr Watt says do not show companies or founders in a good light.
BrewDog's millionaire founder James Watt has condemned Dragons' Den and The Apprentice for their 'outdated' format and portrayal of entrepreneurs as 'deranged' as he announced his rival reality show
The 42-year-old mogul launches House Of Unicorns in an attempt to find a startup company with promising potential to invest in
House Of Unicorns' fresh new format will rival that of the BBC's Dragons' Den (pictured) and The Apprentice, which Mr Watt says do not show companies or founders in a good light.
'If you take a step back and look at business TV formats like Dragons' Den and The Apprentice, I think they are all 20 years out of date and they portray founders and entrepreneurs as crazy, delusional and crazy. I think you can provide entertainment without it being at the expense of business,” he told MailOnline.
His show, on the other hand, will be “tremendously founder-friendly and business-focused,” aiming to show the business world in a “completely different light.”
Viewers can each invest €10 or more in the winning startups, which will complement investments from Mr Watt and Founders Capital.
'More than half of the deals on Dragon's Den don't even go through. And the best one gets an investment of £50,000, which doesn't make much difference to a company. That's why we wanted to put a more meaningful amount into it,” he said.
His 'love' of helping business founders was another motivation for the show, but he believes Labor policies and the autumn budget have made starting a new business in Britain more difficult.
He said: “The current government is so hostile to businesses and entrepreneurs.
“I think we're about to enter a recession.” There are so many entrepreneurs and millionaires leaving Britain and these are the people who are creating the jobs, building wealth and paying a hugely disproportionately high percentage of taxes.”
The millionaire hopes House Of Unicorns will boost the recovery of Britain's 'struggling' economy by creating more high-paying entrepreneurs to replace those who have left.
Mr Watt told MailOnline: 'If you take a step back and look at business TV formats like Dragons' Den and The Apprentice, I think they are all 20 years out of date and they portray founders and entrepreneurs as crazy, delusional and crazy '
His 'love' of helping business founders was another motivation for the show, but he believes Labor policies and the autumn budget have made starting a new business in Britain more difficult.
Mr Watt said: 'The current government is so hostile to businesses and entrepreneurs' (Photo: Chancellor of the Exchequer Rachel Reeves)
Mr Watt stood next to his fiancée as they encouraged everyone to strive for 'work-life integration' – the act of combining your job and your home life
Mr Watt's also revealed that his show will feature three 'super high-profile, incredibly successful business people' as mentors for the contestants. He can't reveal who they are yet, but confirms they are household names.
He confirmed that his fiancée, Ms. Toffolo, better known as “Toff,” will not be one of the mentors, but said she will occasionally appear on the show to offer her own business insights.
It comes after the controversial businessman, whose management style has been dogged by accusations of inappropriate behaviour, started an online row last week when he said work-life balance is for 'people who hate the work they do'.
Mr Watt stood next to his fiancée as they encouraged everyone to strive for 'work-life integration' – balancing your work and home life.
The video was met with outraged social media users who decried the couple's lack of “self-awareness” as not everyone is a successful business owner.
When asked about the reaction the couple received, he said: “There are a lot of people who hate their jobs. My advice would be to try to find something you enjoy doing.
'Everyone has free will and everyone has freedom of choice. I think if someone is stuck in a job they hate, they have the power to change that.”
