I am a big fan of CBC Dragons’ Den but passive viewing is not my thing. And when the story is interesting, I like to dig deeper and, over the years, I’ve interviewed Dragons, Dragons’ Den entrepreneurs and conducted followup interviews with the pitching entrepreneurs.
Tonight, after spending sometime (half an hour) of time to research, I was unable to find much external & independent information about UseMyBank (a Season 5, episode 6 pitch) to understand and appreciate their claims of profits on TV and their business.
To my surprise, I found that UseMyBank‘s Trademark application (from an online search of “usemybank” or application number 1253705) is currently “opposed” by none other than Bank of Montreal. So I naturally wonder if BMO is doing any business with UseMyBank while BMO is trying to take down its trademark? How about other members of the big 5 banks?
Again, since the business name has been “Used in CANADA since December 12, 2002″ (according to the trademark application), and the business has been a success according to the pitch on TV, I am a little surprised for the lack of external & independently verifiable information of it as a business. Any big city Canadian newspapers or magazines available online will help me a lot but I found none.
Note: You can download and read the Trademarks Regulations (current to Feb 2010) here. Of interest are rules 35 – 42.
Mar 4th, 2010, 7:42am Update: Please see followup comments here.
Jan 13th, 2011 Update: Just watched Use My Bank (Brian Crozier & Joseph Iuso) pitched for the second time (season 5, episode 11) on Dragons Den. I can’t say I enjoyed watching their pitch at all because they pitched their business with information (the stacks of business details on paper) only the Dragons got to read and analyze. Seeing Brian & joseph rejecting the $1million for 51% without knowing more about what their business is at now is neither meaningful nor interesting.