Kevin O'Leary

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Kevin O'Leary
Kevin O'Leary (entrepreneur, reality show personality).jpg
O'Leary in March 2011
Born (1954-07-09) 9 July 1954 (age 60)
Montreal, Quebec, Canada
Alma mater University of Waterloo
University of Western Ontario
Occupation Founder of SoftKey
Co-investor and Director of Storage Now
Co-founder and Chairman of O'Leary Funds
Co-investor and Venture capitalist in Dragons' Den and Shark Tank known as " Mr. Wonderful "
Co-host of The Lang and O'Leary Exchange
Author of the Cold Hard Truth
Net worth US$ 300 million[1]
Religion atheist[2]
Children Trevor & Savannah O'Leary
Website
Official website

Kevin O'Leary (born 9 July 1954) is a Canadian businessman, investor, writer, and television personality.

Early life and education[edit]

O'Leary was born in Montreal to a salesman father and seamstress mother.[3]

His father was Irish and his mother was of Lebanese descent.[4] O'Leary's parents divorced when he was young, and his father died shortly thereafter. His mother, Georgette, later remarried.[5] He attended St. George's School.[6]

After graduating from high school, O'Leary studied for two years at the Royal Military College Saint-Jean followed by the University of Waterloo,[7] where he received an honours bachelor's degree in environmental studies and anthropology.[8] In 1980, he earned an MBA from the Richard Ivey School of Business at The University of Western Ontario.

Career[edit]

Immediately after college, O'Leary and two friends launched Special Event Television (SET), a television production company that met limited success producing small television shows and in-between-periods commercials and local professional hockey games. Later he was bought out for $25,000 by one of his partners.

O'Leary then moved on to his second business venture, a software company in the basement of a small Toronto home along with partners John Freeman and Gary Babcock. His mother provided the seed investment capital of $10,000, which he used to start software publisher SoftKey. Softkey products typically consisted of software intended for home audiences, especially compilation discs containing various freeware or shareware game software packaged in a "jewel-case" CD-ROM. By 1994, Softkey had become a major consolidator in the educational software market, acquiring no fewer than 60 rivals, such as WordStar and Spinnaker Software.

In 1995, Softkey acquired The Learning Company (TLC) for $606 million, moved its headquarters to Boston, and took The Learning Company as its name. TLC bought its former rival Brøderbund in June 1998 for $416 million. In 1999, TLC and its 467 software titles were acquired by Mattel in a $3.8 billion stock swap.[9] Sales and earnings for Mattel soon dropped, and O'Leary departed from Mattel. The purchase by Mattel was later called one of the most disastrous acquisitions in history.[10]

In 2003, he became a co-investor and director in Storage Now, a developer of climate-controlled storage facilities. Through a series of development projects and acquisitions, Storage Now became Canada’s third-largest owner/operator of storage services, with facilities located in 11 cities serving such companies as Merck and Pfizer when it was acquired by the In Storage REIT in March 2007 for $110 million.[citation needed]

In March 2007, O'Leary joined the advisory board of Genstar Capital, a private equity firm that focuses on investments in selected segments of life science and healthcare services, industrial technology, business services and software. Genstar Capital appointed O'Leary to its Strategic Advisory Board to seek new investment opportunities for its $1.2 billion fund. O’Leary also serves on the executive board of the Richard Ivey School of Business at The University of Western Ontario. He is a member of the investment committee of Boston’s 107-year-old Hamilton Trust and an investor of EnGlobe, a TSX listed company.[citation needed] He is a former co-host of SqueezePlay on Business News Network, Canada’s national business television specialty channel. O’Leary is currently working as the entrepreneur, investor, and co-host for the Discovery Channel’s Discovery Project Earth, a project that explores innovative ways man could reverse climate change.[11]

In September 2011, O'Leary released his book, Cold Hard Truth: On Business, Money & Life, wherein he shares his secrets, experiences, insights, and lessons on entrepreneurship, business, finance, money and life as well as advice for budding entrepreneurs.[12] A sequel to his first book called The Cold Hard Truth On Men, Women, and Money: 50 Common Money Mistakes and How to Fix Them was followed up in 2012, which focused a greater emphasis toward personal financial money management techniques, common money mistakes, tricks and tips to earn more financial freedom each targeted toward a specific stage in a person's life.[13]

Business journalism[edit]

O'Leary serves as foil to journalist Amanda Lang on The Lang and O'Leary Exchange on CBC News Network. He is a venture capitalist on the Canadian television show Dragons' Den as well as a shark on the American version of Dragons' Den, Shark Tank, which airs on ABC. He is referred to as "Mr. Wonderful" and "The Undertaker" by Mark Cuban on the show. He has also hosted his own television show, Redemption Inc.

During a segment on the Occupy Wall Street protests on 6 October 2011 episode of the CBC News Network's The Lang & O'Leary Exchange, O'Leary criticized Pulitzer Prize-winning journalist Chris Hedges for sounding "like a left-wing nutbar." Hedges stated afterwards that "it will be the last time [he appears on the show]" and compared the CBC to Fox News.[14] CBC's ombudsman found O'Leary's behaviour to be a violation of the public broadcaster's journalistic standards.[15]

In August 2013, O'Leary interviewed Rachel Parent, a 14-year-old anti-GMO foods activist. In the interview, O'Leary expressed concern that Parent had become a "shill" for environmentalists. The video went viral on social media.[16]

In January 2014, O'Leary remarked on his television show The Lang and O'Leary Exchange that the news that the world's richest 85 people owned as much wealth as the bottom half of the global population was "fantastic news."

It's fantastic and this is a great thing because it inspires everybody, gets them motivation to look up to the one percent and say, ‘I want to become one of those people, I’m going to fight hard to get up to the top.' This is fantastic news and of course I applaud it. What can be wrong with this? I celebrate capitalism. Don't tell me that you want to redistribute wealth again, that's never gonna happen ... it's a celebratory stat. ... If you work hard, you might be stinking rich one day.[17][18][19]

Business ventures and investments[edit]

Having carved out a niche for the O'Leary brand in the software industry, O'Leary moved on to establish the O'Leary name and brand in a multitude of industries, companies and products. Following his successful business ventures in software, storage facilities, and private equity, O'Leary has established his name in a number of other industries, including O'Leary Funds (a mutual and investment fund management firm that handles over $1.5 billion), O'Leary Ventures (a private early-stage investment company that invests in and partners with early-stage, high-growth-potential companies in various Canadian industries),[20] O'Leary Mortgages (a mortgage firm), O'Leary books, and O'Leary Fine Wines (a winemaking company).[21][22] In April 2014, O'Leary Mortgages went out of business. Little over a year after launching with much fan fare and notoriety including weekly plugs on his Dragons' Den prologue, O'Leary was unable to keep one of his 3 core businesses afloat. Industry reports seemed unsurprised by the failure given O'Leary's confusing public persona and the company's Chief Executive Officer's, Alexey Kenjeev, lack of industry experience.[23]

Controversial Remarks[edit]

Poverty activists have condemned O'Leary's comments on an Oxfam report that the 85 richest people have the same wealth as the 3.5 billion poorest people on the planet. O'Leary had commented "This is fantastic news and of course I'm going to applaud it. What can be wrong with this?" [24] [25]

In 2011 O'Leary was condemned by the CBC ombudsman Kirk LaPointe for his use of the term "Indian Giver". The ombudsman wrote that his comments were "unambiguously offensive". [26]

Bibliography[edit]

References[edit]

  1. ^ "Kevin O'Leary Net Worth". celebritynetworth.com. Retrieved 21 January 2014. 
  2. ^ http://www.thenervousbreakdown.com/ajanes/2012/04/shark-tank-reveals-mark-cubans-moral-side/
  3. ^ Allemang, John. "Kevin O’Leary: The shark who swims alone". The Globe and Mail. 23 September 2011
  4. ^ Schlesinger, Joel. "The dragon's pen: Reality TV villain writes about life and money in new autobiography". Winnipeg Free Press. 1 October 2011
  5. ^ "Obituary". Retrieved 2012-03-24. 
  6. ^ http://www.themontrealeronline.com/2012/02/kevin-oleary/
  7. ^ Campbell, Colin. "In conversation: Kevin O’Leary". Maclean's. 5 October 2011
  8. ^ O'Leary, Kevin. (2012) Cold Hard Truth on Men, Women & Money. Doubleday Canada, page 106
  9. ^ Dignan, Larry. [O'Leary Kevin, (2011) The Cold Hard Truth On Business, Money, and Life, Anchor Canada, Page 135]. ZDNet. 14 December 1998
  10. ^ "The Worst Deals of All Time?". Retrieved 2012-02-18. 
  11. ^ http://dsc.discovery.com/tv/project-earth/task-force/task-force.html
  12. ^ "Kevin O'Leary: The shark who swims alone - The Globe and Mail". Retrieved 2012-08-06. 
  13. ^ "Order your copy of Cold Hard Truth On Men, Women & Money". Double Day. Retrieved 25 July 2013. 
  14. ^ James Crugnale (12 October 2011). Journalist Chris Hedges Argues With CBC’s Kevin O’Leary: ‘This Sounds Like Fox News And I Don’t Go On Fox News!’ Mediaite. Retrieved 24 January 2014.
  15. ^ Szklarski, Cassandra. "O’Leary’s ‘nutbar’ remark breach of policy, CBC ombudsman says." Globe & Mail, 14 October 2011. Retrieved 2012-03-23.
  16. ^ http://www.youtube.com/watch?v=HIXER_yZUBg
  17. ^ Kludt, Tom (22 January 2014). Businessman, TV Host: It's 'Fantastic' That 85 People Have More Wealth Than Billions In Poverty (VIDEO). Talking Points Memo. Retrieved 22 January 2014.
  18. ^ Martin, Abby (23 January 2014). Orwell’s Kiev, warnings from BP employees, 4 years of corporate personhood. Breaking the Set on RT. Retrieved 24 January 2014.
  19. ^ Hulsman, Noel (22 January 2014). Kevin O’Leary thinks global wealth gap is ‘fantastic news’. Yahoo News. Retrieved 31 January 2014.
  20. ^ "About O’Leary Ventures". O'Leary Ventures. Retrieved 25 July 2013. 
  21. ^ "O'Leary Wines". Retrieved 25 July 2013. 
  22. ^ "O'Leary Fine Wines Wins "Best Value" at InterVin International Wine Awards". Retrieved 25 July 2013. 
  23. ^ McLister, Rob. "O'Leary Mortgages Is No More". CanadianMortgageTrends.com. 10 April 2014
  24. ^ http://www.independent.co.uk/news/world/americas/shark-tanks-kevin-oleary-says-35-billion-people-in-poverty-is-fantastic-news-9077070.html
  25. ^ http://theflowofperceptions.blogspot.ca/2014/01/kevin-oleary-says-35-billion-people.html
  26. ^ http://www.thestar.com/news/canada/2011/03/08/cbc_ombud_slams_olearys_offensive_onair_comment.html

External links[edit]