Executives, TV personalities and 'Shark Tank' stars stop by the United Nations for a fireside chat
More than 500 attendees waited in the Memorial Union Ballroom, filling every inch of the space, eagerly awaiting the University's newest distinguished guest. A shark graphic then swam across the screen behind the stage as guests' popular TV show themes blared from the speakers.
It was a fitting introduction for Canadian business executive and television personality Kevin O'Leary, best known as “Mr. John.” “Wonderful” from the reality show “Shark Tank.” O'Leary has been making appearances around North Dakota this month, and on Friday, Jan. 26, he sat on stage at Memorial Union for a fireside chat with UND's president. andrew armacost.
Over the past year, Mr. O'Leary has shown great interest in North Dakota business. His venture capital firm, O'Leary Ventures, has invested in companies such as Land Trust and Thread, whose owner, Josh Reidy, has ties to the United Nations.
During his conversation with Armacost, O'Leary discussed the state's future with drones and artificial intelligence and answered questions about business.
Armacost and O'Leary discuss ND
Mr. Armacost reflected on the following at the beginning of his lecture. Last semester discussion With OpenAI co-founder and former UND student Greg Brockman. The president asked O'Leary about his thoughts on North Dakota's future in AI.
In response, O'Leary said North Dakota's strong energy infrastructure makes it a viable location because AI relies on power-hungry data centers. He believes the state has the potential to improve its reputation as an oil and gas exporter.
“The new oil is data,” he says. “When most people end up owning a data center, they're going to put all their data in a nexus location like this. And that's extremely valuable.
Pivoting to another emerging industry, Armacost highlighted O'Leary's recent investment in UAS energy testing company Thread and his visit to UAS incubator HIVE in Grand Forks. He asked Mr. O'Leary for his outlook on the future of industry in the state.
O'Leary responded that North Dakota is one of the “most receptive states in the world right now for drone testing,” citing safety concerns centered around the integration of unmanned aircraft in the commercial and military sectors. He said he was ready to implement policies to address the issue.
He added that there are “millions of dollars dedicated” to investing in UAS, noting that the growing utility of drones makes this space a “huge opportunity” for investors.
Mr. Armacost then turned the conversation to Mr. O'Leary's interest in the energy sector. Mr O'Leary advised people to “embrace diversification, not transition” when it comes to hydrocarbons, as he believes they have economic staying power in the market.
“They're always going to be a very viable source of information. That's great news for North Dakota,” he said. “Part of the role of hydrocarbons is the advancement of proprietary technology and extraction, and that's where the benefits lie.”
Other highlights of the conversation include Armacost's acknowledgment of the UND Student Investment Corporation. Dakota Venture Group and Student-managed investment fundsO'Leary's thoughts on missing out on investing in home security company Ring, and why O'Leary likes to wear two watches.
O'Leary talks business with members of the GF community
During the second half of the event, Mr. Armacost opened the floor and answered questions from the audience.
In response to a question from a UND student about the challenges faced by first-time entrepreneurs, O'Leary said confidence is the key to business success.
“I think the biggest decision in entrepreneurship is taking the first step,” O'Leary said. “Most people tell themselves that now is not the time.”
He added that while there are challenges to starting and succeeding in business, the rewards of “success and personal freedom” make the uncertainty worth it for those who want to pursue it.
“When you think about your life and the time you have, wouldn't you want to spend it on something you're passionate about?” he said. “It gives you something that brings meaning to your life.”
Another question came from a student studying supply chain management (a field that O'Leary considers “invaluable” in modern business), who asked for advice on how to succeed after graduation. O'Leary said the best advice is to spend time working for a competitor before taking a leadership role at a family-run business.
“Before you become a workforce leader, you will be much more effective if you learn and understand the role of an employee and what it takes to be a successful employee,” he said.
Other topics during the Q&A included advice for people considering a career in finance, whether Mr O'Leary is considering running for Prime Minister again after running as a Conservative in 2016, and how businesses are rapidly changing. This included how we can adapt to changing technology.
The event ended with Mr. Armacost presenting Mr. O'Leary with a Fighting Hawks jersey, in honor of the puck the Canadian entrepreneur dropped during that night's hockey game against Denver.
North Dakota: The Winner State
O'Leary spent a full day visiting UND, which included doing case studies with students who stopped by the university. Nissler College of Business Administrationpress conference and puck drop for the evening Fighting Hawks hockey game.
O'Leary continued to promote North Dakota as one of the nation's “winner states” in the press box, arguing that the state is an ideal place to invest in businesses.
“Two years ago, we were worried that we wouldn't be able to find enough deal flow here,” he said. “We don't have that problem. We have great companies here.”
He also suggested that the key to attracting new workers to the state is to allow them to enjoy themselves.
“This is a great place to raise a family. It's better to experience it and spread the word.”
Check out the archived stream of the full fireside chat below.
