SIMON CARSWELL
DUBLIN:TAKING ADVICE from a dragon on how to profit in these fiery economic times is not a bad tactic. When James Caan, one of the five investors on the BBC's Dragons' Den, spoke at the Irish Auctioneers and Valuers Institute lunch in Dublin last month, listeners sat rapt, hoping to glean some valuable investing wisdom.

Caan advised on how to embrace entrepreneurial spirit within your own workforce. He described this as "intrapreneurship", where employees are given equity in a new business to stop them leaving and setting up in competition against you.

"The best currency to attract the right people is equity and it is quite amazing that a lot of people are very passionate about never giving up any equity in their business," he said.

"For me, it has always been an amazing opportunity, where you attract people that you otherwise would never get."

He cited Dublin-born Rosaleen Blair, who was the Veuve Clicquot Business Woman of the Year for 2007 in the UK, as an example of someone who benefited from "intrapreneurship".

Blair joined Caan's recruitment business Alexander Mann, but wanted to start her own business offering large companies a one-stop shop for all their recruitment needs.

Caan was initially sceptical but gave her a chance, investing £47 (about €60) in a new set of business cards for Blair and setting up a division called Alexander Mann Solutions in 1996.

The division was sold last year for £93 million (€116 million) in a management buy-out backed by a private equity firm.

"If I had not recognised the talent in that individual, she would have been our biggest competitor," he says.

Recently, Caan has moved to invest in shares and property, at a time when others were avoiding them. He believes that there are valuable opportunities out there at the moment.

"We have seen such a good run for so long that this market is slightly scary. For me, as an entrepreneur, I am not afraid. My philosophy is: observe the masses and do the opposite."