Surely this will send Crowdcube a much needed message - stop pitching rubbish businesses using ridiculous projections.
The failure of their EIS fund to raise even a third of the money they wanted is a victory for the Crowd. The platform may manipulate what people can say on their forums but they cant ignore this firm slap in the face. The Crowd does not trust your judgement.
Of course the Crowdcube Undertakers Dept will already have disposed of the body and the PRing Dept will be launching some counter to deflect. However they dress it up, the Crowd looked at what they offered and said very firmly NO thank you.
So what was on offer?
The Crowdcube EIS fund was launched in a cynical attempt to manipulate people with less time/knowledge to invest in Crowdcube pitches. It must have been as no one with either would have touched it. This in turn would have helped Crowdcube pitches complete - which is their source of revenue.
A few problems they hadnt thought about. The fund talked (as usual) about multiple ROI's within 5 years when the truth is only a single Crowdcube funded pitch has ROI'd in 4 years, against multiple failures and even this was tiny. You had to pay Crowdcube 'experts' to choose businesses for you. Looking back over the Crowdcube annual awards, many of these so called stars have gone bust already. Why would you want them choosing your failures when you can manage that tidily yourself?
It was just not credible. Which says a lot about the platform.
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