Interesting this one. The CEO of this Crowdcube failure is now, as I write raising, money on Seedrs as a 'experienced entrepreneur'. Why is it the same people keep appearing on ECF platforms? We will be offering a list on our new website.
Eight point Nine was supposed to be in the coffee business. The only thing it actually did was take £150k off investors and spend a good chunk of that employing a new CEO who neatly buried the business before reappearing on Seedrs as a Director of Sustainable Ventures.
There is little to say about not quite Nine - it took the money, spent it all in a year and closed. Susannah Mcclintoch was the CEO brought in just after the CC funding. According to the CC website the company is still up and running. No real surprise there boys.
The same Mcclintoch is now to be seen explaining to would be investors on Seedrs that all of the team at Sustainable Ventures are experienced entrepreneurs. Hmmm. Id be more interested to hear just how she justifies the fiasco at a little under nine. Her LI page states she is still expecting great things from almost nine. She's clearly an optimist. We couldnt find any other examples of this entrepreneurial experience. So why is this claim allowed? What else on Sustainable Ventures isnt quite what they say it is?
The founder of this farce (8.9 to avoid confusion) was described on Crowdcube as a serial entrepreneur. When are they going to stop people using this phrase? Sure the guy has a number of companies to his name but none have done much if anything before they were closed. And the thing is, people are still believing the nonsense both Crowdcube and Seedrs are telling them.
Andrew Wordsworth,who was the guy behind E Car Club which sold out before it got anywhere back in Crowdcube's early days and is the guy behind the Sustainable Ventures Seedrs pitch, was also a shareholder in almost 9. Nice. Loss of around £1k. Must be comforting for investors in SV, that at least two of the team have such good judgement.
The founder of this farce (8.9 to avoid confusion) was described on Crowdcube as a serial entrepreneur. When are they going to stop people using this phrase? Sure the guy has a number of companies to his name but none have done much if anything before they were closed. And the thing is, people are still believing the nonsense both Crowdcube and Seedrs are telling them.
Andrew Wordsworth,who was the guy behind E Car Club which sold out before it got anywhere back in Crowdcube's early days and is the guy behind the Sustainable Ventures Seedrs pitch, was also a shareholder in almost 9. Nice. Loss of around £1k. Must be comforting for investors in SV, that at least two of the team have such good judgement.
Almost ten now, so I do need a real cup of coffee.
I've been studying the ECF sector for two years, I dont care what anyone says, Corruption is rife among a percentage of Directors or Founders. Absolutely no interest in shareholders, only the fact that they'll pay themselves £60 grand p/a until funds dry up or there found out..
ReplyDeleteDon't even consider it corruption. Just opportunism. Serious CEO's know they still have a large percentage in the company so if they're serious about it they spare on salaries before the company is profitable. I go away immediately if I see high salaries in such terms.
DeleteYou never describe yourself as a "serial entrepreneur" if you're actually successful. You always point to the companies you ran and what you achieved. "Serial entrepreneur" means serial failure.
ReplyDelete