Monday, 17 August 2015
Crowdcube's Sprint Programme - is this the answer for young entrepreneurs?
So just what is Crowdcube's much lauded Sprint Programme.
You would imagine that this is a start up help package - an incubator programme to get young first time entrepreneurs in the mix when it comes to raising finance.
Crowdcube's Sprint is like so much on the platform, merely a marketing ploy. It offers no real help to struggling entrepreneurs - in fact it boasts that you can get your pitch live in 14 days which is likely to be anything but a help. It is good enough to only charge the standard 5% success fee not the extra legal fees - which are in fact very small anyway.
Its promotion uses all the usual Crowdcube razzamatazz - mentioning big names who have raised on Crowdcube even though they didnt use Sprint.
It is lots of puff and no substance and that is why there are currently 8 Sprint pitches on the site out of a total of 23. Not one of these 8 looks likely to complete its fund raising. They represent some of the worst pitches the platform has ever seen.
This tells you all you need to know about Crowdcube's management and their Sprint Programme. Young entrepreneurs would be better standing still and coming up with inevestible plans than being fooled by Crowdcube's never ending marketing. Sprint's only achievement will be to set these crusaders back or put them off all together.