Friday, 3 February 2017

What we certainly did not Need



Ineed succumbs to the inevitable and tells investors it is closing down.

Ineed is ironic if nothing else. Invented simply because it could be and was funded to the tune of over£200,000 on Crowdcube, no one actually needed or wanted it. Over £600,000 in equity finance was piled into this nonsense.

It's a classic case. We see large numbers of them on this platform; people inventing businesses from the wrong end. Just because the internet makes something possible and Crowdcube makes the funding available, does not mean that the result will be anything else than a waste of time if the market hasnt been addressed. 

You were warned by this blogger many many times about this business - here and on the platform before we were evicted. 

We have written about these guys before - they raised 4 times on Crowdcube and most of these raises included some sort of schamoodling. See here

You can see the sort of alternative facts this company spun out here in their last Crowdcube video. Isnt it time that claims like these were properly checked out by the platform? The sales document Crowdcube published and called 'projections' for the 2015 raise, showed profits for 2016 of £1.2m and £1.7m for 2017. Even the 2015 accounts show how the 2015 'projections' were miles off the mark. How is that justifiable?

Look, there is nothing wrong with honest failure. But this is wrong.

The only saving 'Grice' seems to be that they have not wracked up massive creditor debts and HMRC liabilities. Unlike most of Crowdcube's failures.

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