£80k in Five Days!
We launched, in a private state, on Crowdcube last Thursday night (19th April) and today it’s Wednesday afternoon (25th April). It has been just over five days and we have reached investment commitments of £80k.
The investments have come from all types of people and at wildly different levels. One minute you are emailing a fellow parent of the school that your kids go to, in order to thank them for their £5k investment. The next minute you are explaining to an interested investor that a 20% return on a £20 investment is £4. Can I promise this return, I am asked? In this instance, I was happy to guarantee it from my own pocket, but I did say that if there were any doubts at all, he should not invest. There is a part of you that thinks that this is a secret millionaire testing your commitment and manners. If it’s you Sir Richard or Sir Alan, I hope I passed the good manners test.
With Crowdcube, you have to raise 20% of your minimum investment level before you can get showcased to the Crowdcube investor community. So for us, that’s £100k. Our plan is to reach £100k by May 1st – so we are heading in the right direction. But it has been a little stressful because normally you get a month to do this and we have given ourselves just over a week. This is because we want to make sure that the money is raised in time for Utopia Road – which is expected to shoot this Summer, the debut feature of visionary artist Rosson Crow, with a fabulous cast to match.
The biggest frustration has been converting genuine interest to invest, into a commitment to invest and I have found myself explaining in detail how Crowdcube works. For example, no money is taken or held on account until the minimum investment level is successfully raised. And once you are on Crowdcube proper you get 30 days… a ticking clock, a sword of Damocles. This is not for the feint hearted.
I am looking forward to connecting with the Crowdcube community next week and I have already started posting updates and suggested that part of what excites me about this idea is bringing the shareholders – the collective – into the movie making process. I suggested that shareholders could attend the readthroughs or be extras. Some of my friends who are actors messaged me immediately to say, sarcastically, they were looking forward to being extras for free. However, I did point out to them that they would have to invest at least £1000 for this benefit and they were, in many cases, well below that figure.
I have no idea if this will work. But I am determined to explore it. It’s such an exciting concept and I am sure that if we can get this right, then it will have significant implications on our industry. There is no reason why all movies cannot find a chunk of their investment through the crowd – for equity and for a return on investment.
Oh… and we got some great press last week when we announced we were going on Crowdcube. Here are the links:
Thank you! Wish us luck!