Tech Friday: Souring on backing startups with great ideas
Posted By RichC on June 3, 2022
Over the years, I have backed a few smaller companies needing capital and pre-sales to expand their businesses. Before the days of online crowdfunding 
platforms such as Indiegogo and Kickstarter, I participated as an investor in two smaller Ohio local companies … one that landed a contract to fulfill candy for Disney World which need capital (sold shares) and the other as a printed packaging supplier for fishing tackle (oh … and just remembered a smaller one for fishing lures). None of them really worked out all that well.
The biggest loss came from my deposit with what seems to be a “defuncted” Elio Motors in getting zero back … whereas the others were primarily lessor refunds, poor investments or products that were delayed in launching in a timely fashion. That leads me to my MAGFAST wait. Pandemic delays aside (excuse) … they have been excruciatingly slow to bring their line of product to market. Having received the latest update this week, I’m crossing my fingers something will arrive this month?
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