The ‘Crowdlottery’ campaign – an update

The path to success is paved with “failure”, says author Sarah Lewis in this interview with Forbes. Lewis points out that failure is a matter of perspective, and successful people or corporations can measure themselves against unmet goals and consider themselves failures. Forbes also writes that 90% of startups fail and, as grim as that sounds, the rest of the 10% change the world, become the Apple, Facebook, Microsoft and Spotify of the future, because they had an idea, a few hard working entrepreneurs and investors who believed in them early on.

Crowdlottery, a campaign on FundedByMe that was fully crowdfunded in 2014 has just informed their shareholders that it can’t sustain it’s operations due to lack of funding and not enough growth. For us, this news is extremely sad as we have been in contact with the Crowdlottery entrepreneur and we know how hard he has been working to make his company fly.

Nobody expects every investment to become The Next Big Thing, but investing in early companies or growth companies increases the chance to be part of that or at least be part of change. We remind you that investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should be done only as part of a diversified portfolio and after great consideration.

/Daniel Daboczy CEO FundedByMe

Read the words of Jasper Versteege and watch his video where he tells his story:

“Dear crowdlottery members,

Unfortunately we have to close down operations. We could not secure enough funding to continue. This means we have to fast-forward our draws in order to play out all tickets before the 27th of March (the date we would need to renew our license). After that we will cease all operations.

So from today onwards we will have a draw each 2 hours until all the remaining tickets are played out.

Good luck, and keep an eye on your inbox! 

Even though I couldn’t reach enough people to make it work, I still believe the world deserves a crowdlottery concept, a concept which is fairer and more transparent than the lottery systems governments offer, so hopefully we can make a comeback one day.

 Thank you all for participating and believing in the concept. I wish you the best of luck in all your endeavors. Power to the crowd!”