Will Schroter

What it didn't change is...

In order to do your traditional crowdfund, where you and I take our deal, we bring it to the market, and the market comes up with cash we couldn't otherwise get from a single angel investor or professional investor.

Number one, it's got to be a product that enough people understand.

So if you and I are doing an enterprise security product, it may be a great product, but if a lot of people don't understand it, it really kind of limits the number of people who could just casually invest.

The second part of it is,

The number of times you and I can go to the well to put money into these deals is what?

Think about it.

The average person, they put $1,000, $2,000, $3,000 into a deal that they love.

Cool.

They do it maybe one other time, maybe the next time.

How many people are out there that just have this endless well of cash that they can put into highly liquid investments that they may never see any payback on?

Yeah, yeah, I'm sorry, illiquid in my bet.

And so I just started to look at that and say, once we get past the novelty of the best new products that are kind of getting pulled out there, and every year we have to kind of top that up with new deals,

And we get past the first number of early adopters who are willing to kind of like write larger checks.

How many more of those people are there?

And I just didn't believe it would be a high enough number.

And I remember going to some of these early crowdfunding conferences with all the other platforms and being like, you know, the dead fish in the room being like, guys, come on, like run the numbers here.

How long could this possibly sustain and more importantly grow?

And everybody had their theories about what it was, and I just didn't see it.

I'm not trying to be negative.