I'm not the only one to think the lack of communication throughout "Balance's" lifespan was despicable.
Obviously most startups fail. That's fine.
Obviously most crowd investors don't understand this. That's a given.
It's not about that.
Real entrepreneurs and decent people update their investors and their supporters throughout the process. They are resourceful. You are clearly not. It was obvious within ~6 months that Balance would fail because or your piss poor communication and attitude. Many saw this.
All the best startups communicate openly about progress and iterate and collaborate with their people. Not the case here. Such a blatant failure of transparency.
And on top of ALL of that, you have this obnoxious, entitled, teenage response to your supporters and investors. It's absolutely mind blowing.
Of course you also haven't at all communicated this "new opportunity" you're dangling in front of everyone without any details. What is it, "Rainbow" or some shit? Where the hell is the post talking about this in detail and asking people if they even WANT to opt-into this after your childish behavior? At least let people get the docs for a tax write-off.
This is some rag tag, phony nonsense. You should be exposed to the crypto community for what you are. They only see you on Twitter with your generic clout posts. They should all see your comments on WeFunder and here to see what kind of toxic person you are.
You're one of those fake "I got ETH rich" people (even though you still mostly get supported by your daddy) and it's the precise cliche of an entitled millennial.
Please rethink your increasingly binary statements. Essentially, if an investor complains about losing money in Balance then according to you; They have never started a business / They have never invested in a startup / They have no understanding of cryptocurrency.
This is not the way to communicate to understandingly upset investors from a CEO that all but admitted he really didn't have a game-plan from the beginning and was hopelessly out of his depth in strategy and leadership.
Not everyone is cut out to be a CEO and I applaud your intention to attempt to give some funds/resources etc back to your investors. However if a company fails the first thing an investor wants to know is "where did the money go?" - and becoming increasingly defensive and rude on being asked to share audits etc does not chime with your intention to be as transparent as possible!
I've been a part of and invested in several start-ups - some successful, others not - so the loss of my investment is unimportant and part of the game.
It seems you didn't read the comments on WeFunder. I would say that most people were rude to you and for the right reasons. You announced that Balance failed, that you failed.
But then after a series of tweets that, you ended: "I am working on a way to give back to the people who have given so much to me. I will share more with you later this year."
Well, this is just poor communication. You should have waited to post until you could tell people EXACTLY how would you make things right for them.
And then, when people ask, you are also very vague: "It is not dead. It is transferring to a new entity.
Again, poor communication. If you do an update, do it right, tell people EXACTLY what is going on. What is this new entity? Will the investors be shareholders on this new entity? If not, then you MUST provide certificates of dissolution on the company people invested in.
What do you expect if you are not actually telling anything, and your answers are obscure and vague? People get concerned. Again: poor communication that backfires on you.
More than 30 in different crowdfunding portals. A few have already gone out of business, which is to be expected. Some have struggled. This is normal.
But none of them have had this kind of communication and were very straightforward about what happened, some even disclosed their financials.
My complaint is not that you failed, it is the way you are handling the communication. And instead of listening to the feedback, you go defensive.
In your earlier post you said that you were failing your team as a CEO, your management style was erratic and irritating and this is why your team forked away and forked away the source code. I guess you also didn't learn anything from this experience.
You are failing again by not telling your investors EXACTLY what has happened and how you intend to make things right. You are failing because your communication is vague and it seems to be about you, not Balance, not the investors.
You still don't get it, because you keep doing the same.
I've been involved as an investor and member of startups since the early 2000's. I was joint founder of the first company to focus on building teams/executive boards for eCommerce companies and incubators, and we built teams and bought eCommerce boutiques for several multinational Services companies such as Compaq and HP. I've also invested and been part of start-ups in IT security, recruitment and healthcare. Been involved in two IPO's and several ICO's at private/investor stage (and am still invested in these), and 90% of my investments are currently in a very diverse Crypto portfolio. Currently running successful companies in the Social Care market.
You are trying to alienate someone that has been a champion for Balance.
Your comments are getting ludicrous now - global markets fell around the world so that makes me a bad investor? A bad investor sells in a falling market, however I am not a margin trader or leveraged so can happily weather the storm and in fact I added another tranch of crypto to my portfolio. BTC @ $4k was a steal!
Crypto showed that it can weather global financial meltdown which is exactly why it was conceived - yes it dropped but quckly bounced and I expect another bounce next week. You are throwing stones I am having a discussion.
I'm not the only one to think the lack of communication throughout "Balance's" lifespan was despicable.
Obviously most startups fail. That's fine.
Obviously most crowd investors don't understand this. That's a given.
It's not about that.
Real entrepreneurs and decent people update their investors and their supporters throughout the process. They are resourceful. You are clearly not. It was obvious within ~6 months that Balance would fail because or your piss poor communication and attitude. Many saw this.
All the best startups communicate openly about progress and iterate and collaborate with their people. Not the case here. Such a blatant failure of transparency.
And on top of ALL of that, you have this obnoxious, entitled, teenage response to your supporters and investors. It's absolutely mind blowing.
Of course you also haven't at all communicated this "new opportunity" you're dangling in front of everyone without any details. What is it, "Rainbow" or some shit? Where the hell is the post talking about this in detail and asking people if they even WANT to opt-into this after your childish behavior? At least let people get the docs for a tax write-off.
This is some rag tag, phony nonsense. You should be exposed to the crypto community for what you are. They only see you on Twitter with your generic clout posts. They should all see your comments on WeFunder and here to see what kind of toxic person you are.
You're one of those fake "I got ETH rich" people (even though you still mostly get supported by your daddy) and it's the precise cliche of an entitled millennial.
You'll be exposed soon enough.
Please rethink your increasingly binary statements. Essentially, if an investor complains about losing money in Balance then according to you; They have never started a business / They have never invested in a startup / They have no understanding of cryptocurrency.
This is not the way to communicate to understandingly upset investors from a CEO that all but admitted he really didn't have a game-plan from the beginning and was hopelessly out of his depth in strategy and leadership.
Not everyone is cut out to be a CEO and I applaud your intention to attempt to give some funds/resources etc back to your investors. However if a company fails the first thing an investor wants to know is "where did the money go?" - and becoming increasingly defensive and rude on being asked to share audits etc does not chime with your intention to be as transparent as possible!
I've been a part of and invested in several start-ups - some successful, others not - so the loss of my investment is unimportant and part of the game.
No.
You are right. I am not a CEO.
I am an investor. You are joining my new venture.
You can either support me or write totally useless comments.
Your choice.
It seems you didn't read the comments on WeFunder. I would say that most people were rude to you and for the right reasons. You announced that Balance failed, that you failed.
But then after a series of tweets that, you ended: "I am working on a way to give back to the people who have given so much to me. I will share more with you later this year."
Well, this is just poor communication. You should have waited to post until you could tell people EXACTLY how would you make things right for them.
And then, when people ask, you are also very vague: "It is not dead. It is transferring to a new entity.
Again, poor communication. If you do an update, do it right, tell people EXACTLY what is going on. What is this new entity? Will the investors be shareholders on this new entity? If not, then you MUST provide certificates of dissolution on the company people invested in.
What do you expect if you are not actually telling anything, and your answers are obscure and vague? People get concerned. Again: poor communication that backfires on you.
Hey Joan,
How many startups have you invested in?
Richard ✌️
More than 30 in different crowdfunding portals. A few have already gone out of business, which is to be expected. Some have struggled. This is normal.
But none of them have had this kind of communication and were very straightforward about what happened, some even disclosed their financials.
My complaint is not that you failed, it is the way you are handling the communication. And instead of listening to the feedback, you go defensive.
In your earlier post you said that you were failing your team as a CEO, your management style was erratic and irritating and this is why your team forked away and forked away the source code. I guess you also didn't learn anything from this experience.
You are failing again by not telling your investors EXACTLY what has happened and how you intend to make things right. You are failing because your communication is vague and it seems to be about you, not Balance, not the investors.
You still don't get it, because you keep doing the same.
You are doing yourself no favours with these defensive statements
Actually. I am. All the actual startup investors are wishing me well. All the people who didn’t read the investment memos on Wefunder are being rude.
Support me. Stop being so blunt.
Quick check: which startups have you invested in?
I've been involved as an investor and member of startups since the early 2000's. I was joint founder of the first company to focus on building teams/executive boards for eCommerce companies and incubators, and we built teams and bought eCommerce boutiques for several multinational Services companies such as Compaq and HP. I've also invested and been part of start-ups in IT security, recruitment and healthcare. Been involved in two IPO's and several ICO's at private/investor stage (and am still invested in these), and 90% of my investments are currently in a very diverse Crypto portfolio. Currently running successful companies in the Social Care market.
You are trying to alienate someone that has been a champion for Balance.
And I invested in ETH back in 2016 prompted by my long friendship with one of the Founding team (and still have 80% of my original investment).
Just stop. William you are embarrassing yourself.
No. I am reminding you that your crypto portfolio lost 50% on Thursday & that is why you are being a terrible investor.
Support me. Stop throwing stones in a glass house.
Your comments are getting ludicrous now - global markets fell around the world so that makes me a bad investor? A bad investor sells in a falling market, however I am not a margin trader or leveraged so can happily weather the storm and in fact I added another tranch of crypto to my portfolio. BTC @ $4k was a steal!
Crypto showed that it can weather global financial meltdown which is exactly why it was conceived - yes it dropped but quckly bounced and I expect another bounce next week. You are throwing stones I am having a discussion.