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(NYPost)   Tech bro schlubs cultivate company frat culture of alcohol, drugs, and harassment, drive $800 million company to bankruptcy. Difficulty: not related to crypto   (nypost.com) divider line
22
    More: Asinine, Venture capital, Former employees of the firm, Allegation, alcohol-fueled parties, former Pollen employee, Callum Negus-Fancey, 20-year-old woman, Distilled beverage  
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1380 clicks; posted to Business » on 21 Dec 2022 at 2:20 PM (13 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



22 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
Eightballjacket [TotalFark]
2022-12-21 2:27:35 PM  
Two British tech entrepreneurs who led an event and travel startup that was worth as much as $800 million spent hundreds of thousands of dollars on drug- and alcohol-fueled parties

And the rest they wasted.(credit to G Best)
 
Dr Jack Badofsky
2022-12-21 2:42:56 PM  
Damn limeys.
 
Screaming Candle
2022-12-21 3:03:10 PM  
How on earth did this implosion take this long?
 
freakdiablo [TotalFark]
2022-12-21 3:03:14 PM  
Fark user imageView Full Size


Jake from 2 1/2 Men hasn't aged well...
 
Boudyro [TotalFark]
2022-12-21 3:03:43 PM  
i.pinimg.comView Full Size
 
Creidiki
2022-12-21 3:08:19 PM  
Somebody with access to obscene amounts of money decided: "Yep, that's a company I would like to invest in."
 
sirrerun
2022-12-21 3:14:17 PM  
"Callum Negus-Fancey, 32, and his brother, Liam, 29"

Two more British names, you will never find.
 
Schlubbe [TotalFark] [OhFark]
2022-12-21 3:18:28 PM  
I rtfa, and I guess I sort of understand what the company purported to do, but I'm not clear on what the path to profitability was here. Anybody care to suggest how this was considered a business?
 
SMB2811
2022-12-21 3:19:33 PM  
TechBros existed way before Crypto was a thing.
 
TotallyHeadless [TotalFark] [OhFark]
2022-12-21 3:22:57 PM  

Creidiki: Somebody with access to obscene amounts of money decided: "Yep, that's a company I would like to invest in."


Never believe rich people know what they're doing, especially when it comes to business investing.
 
Cajnik [OhFark]
2022-12-21 3:41:41 PM  

Schlubbe: I rtfa, and I guess I sort of understand what the company purported to do, but I'm not clear on what the path to profitability was here. Anybody care to suggest how this was considered a business?


Fark user imageView Full Size

Fark user imageView Full Size


Their website is dead, but you can find it on the wayback machine.

I'm guessing they make deals with hotels and festivals and take a cut. Pay as you go also sounds like a way to make some money off of 20 year old festival goers
 
bostonguy [TotalFark]
2022-12-21 3:49:09 PM  

sirrerun: "Callum Negus-Fancey, 32, and his brother, Liam, 29"

Two more British names, you will never find.


Liam is an Irish name.
 
bostonguy [TotalFark]
2022-12-21 3:53:16 PM  

Schlubbe: I rtfa, and I guess I sort of understand what the company purported to do, but I'm not clear on what the path to profitability was here. Anybody care to suggest how this was considered a business?


Startups backed by venture capital were not required to be profitable. The VC's goal is to grow very big companies at a loss and then exit through an IPO or acquisition.

Basically, company gets money from a VC. They sell a $2 product for $1 and say the $1 is "revenue." They keep getting more and more money and selling more and more at a loss to say that their "revenue" keeps going up and up. (They will never tell you their net profit.)

Eventually, they either exit and get rich or go bust.
 
Muta
2022-12-21 3:54:17 PM  

bostonguy: sirrerun: "Callum Negus-Fancey, 32, and his brother, Liam, 29"

Two more British names, you will never find.

Liam is an Irish name.


So British
 
bostonguy [TotalFark]
2022-12-21 3:59:06 PM  

Muta: bostonguy: sirrerun: "Callum Negus-Fancey, 32, and his brother, Liam, 29"

Two more British names, you will never find.

Liam is an Irish name.

So British


* backs away slowly from the rest of the thread *
 
transporter_ii
2022-12-21 4:02:30 PM  

bostonguy: Basically, company gets money from a VC. They sell a $2 product for $1 and say the $1 is "revenue." They keep getting more and more money and selling more and more at a loss to say that their "revenue" keeps going up and up. (They will never tell you their net profit.)


They make it up in volume, though.

I'm listening to this at the moment:

Fark user imageView Full Size


Makes me really glad I'm not just entering the work force. Actually kind of a depressing book.

Nothing fun about getting old, but...I'll count this as a perk.
 
Bob The Nob [OhFark]
2022-12-21 4:16:28 PM  
DEN - Digital Entertainment Network
Youtube WSAYcL7SbXY
 
Arkanaut
2022-12-21 5:17:16 PM  

freakdiablo: [Fark user image 425x425]

Jake from 2 1/2 Men hasn't aged well...


Holy hell that is the whitest person I've ever seen. Literally blindingly white.
 
Fooshards
2022-12-21 6:11:36 PM  

bostonguy: Schlubbe: I rtfa, and I guess I sort of understand what the company purported to do, but I'm not clear on what the path to profitability was here. Anybody care to suggest how this was considered a business?

Startups backed by venture capital were not required to be profitable. The VC's goal is to grow very big companies at a loss and then exit through an IPO or acquisition.

Basically, company gets money from a VC. They sell a $2 product for $1 and say the $1 is "revenue." They keep getting more and more money and selling more and more at a loss to say that their "revenue" keeps going up and up. (They will never tell you their net profit.)

Eventually, they either exit and get rich or go bust.


You've succinctly explained why having our interest rates at 0% for so long was a goddamn dumpster fire
 
ChibiDebuHage
2022-12-21 9:47:43 PM  
I can't decide who I have less respect for these two tech bros or the people that decided to.give them hundreds of milions.

Also, how much (if any) of the $800M were these two brothers able to squirrel away before "oh its all gone!"
 
cefm
2022-12-21 9:49:02 PM  
Their business had literally nothing that someone else couldn't copy and repeat. Zero actual protectable intellectual property. So while in theory it's scalable, that scaling could also be everyone else doing the same thing. Only a farking idiot would have invested in that - and that's before knowing what they were spending the money on. Most competent VC's require some level of awareness of budgets and spending and progress, including access to company worksites and staff and they should have known what was happening and stopped payment.
 
morg
2022-12-23 12:12:01 AM  
Pollen? The thing that >50% curse every day as a constant evil?
 
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