[simonswords82]

AND they forgot to discount his invoices until right at the last minute.

I respect the author's transparency but there are a huge number of lessons to be learned here before jumping head first in to any other new business startup that relies on other people's money to launch.

[robtaylor]

On their about page

"In 2015, Reframed.TV exceeded investment expectations with no commercial revenue."

No details of the metrics but that itself would be an interesting post considering the staff numbers and investment.

[caminante]

I can't reconcile that dubious claim, either.

Based on the post, it appears that management didn't have basic financial skills.

[kev-reframed]

We raised on engagement rate and having SEIS protection made it a lot easier as it is less of a risk for the investors. (As we found on the next round we needed commercial traction for EIS raise) Our valuation was £1.1M post and we had people viewing videos for on average 20minutes, in many cases (such as Prime ministers question time videos) people watched and engaged for twice the length of a video.

It was a neat 'feature' rather than a business we found and created far too many passive users rather than active users

[kev-reframed]

absolutely - we have taken a huge hit. We made a lot of mistakes. Our next project we are building MVP but not looking for investment to launch it

[simonswords82]

I should point out that I've made numerous mistakes too! Just fortunate that it was only ever my money on the line. Again, respect for your transparency - takes balls.