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Old 22nd April 2007, 03:16 AM   #1
Geckko
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Stoern raise 14 million

For those who know about this story.

Steorn have reportedly raised €14million from private investors ahead of the "expert evaluation" of their "technology".

Beats working for it I suppose, but this does help to clarify some of the lingering questions about why these people are doing this. Other curious pointers to their intentions:
  • They are employing "independent evaluators" at minimal cost to themselves
  • They are not undertaking any expensive development costs (they plan on licencing the "technology" for other to work out how to put it in a mobile phone, say (true, they said that )
  • ditto product development
  • ditto manufacturing

This should leave a nice big hefty slice ofthe €14 million capital invested to be spent on more important things like directors salaries, benfits, bonuses etc etc.

I don't have a link, but it was an article in the Sunday Times today (Irish edition).
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Old 22nd April 2007, 03:24 AM   #2
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I tried to join their forum, but it was closed to new members. I still left my email address for them to contact me when they had the results, but they've yet to do so.
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Old 22nd April 2007, 04:02 AM   #3
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Originally Posted by Geckko View Post
Steorn have reportedly raised 14million from private investors ahead of the "expert evaluation" of their "technology".
Hmm.

Their website still says:
Quote:
Due to the contentious nature of our technology claim the company made a decision that during the process of validation we would seek no further funding.
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Old 22nd April 2007, 04:19 AM   #4
Geckko
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Originally Posted by Mojo View Post
Hmm.

Their website still says:
They say that in the article as well. Reread their statement more literally:

Quote:
Due to the contentious nature of our technology claim the company made a decision that during the process of validation we would seek no further funding.
Obviously they completed their funding round between the time they made the announcement in the Economist and the announcement that the "validation process" had begun. That was a good number of months of intense media coverage. Also note that this does still leave them, in theory, open to investors who they do not "seek" but instead knock on their door.

Is their anyone here willing to test them on this by posing as a wealthy individual looking for offbeat investment opportunities?

Last edited by Geckko; 22nd April 2007 at 04:22 AM.
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Old 22nd April 2007, 04:21 AM   #5
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They obviously didn't spend any of the 14million on a brand consultant because 'Orbo' is the single worst product name in history.
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Old 22nd April 2007, 05:13 AM   #6
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Mods - there's a long-running (>six months) thread on Steorn in LCI. Could this be merged?

http://www.internationalskeptics.com...91#post2527591
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Old 22nd April 2007, 07:06 AM   #7
Geckko
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Originally Posted by tkingdoll View Post
They obviously didn't spend any of the 14million on a brand consultant because 'Orbo' is the single worst product name in history.
Sounds like one of the anthropomorphic characters you find on childrens' TV programs:

"and here's Orbo to help us learn about fleecing creduloids for loads of dough"
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Old 22nd April 2007, 10:02 AM   #8
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Originally Posted by tkingdoll View Post
They obviously didn't spend any of the 14million on a brand consultant because 'Orbo' is the single worst product name in history.
Spoken like a true Wii owner .
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