Original report now removed as events have long since proved me wrong - we're all looking for the next ASOS. After Jabil's initial commitment the boiler business model appeared serious, and scalable. Sadly, all wasn't what it seemed. FWIW, my key takeaways:
Meeting management of pre-commercial entities is unnecessary, even dangerous as dissemblance knows no bounds, as proved the case here. Lack of meaningful financial performance involves taking a lot on trust. Without an insider's advantage, early stage investing is, IMO, best avoided. Should also be noted that when a CEO of a fledgling business gets rewarded with a large bonus, as Tony Stiff did, before cash self-sufficiency is achieved then beware. At the time Stiff's (initial) bonus appeared to have some justification due to the deal he secured with Jabil. Lastly, and most importantly of all , however well-researched, never act decisively on someone else's judgment.
