Category Archives: crowdfunding

“Avaruusyhtiö” Space Nation Oy kertoo olevansa vaikeuksissa [update]

Suomalainen “avaruusturismiyhtiö” Space Nation Oy kertoi eilen dramaattisessa ilmoituksessa sovelluksensa käyttäjille [>>] olevansa taloudellisissa vaikeuksissa. Tämä tuli vain päiviä viimeisen postaukseni jälkeen [>>], jossa varoitin juuri tästä kehityksestä.

Teksti muutettiin kun kirjoitin Twitterissä tästä [>>]. Ennen siinä luki we have encountered financial difficulties – nykyversio sanoo sen eri sanoissa

Eli varat ei riitä “astronauttiohjelman” jatkamiseen. Tämä on siksi erityisen vakava, koska astronauttiohjelma oli ainoa lupaava operatiivinen rahanlähde. Tässä vaiheessa kassavirta ei tule muualta kuin sovelluksesta, joka – lievästi sanottu – ei menestynyt*. Se saattaa nyt lisäksi sukeltaa, koska porkkanaa (avaruuslento) ei ole enää. Ainoa optio on nyt lisärahoitus yksityishenkilöistä.

Jo 10-14 päivää sitten jotkut sijoittajat yrittivät myydä osakkeensa Privanetin kautta pilkkahinnalla. Näyttää siltä, että sisäpiiri tiesi mikä oli tulossa.

Muutama päivä ennen Space Nation Oy:n hätäilmoitusta hinta laski jopa 3 Euroon. Tästä poliisi voisi ilman muuta aloittaa esitutkinnan.

On erikoista, että Privanet, joka on laskenut nuo osakkeet firman ohjeistuksesta liikkeelle, ei kerro mitään vielä. Pörsissä tästä olisi pakko tehdä julkinen varoitus. Tämä näyttää taas, että Privanetin asiakkaana olet heikossa asemassa jos sijoituskohteelle käy huonosti [>>]. Tietämättömästi joku voisi ostaa nyt Privanetin “jälkimarkkinnoilta” Space Nation-osakkeet ja ei olisi minkäänlaista mahdollisuutta selvittää, miten firmalle oikeasti menee.

Space Nation ei uskalla antaa uutta aikataulua, mikä on aivan ymmärrettävä, kun lähitulevaisuus on täysin epäselvä. Ja ennenkin firman aikataulut tuskin pitäneet paikkansa. Blogi informoi jatkossakin.

 

*käyttäjämäärän arvio: Google Play Store Downloads 10.000+ (20.8.2018) 4,5 kk jälkeen, eli 10.000 – 50.000 välimaastossa. Vasta Kesäkuussa ylitti 10.000. Alussa lineaarinen kasvu, viime aikana hidastunut. Tästä kertoo arvostelujen määrän kehitys, alkuryntäyksen 200 lisäksi tuli vain 20 enää kk:ssa 08-09/2018. Plus Apple-käyttäjät; 40.000 on siis ystävällisesti arvioitu.

UPDATE 26.8.2018: Kuvankaappaus.
& Joku riskisijoittaja tarjoaa nyt 1,00€ per osake. Antikurssista -93%. Liian kallis?
[EDIT muodollisuudet]

Finnish “space launch” misfired (Crowdsucking pt III)


[see Crowdsucking I and II]

Finnish “space tourism startup” Space Nation (formerly Cohu Experience) is struggling to get traction. Their astronaut training app Space Nation Navigator – which is actually a collection of simple space-themed mobile games – saw little success with the community. Instead of the astronomic user counts which they promised to investors, it hovers around 40.000. And that may be a stretch.

In December 2017, Space Nation forecasted 4.000.000 for today. In reality, they reached 1% of this already down-written prognosis. Even when the app’s late launch is taken into account, it missed the milestone by -90%.

 

The projection above is taken from a presentation for Space Nation shareholders which was circulated some 9 months ago. The company was mugging for fresh money, again collected by Finland’s Privanet Securities Oy.

The material was not for the general public, but it’s interesting because it gives insights into a failed strategy. Download it here: spacenation-investors.pdf.

 

Failed highjacking

A takeover of NASA’s MISSION X campaign was planned for Q4 2017. That would have been a major coup: Mission X reaches out to >100.000 school children worldwide, which would be a perfect (though ethically suspect) marketing base.

It did not happen. The only thing Space Nation took over was the slogan. They plagiated the theme.

 

Especially annoying: With Mission X, kids actually do train. With the Space Nation app, it’s the opposite. Only the least intelligent churnalists could mistake scratching around on a smartphone screen for something related to real astronaut training.

 

Financial turmoil

The planned profit of 84 million Euro by May 2018 evaporated in the corrected forecast. Now the financial result was projected to -2 million. Taken into account the low user recruitment, the real number could be -4 to -6 million. The company hasn’t made their last balance public. This blog will, when the documents become available.

However, it’s 90 million less than promised to their crowdfunders and other investors.

Another investment round, that was officially announced for Spring 2017, was called off without further notice. Space Nation aimed to pocket another 2,8M from the american crowdfunding platform fundable.com. The 625.000 Euro raised in Finland (according to Privanet) could hardly fix anything. The company will need more funding soon.

The stocks issued for €13,67/share in Februar and December 2017 last traded in March at €8 in the Privanet propietary platform. Now they’re offered like foul fish, but nobody is buying them for as low as 4,99. Desperate shareholders now have to stick with Space Nation at any cost.

 

Only one thing may rescue the risky enterprise: Richard Branson’s Virgin Galactic, which is finally at the edge of commercial space flight. The space tourism pioneer could take Space Nation candidates on board – possibly in 2019. Space Nation could win a hard-fought over seat by promising Branson added publicity – but does Virgin need support from a finnish startup that has (quote) nothing than “an app and an idea”?

With the money already raised and the current fees, 20-30 people could go to space without the need for startup bullshit, Slush events, business models and merchandise.

Five years from now, when people think space, they will think Space Nation. (-a finnish entrepeneur)

ps. Like the earlight company Valkee Ltd, Space Nation is a client of finnish PR hazardeurs Netprofile Oy. Bingo!

pps. Valkee is no longer able to purchase such services, unlike Space Nation, which is midways in its Gaussian-shaped carreer.

Will a finnish startup “democratize space travel”?

After failing all previous deadlines, finnish cross-media startup Space Nation Oy (formerly Cohu Experience Oy) is set to launch its long-awaited app tomorrow, 7th April 2018. The best users are to take part in a reality-TV “astronaut boot camp” and, finally, one of them will go to space. At least, that’s the plan.

R3MP

The company promised high profits from the beginning and predicted a landslide success for their app, comparing it to Supercell’s Hay Day and Clash of Clans. But there are striking problems, which remained largely unclear to the crowdfunding investors that made the story possible.

 

The User Base

Gaming apps have different target groups and user base than Space Nation’s “astronaut training” app. Not everybody wants to go to space, and certainly it’s not even worth a try for most. Why should I take part in a contest I can’t win?

Me going to space?

Me going to space?

Space Nation promised several prizes and rewards to fix this. But is there a need for a “NASA-approved game app”?

 

No spaceflight, no TV rights

As I wrote before, there is no space flight in sight that would be available for Space Nation’s wannabe astronaut. Virgin Galactic has been “months away” from its first space tourist flight for more than a decade. SpaceX does not attempt manned flight in the near future, and BlueOrigin seems to be late still.

And what if there’d be really the possibility to send a reality-TV winner to space? That would mean, that space tourism is nothing special or interesting anymore. At a time when hundreds of fare-paying hobby astronauts did already go to space, a Space Nation candidate is just another civilian on a suborbital seat. The only difference is that he didn’t pay for the trip by himself.

 

Nothing won, nothing lost?

The probable course of events will be, that the app will generate some moderate income through in-app purchases. Micropayments will keep Space Nation Oy afloat for some time. The crowdfunders will not get their exorbitant returns, but if they are lucky, their losses may not be 100% of the investment.

The idea of financing a space trip through media rights is nothing new. The blueprint came from MarsOne, which is still existing (but failed). In the beginning, they managed to start a gigantic media hype – but they planned for something extreme, a mars mission. A several minutes suborbital flight, as promised by Space Nation, is not close to that in any way.

One thing seems clear already: Space Nation will hardly “democratize space flight“. That’s as if I’d promise to democratize wealth by means of a lottery. An illusion to keep users interested, as any lottery does by promising life-change through a jackpot win.