" Coolest Cooler" startup is broke..

[boat527]

Article on Oregon live says the record breaking kickstarter campaign co is broke after raising 13mil....Wonder where it all went?


http://www.oregonlive.com/window-sh...t_of_cash.html#incart_river_mobileshort_index

 

[Paul65k]

Rut Roh...........Hey GRADS.....did you ever get your cooler :yikes

 

[RitcheyRch]

I think he was recently on Shark Tank. I hope those that bought them do receive them.

 

[GRADS]

No and I'm bent about it.:grumble::grumble:

 

[Old Texan]

Sounds like some mismanagement involved......$13M should be enough to build a few coolers and get cash flow moving. Just depends on where it's moving:yikes

 

[OldSchoolBoats]

I think he was recently on Shark Tank.

Sounds like his next appearance will be on American Greed.....

 

[GRADS]

I wonder if I could get my credit card to reverse the charge?:hmm

 

[prosthogod]

I wonder if I could get my credit card to reverse the charge?:hmm

Within 12 months of purchase you can get a total refund.

 

[79 HUSTLER]

Damn, looks like I'll be getting screwed as well.

 

[GRADS]

The worst part is my wife told me at the time that it was a bad idea and that I'd never see the ice chest. Now I'm going to have to hear about it forever.:swear:grumble::smackhead

 

[Cole Trickle]

The worst part is my wife told me at the time that it was a bad idea and that I'd never see the ice chest. Now I'm going to have to hear about it forever.:swear:grumble::smackhead

Buy 454 rockets for $500.....problem solved[emoji12][emoji41][emoji85]

 

[Riverbound]

Lynch got his.

 

[HOOTER SLED-]

With a gay ass name like "Coolest Cooler", y'all shoulda known. Lol........suckas.

 

[Bigbore500r]

They're like the OCM of coolers

 

[RiverDave]

The number one killer of new business is too many sales..

Read that somewhere..

 

[j21black]

What was the initial cost to get in an "secure" a cooler?

 

[Flying_Lavey]

Sorry, but this is awesome! My homemade one that I've had for the last couple years is getting better and better. I'll sell ya mine for $250. Just needs a group 23 battery.

 

[VoodooMedMan]

No and I'm bent about it.:grumble::grumble:

It's your dildos that have you bent.

 

[Waffles]

Kickstarter's Biggest Shitshow Somehow Got Even Messier

http://motherboard.vice.com/read/a-very-uncool-cooler

A decidedly not chill development for 36,000 Kickstarter backers of the "Coolest Cooler": Coolest is now considering asking people who haven't yet received their coolers to pay an additional $97 for "expedited delivery" of the long-past-due all-in-one disaster, a prospect that has allegedly led some backers to threaten Coolest employees.

Sidenote: Why anyone would buy this pos is beyond me. Sometimes less really is more.....like my $48 120qt Igloo Cooler :cool

 

[TBI]

my wife told me at the time that it was a bad idea

If I had a dollar for every time your wife has told you something was a bad idea, I'd start a cooler company

 

[RogerThat99]

Lynch got his.

That is what I thought. I couldn't remember if it was Lynch or you, but I thought one of you got one.

 

[cheezpanel]

Sounds like his next appearance will be on American Greed.....

EXACTLY what I was just thinking...

 

[nowski]

If your wondering where all that money went you may see Ryan Grepper with his new boat at Desert Storm. It will be the one with the name Coole$t on the transom...

 

[2Driver]

He actually raised 13M? Who would invest in that is beyond me? Did he get shut down on Shark Tank?

Slushy drinks are for women. A cooler with a blender, a battery and speakers is too heavy for a woman to carry.....and for that reason I'm out.

 

[530RL]

I wonder if I could get my credit card to reverse the charge?:hmm

Within 12 months of purchase you can get a total refund.

I'm not completely sure but my understanding was that "deposits" for coolers were actually "investments" in the company from "backers" in the Kickstarter campaign and as such would not be reversible as credit card charges as it was not actually a "purchase" or "deposit".

The cooler was set up to be a "reward" for "backers".

Pretty clever structure.

 

[Flying_Lavey]

If your wondering where all that money went you may see Ryan Grepper with his new boat at Desert Storm. It will be the one with the name Coole$t on the transom...

Pretty ballsy of him since I'm sure a lot of his backers were boaters themselves.

I'd bet there's a wee bit of embezzlement going on there.

 

[Wakebrdr94]

13 mil and couldn't get it done??

$150 and an hour in my garage. Pretty sure with 13 mil I could make some sweet gear!

 

[RiverDave]

That is unbelievably bad management.. Lol. Wtf did the guy do with all the money?

 

[Stainless]

I remember NGE putting something together similar to this in his garage before I heard of this company.

 

[Go-Fly]

This happens when people lack the knowledge of how production works, the cost of tooling and delays caused by changes in internal design. Sounds like they were good at marketing and raising money but hadn't a clue of what it was going to cost per unit to make them or, ship them to the US. People think it's cheap to have things made in china. Small parts that you buy 500,000 at a time no problem. Big items like this cooler with all it's different parts, it's a push at best. The company will die from a lack of cash flow, not the lack of sales.

 

[TBI]

Wtf did the guy do with all the money?

:tbi

 

[rivrrts429]

That is unbelievably bad management.. Lol. Wtf did the guy do with all the money?

See below lol

If your wondering where all that money went you may see Ryan Grepper with his new boat at Desert Storm. It will be the one with the name Coole$t on the transom...

:tbi

 

[Go-Fly]

:tbi

I've never seen a hookers ass spin that fast. I'm in.:thumbsup

 

[GRADS]

So now I'm debating on paying the $97 to "guarantee" that I get it by July or basically kissing off my original $250 investment. :hmm:hmm

 

[Mandelon]

expedite delivery



Coolest Cooler creator Ryan Grepper sent an update to backers Tuesday outlining three ways the company is working to deliver its tricked-out -- but for many, long-overdue -- cooler to Kickstarter backers.

One possible option: backers could pay an extra $97 per cooler for expedited delivery. In addition, the beleaguered company announced it will sell the coolers to the general public as it continues to court investors.

Portland-based Coolest Cooler rose to fame in 2014, when the company broke Kickstarter's crowdfunding record. It eventually raised more than $13 million in pre-orders.

But many of the backers, who were initially promised their coolers last spring, still haven't received their cooler.


Kickstarter wasn't built for big-time projects, and it shows
Something fundamental changes when Kickstarter, a website built for artists and craftspeople, goes mass market.

In Tuesday's update, which Coolest provided to The Oregonian, Grepper said the company has delivered coolers to approximately 20,000 backers. However, about 36,000 are still waiting, and Coolest might not be able to deliver them in time for summer, he wrote.

The problem, he explained, is that the cooler cost more than expected to develop and manufacture. Plus, the company didn't plan for manufacturing delays or a factory strike, he said.

"Unfortunately, we just didn't set the pledge levels high enough to cover the final quality of the Coolest Cooler," he wrote.

In early March, Grepper told backers the company needed another $15 million, roughly $5 million of which would go to producing and shipping coolers to remaining backers.

At the time, Grepper said his company was looking for investors to help fill the gap.

That process continues, and was the first of three "parallel paths" forward outlined by Grepper in his update.

Grepper wrote that his company is in "advanced discussions with a number of potential partners" but said he couldn't share specifics. If the company does find an investor, he said, delivering the coolers to backers would be the primary focus.

The second path Grepper outlined was a possible option for backers waiting for their coolers to pay an extra $97 ? on top of the amount originally pledged ? to expedite delivery. The company is offering the option after several backers asked to pay the remaining cost so they could get their cooler faster, he said.

The additional money would cover the remaining part of the deposit to pay the factory and shipping fees, he wrote. Those who paid the extra amount would be guaranteed to get their cooler by the Fourth of July, he said.

Backers who choose this option would still save at least 25 percent on the final retail price, Grepper said.

"People who don't want to pay more don't have to, and everyone ultimately gets their reward faster with fewer people in line in front of them," he wrote.

However, this option would only be available if enough people wanted it, Grepper said.

Near the end of the update, under the third "path," Grepper announced the company will start selling the coolers to the general market for more than backers paid for them. He said the company will use the profits to produce and deliver backers' coolers.

According to Coolest spokeswoman Susan Towers, the coolers will likely be available to order from the company's website in May.

Coolest's factories have materials on hand and are ready to start making products "as fast as we can pay them," Grepper said in the update.

He acknowledged the plan could anger some backers, as new customers could order coolers before the original Kickstarter backers receive theirs.

But Grepper said this "is the only option open to us right now that allows us to get production up and running." He's currently in China doing just that, he said.

Grepper reminded backers that buying into a Kickstarter project is not like purchasing an existing product from a store. About 10 percent of all Kickstarter projects fail, he said.

Regardless, he promised to keep working to deliver all the coolers.

"As long as there is breath in my body we are committed to getting each and every backer their Coolest Cooler," he wrote.

 

[hallett21]

So now I'm debating on paying the $97 to "guarantee" that I get it by July or basically kissing off my original $250 investment. :hmm:hmm

Reading the post after yours the company is saying that your 250 plus 97 will get you your cooler at a discount compared to retail. I don't see this cooler selling for 400 in stores. Sounds like they are under water and are desperate.

 

[TBI]

expedite delivery



Coolest Cooler creator Ryan Grepper sent an update to backers Tuesday outlining three ways the company is working to deliver its tricked-out -- but for many, long-overdue -- cooler to Kickstarter backers.

One possible option: backers could pay an extra $97 per cooler for expedited delivery. In addition, the beleaguered company announced it will sell the coolers to the general public as it continues to court investors.

Portland-based Coolest Cooler rose to fame in 2014, when the company broke Kickstarter's crowdfunding record. It eventually raised more than $13 million in pre-orders.

But many of the backers, who were initially promised their coolers last spring, still haven't received their cooler.


Kickstarter wasn't built for big-time projects, and it shows
Something fundamental changes when Kickstarter, a website built for artists and craftspeople, goes mass market.

In Tuesday's update, which Coolest provided to The Oregonian, Grepper said the company has delivered coolers to approximately 20,000 backers. However, about 36,000 are still waiting, and Coolest might not be able to deliver them in time for summer, he wrote.

The problem, he explained, is that the cooler cost more than expected to develop and manufacture. Plus, the company didn't plan for manufacturing delays or a factory strike, he said.

"Unfortunately, we just didn't set the pledge levels high enough to cover the final quality of the Coolest Cooler," he wrote.

In early March, Grepper told backers the company needed another $15 million, roughly $5 million of which would go to producing and shipping coolers to remaining backers.

At the time, Grepper said his company was looking for investors to help fill the gap.

That process continues, and was the first of three "parallel paths" forward outlined by Grepper in his update.

Grepper wrote that his company is in "advanced discussions with a number of potential partners" but said he couldn't share specifics. If the company does find an investor, he said, delivering the coolers to backers would be the primary focus.

The second path Grepper outlined was a possible option for backers waiting for their coolers to pay an extra $97 ? on top of the amount originally pledged ? to expedite delivery. The company is offering the option after several backers asked to pay the remaining cost so they could get their cooler faster, he said.

The additional money would cover the remaining part of the deposit to pay the factory and shipping fees, he wrote. Those who paid the extra amount would be guaranteed to get their cooler by the Fourth of July, he said.

Backers who choose this option would still save at least 25 percent on the final retail price, Grepper said.

"People who don't want to pay more don't have to, and everyone ultimately gets their reward faster with fewer people in line in front of them," he wrote.

However, this option would only be available if enough people wanted it, Grepper said.

Near the end of the update, under the third "path," Grepper announced the company will start selling the coolers to the general market for more than backers paid for them. He said the company will use the profits to produce and deliver backers' coolers.

According to Coolest spokeswoman Susan Towers, the coolers will likely be available to order from the company's website in May.

Coolest's factories have materials on hand and are ready to start making products "as fast as we can pay them," Grepper said in the update.

He acknowledged the plan could anger some backers, as new customers could order coolers before the original Kickstarter backers receive theirs.

But Grepper said this "is the only option open to us right now that allows us to get production up and running." He's currently in China doing just that, he said.

Grepper reminded backers that buying into a Kickstarter project is not like purchasing an existing product from a store. About 10 percent of all Kickstarter projects fail, he said.

Regardless, he promised to keep working to deliver all the coolers.

"As long as there is breath in my body we are committed to getting each and every backer their Coolest Cooler," he wrote.

 

[RiverDave]

If your wondering where all that money went you may see Ryan Grepper with his new boat at Desert Storm. It will be the one with the name Coole$t on the transom...

Is this a joke or for real??

 

[OCMerrill]

"As long as there is breath in my body we are committed to getting each and every backer their Coolest Cooler," he wrote.

Nothing like consuming millions of someone else's dollars to cure a breathing problem.


ARB makes a bitchen cooler that works. No blender or stereo though and its not orange but, you can still wear black socks while you pull 30* beers from it.

 

[nowski]

Is this a joke or for real??

It's a joke but the money had to go somewhere...

 

[Flying_Lavey]

So..... I've got a 100qt cooler with a stereo in it that will blow away the "coolest" little Bluetooth box, will hold a 36 pack with 20# of ice, and run for days on one charge, it's Bluetooth too. I'll sell it for $200. Doesn't have a useless blender in the lid though.

 

[454Rocket]

I not only got a cooler, but a new battery on warranty too.

If you look at this thing you can see how he got over his head. I'm sure there were overages everywhere from the original plan.

It's so big and heavy I never use it lol

 

[Old Texan]

Another "get rich quick scheme" gone awry......:yikes

As goFly stated earlier he outmarketed his ability to produce. Then on top of it all, just more Chinese junk......Wonder how many "backers" knew they were buying "Made in China" product? Just curious, was there any alluding towards "Made in USA" which would mean a lot to many?

:smackhead

 

[2Driver]

So now I'm debating on paying the $97 to "guarantee" that I get it by July or basically kissing off my original $250 investment. :hmm:hmm

Throwing another C note at it is the only logical choice.

 

[Go-Fly]

The worst part is my wife told me at the time that it was a bad idea and that I'd never see the ice chest. Now I'm going to have to hear about it forever.:swear:grumble::smackhead

I'm telling, I'm telling..... someone gonna get an ass spanking.

 

[Yellowboat]

I'm telling, I'm telling..... someone gonna get an ass spanking.

that was his plan all along, he likes it.

 

[Faceaz]

That is unbelievably bad management.. Lol. Wtf did the guy do with all the money?

Looks like he's supplied 20,000 units of 56,000 ordered. Still a leap to get to 13 mil, but IMO shows the guy has intent to fill the orders. Would be interesting to know the costs of tooling, marketing, patents, etc.

 

[nowski]

:tbi

[video=youtube;cxQjZ3GbpOg]https://www.youtube.com/watch?v=cxQjZ3GbpOg[/video]