Monday, May 9, 2016
Jim Rutledge Cancels Crowdfunding
Last week, I criticized Jim Rutledge's effort to raise funds for his new distillery through a crowdfunding website. On Friday, Rutledge pulled the campaign which, in its first week, had only raised about $10,000 of the $1.9 million it had sought.
In a message citing the campaign's "lackluster performance," Rutledge acknowledged that "mistakes were made by the management team" and that "the perks program could have been handled a lot better as well." Those who contributed will be refunded 100% of their contributions (something Rutledge did not have to do under the terms of the contribution).
Cancelling this campaign was the right move by Rutledge, and he did it in an honorable way. Everyone makes mistakes, but not everyone comes back from them with humility and grace, so kudos to Rutledge.
His announcement also noted that he has heard from a number of additional private investors, so hopefully he will get funding for his distillery and we will all be able to enjoy J.W. Rutledge bourbon and rye in the future.