Phoenix Fund- What are your opinions

t63m

Have a look at page 24 of The Kilkenny People Fri 18th Dec and consider the article in a cold harsh light. Its the first seed capital group I've come across that do business this way. Their website www.phoenixfund.ie is very thin on details with mobile number contact only and paypal! for transactions.
Here is some detail from their pitch on their website-

"Will it cost me to apply for funding?
Yes, there is a cost associated with making your pitch. The fee to attend a workshop is €150. This cost has been worked out based on industry averages and designed to offer best value. If you were to pay for each of the services on offer at any give workshop it is expected that the cost would exceed €500. The Phoenix Fund wants to make sure that even those companies which are unsuccessful in their bid for investment feel they got some considerable help with their business and that it was money well spent.

Why do I have to pay to apply for funding?
Simple. The Phoenix Fund is a start-up company with the initial €100,000 seed fund. In order for the company to be self sufficient - until profits are made from investments - it is necessary to top up this seed fund and ensure more money in the pot to invest in the next financial year.

What do I need to bring with me to make my pitch as effective as possible?
It is a good idea to have a brief biography of the people involved in your enterprise. Make sure you have a synopsis of your idea or business and remember we know nothing about it so make it as easy to understand as possible.

When will I know if I have been successful?
The Phoenix Fund will complete a pit-stop tour of Ireland north and south before making any decisions. This means that each and every company pitching for investment is in with a shout of a share of the €100,000 or if it is such an excellent idea the whole lot! This way the very best companies and individuals making a pitch will succeed in securing those much needed funds. It is thought that the process will take around four to five months from the middle of October as detailed due diligence and business analysis will be carried out on all short listed candidates."

Its worth following the link to Tempus media for a gander. I also noted the non working paypal link. Anyone got any opinions or know more?

catbear

This bit screams pyramid scheme to me;
Why do I have to pay to apply for funding?
Simple. The Phoenix Fund is a start-up company with the initial €100,000 seed fund. In order for the company to be self sufficient - until profits are made from investments - it is necessary to top up this seed fund and ensure more money in the pot to invest in the next financial year.
I have to pay = willing sucker.
Until profits are made = someday never comes.
Up the seed fund = buy a lotto ticket, you might actually get something back.
More money in pot = more suckers means more profit, sorry they meant to say administration costs.
Over all, it's in the same league as NAMA but at least here only the willing lose whereas NAMA has the taxpayer on the hook. This nation is hooked on bubbles.
Wait until gold vending machines appear locally, I believe there's one in Dublin airport.

Cabaal

Even if it is legit its a dodgy looking website for a start, its likely some cheap flash website template they bought,,.,,the contact page even has a $ on it :rolleyes:

The e-mail addy on the contact page is this crowd http://www.tempusmedia.ie/ who also have the same type of cheap flash template but just in black, details are sketchy and graphics look even more dodgy.

t63m

€182.25 EURO to attend a "workshop" !:eek:

Our man in Havana

Well this looks like a fresh company according to the Companies Registration Office:

Type
Company
Number 476102

Name
WALFIELD LIMITED

Address
5 BRIDGEWATER
DEAN STREET
KILKENNY

Registered
07/10/2009

Status
Normal

Last AR Date
N/A

Next AR Date
07/04/2010

Anyone prepared to spend €2.50 to see who is really behind it?

Tempus media are just as new:

Type
Company
Number 475694

Name
TEMPUS MEDIA LIMITED

Address
MIDLANDS INNOVATION & RESEARCH CENTRE
AIT
ATHLONE
CO. WESTMEATH

Registered
25/09/2009

Status
Normal

Last AR Date
N/A

Next AR Date
25/03/2010

Make what you will of their address.

Shirleysrumbler

Word has it this Phoenix guy got a few bob out of his ex wife. The pitch as "Self Made Millionare" not to mention his myriad experiences in the business field are a bit wide of the mark. Down in the local they tell me he pulled pints the Springhill Hotel, delivered furniture for Meubles Furniture, answered phones for VHI, Ran a few "less than full" vans to and from Dublin to KK. A Bill Cullen I don't think so. Even the models in the promo look a bit on the "Fás Training Course" side. Lunch had better be good at all venues as my average delivery men have rarely solved major financial headaches for me.Anybody been to any of these seminars?