4/13/2012 04:32:00 PM

Quote of the Day: Crowd Sourcing Only Goes So Far

“Perhaps we should have offered seatholders some sort of installment-plan arrangement.”


-Scott Kester, who planned to open his NYC restaurant The Elevens by crowd sourcing the capital he needed to build out the restaurant. Although some eateries have had luck raising capital from group funding sites like Kickstarter, it seems that Kester and his team were asking to much. They wanted to raise $1 million in increments of $500. If you shelled out, you'd have priority reservations and a permanent discount on the food and drink. Guess that wasn't enjoy to lure investors, as only 154 people signed up to fork over their dough, far from the 2,000 that the owners hoped for. [Diner's Journal]

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