Neil Young has admitted that Pono has a “lack of resources” that is frustrating his ambitions for global expansion for his hi-res downloads store and music player. “We have no proven business leader at the head of our company, but the search continues for one who could do it to our liking and understand what our goal is and how big it is. We are still looking. We have a big goal,” wrote Young on Facebook last week.
“Today we are trying to set up stores in multiple countries and are restricted by a lack of resources. This is our highest priority. As soon as we have the funds, those stores will open. We wish it could be faster than that. Canada, Great Britain, and Germany are among our first targets… We have learned it is not easy.” Pono raised $6.23m from Kickstarter users in the spring of 2014, then another $6.27m in the first two weeks of an equity crowdfunding campaign on Crowdfunder in August 2014. But launching a global digital music service AND accompanying hardware is a considerably more expensive business, as Young is finding out.
Tools: platforms to help you reach new audiences
Tools: Kaiber
In the year or so since its launch, AI startup Kaiber has been making waves,…