Odyssey Airline makes a desperate plea for start up donations by turning to a fundraising platform, in a bid to make 5, million pounds.
The UK based airline, Odyssey, have turned to Exeter-based crowdfunding platform, Crowdcube in order to kick start their business. The idea behind Odyssey came from London entrepreneur, Alan Scott (left in photo), and began in February 2012. The airline is now hoping they will receive enough support to raise £5, million in equity capital and plan to launch in 2016.
Odyssey have ordered ten Bombardier CS100s, (Chet Fuller, Senior Vice President, Bombardier Commercial Aircraft, seen right in photo) and initially intends to operate as an all business class service from London to New York. It will then embark on plans to expand into the Middle East and Europe.
Alan Scott spoke out about how this particular technique will reach out to the airlines future customer base, and will therefore be good a marketing tool; “it will attract the people that are ultimately going to be flying with us.” The future for Odyssey has also been assessed by Scott, “first and foremost, positioning us for our institutional round [of funding] in the first half of 2015. That positioning process includes refining the customer product and keeping the core team running until Odyssey launches its new initiative next year, which is to raise around £60 million from the markets.”
The amount currently raised on the website is £262,050, which is a promising figure for the airline whom only recently started the campaign. It clearly demonstrates that there is a gap in the market for this type of project, and the investor figure on the page is steadily rising. Perhaps, it’s Scott’s own vision of wanting to iron out some of the many problems he, himself, experiences as a traveller that has made so many jump on board; “the Bombardier CSeries was designed specifically for London City and difficult airports in mind. In my own experiences of travelling, there’s nothing more frustrating than all the aggravation of going through big hubs, so I’m trying to find solution to those issues.”
Whilst these early stages show strong signs of progress for the airline, we should not forget about what happened to British business only airline Silverjet which went into liquidisation on the 13th of June, 2008, making all 420 staff redundant. Odyssey will have to watch the mistakes of its predecessor, in order to not let down the many investors who believe in its success.