10 years of crowdfunding
It was early 2012, chilly; nature was still in winter hibernation. John Walthert and I met with a company in Geneva that day, but our meeting didn't go as planned. Thoughtfully we made our way home. In the car we discussed the topic of crowdfunding. In the US at the time, there were big projects being made possible through funding from groups of people with a common interest — a crowd. The hype about crowdfunding platforms started at that time, but was still largely unknown in Switzerland.
On the journey from Geneva to Basel, the countryside passed us by unseen; we talked in depth about possible future scenarios for DuBois et fils. In Murten, however, hunger and thirst lured us from the highway to the lake. Over white wine and perch fillets, an idea suddenly struck us: DuBois et fils would launch a crowd investment! By August 2012 we had already begun implementation.
Start into the future
Our goal was to sell 150,000 shares at CHF 10.00 with a crowd investment in order to achieve a capital increase of 30%. Although digitization was already on the rise at the time and the online market was gaining in importance, our project seemed more than ambitious. It caused headshaking and not just in the watch industry. The project faced many legal challenges, including dealing with legal issues in different countries. Communication was also a risk: How to get the word out on the project? Where are those people who are- or may be- enthusiastic about our company? Despite many question marks and admonishing fingers, we dared to take that step.
A lot happened in the weeks that followed — so much that today we could write a book chock full of anecdotes about that time. One example: someone made a complaint to our bank about the actions of DuBois et fils and demanded that the capital increase account be blocked. The person referred to me as the "Madoff of Switzerland" and threatened to press charges. Luckily the tide turned after a long phone call: I was able to convince that doubter of our good intentions. He then bought shares for himself, his wife and son.
The crowd as a resource
At the time, there was skepticism about crowd investing, not just from this one person, but in general. A decade ago, investing in a company via the Internet was so new that the first step was to build trust with our shareholders. Thanks to transparency and direct communication, it was possible to dispel any mistrust. Using solid argument to convince interested parties and the industry of our unconventional business strategy — ultimately with success: the wind picked up. Just five months after the public offering on the website, 587 private investors from 21 countries had subscribed to DuBois et fils shares for a total of 1.5 million Swiss Francs. Since that time, the DuBois et fils share base has now more than 1,000 shareholders in over 30 countries worldwide.
August 10, 2012 is and always will remain something special in the history books of DuBois et fils: that was when we pressed the start button for the first crowdfunding investment in the watch industry. A venture with (decisive) consequences!
Photo review
The reason for the crowdfunding in Le Locle 10 years ago.
One step ahead
Smartphones and tablets are the shop windows of today. Numerous companies fail to respond appropriately and promptly to the changes taking place in the digital sector and exploit their possibilities. At DuBois et fils, in addition to crowd funding, we started selling products via our website early on. This makes us one of the first luxury brands to consistently pursue this path from the start. DuBois et fils has since carved out a solid place in the industry with digital solutions, limited watches and historical movements. The circle of DuBois et fils watch lovers is growing and growing.
DuBois et fils stands out as a brand with an innovative concept. The real world is united with the virtual one and carries the importance of Swiss craftsmanship in combination with state-of-the-art technologies to the world — a benefit for the clientele and the industry.
Since then, we have catapulted the DuBois et fils company into a new era together. I look forward to another 10 years!
Thomas Steinemann
CEO DuBois et fils
