10/23 Raptor Video

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GregParker

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Feb 9, 2020
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It was such a contrast to this discussion to listen to Philipp Steinbach — CEO and Co-Founder of Game Composites talk about his highly successful aerobatic GameBird.

Says he didn’t invent anything, one choice for a proven successful engine, proven airfoil, proven construction methods, human has only one logical place to go. Get an extraordinary result by deliberately not doing anything extraordinary.

 

rv6ejguy

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Who makes an investment without consulting an expert? A case of cold domestic beer to the nearest A&P and they would have told them all they need to know.
I talked to one of the $20K investors a couple days ago on the phone for a while. A really nice older EE taking flight training. He thanked me for my video which opened his eyes. He had figured the Raptor was in trouble over the last year or so but had faith that PM would fix things up.

He knows his $20K is gone now as far as getting a kit eventually which would do these fabulous numbers and while not happy, has made peace with it saying it was money he could afford to lose as he had done well financially in the past. His aim now was to acquire a Commanche 250 and finish his flight training on that.

I don't know if this customer represents a typical cross section of investors. I know two other $2K investors who had money in Escrow and have had their money returned now.

Given the comments on PM's YT channel, I would say that there are a number of other investors without PPLs who likely (or obviously) don't have much aviation background to judge the technical merit of Raptor and believe it will eventually be produced and deliver these amazing numbers PM projected.

Lots of fan boys attacking me on my video, typically taking the line "what have you done?", blindly thinking Raptor will be some sort of revolution. They lack any technical knowledge to understand the difficulty in delivering the goods here or how little PM knows about designing the parts he's designing.

One of my friends had a $2K deposit down early on. He was a super smart ME and builder (Glasair and NXT) and told me it wouldn't meet these numbers but if it even got within 75% of them, he'd be happy. The pressurization was the major attraction for him. His money was in Escrow so he had nothing to lose while he waited, he said.

A slick website and vids can convince all kinds of people to part with their money for a dream. We've seen it over and over in aviation with promises of amazing performance at an amazing price.
 
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PPLOnly

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Dec 12, 2020
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Lots of fan boys attacking me on my video, typically taking the line "what have you done?", blindly thinking Raptor will be some sort of revolution.
And, to be fair, it is the easiest thing in the world to be a critic. PM was/is putting his ass on the line and trying to do something cool. Where it all falls apart is that he is forcing himself to learn even basic lessons (no retaining ring on his seal, tons of play in the flight controls, using a used auto engine without a teardown inspection first, etc. etc.) along the way when he should be focusing on the big stuff he wanted to do. He had the right idea when Wasabi arrived and started going down the list with him and it is too bad he lacked the personality to take the technical inspection to heart.

I am more than a little sad that his video series has come to an end. I was enjoying watching them every week and my son had gotten into watching them too.
 

Vigilant1

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I am more than a little sad that his video series has come to an end. I was enjoying watching them every week and my son had gotten into watching them too.
Maybe Peter's video marketing/buzz-building approach will be adopted by future developers who have a solid background, a solid concept, and a deep bench of talent that they use effectively. Worthwhile projects need money, too. In general, they get it from a small pool of knowledgeable investors, but a more broad-based approach isn't invalid. It is, however, subject to abuse and, therefore, a little suspect.
If Burt and the gang had YouTube available when developing the VariEze, it would have been must-see viewing to watch the team work and bring a good idea to life.
 

rv6ejguy

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So I guess the moral of this story is that Peter had a viable business model after all.
The same business model has been used since Bede in the HBA world. You can raise money on promises, projections and pretty graphics but that money doesn't mean the project will be a business success in the end unless you can deliver the goods. An airplane could be delivered years down the road but it will never meet the original specs. If investors are happy with that, then it could all work out.
 
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TFF

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I saw a new Ford Bronco yesterday for the first time. With cars, people want to be the first in the block. When TVs came out, who was the first on the block? All consumer goods are thought of this way. Airplanes are best if you are last on the block.
I imagine the golden or maybe bronze parachute is being pulled. He probably has had someone in the background, and that person/company is now asking for the product. Fly the number of hours off and get his stake out. It could have to do with taxes and right offs. It all could sit in storage while been counters drain the value on paper.
 

Wanttaja

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I saw a new Ford Bronco yesterday for the first time. With cars, people want to be the first in the block. When TVs came out, who was the first on the block? All consumer goods are thought of this way. Airplanes are best if you are last on the block.
Famous aviation saying: "Never fly the 'A' Model of anything...."

I imagine the golden or maybe bronze parachute is being pulled. He probably has had someone in the background, and that person/company is now asking for the product. Fly the number of hours off and get his stake out. It could have to do with taxes and right offs. It all could sit in storage while been counters drain the value on paper.
I don't know if he invented the phrase, but Bill Mauldin once had a post-WWII cartoon where the message was, "Let's declare victory, and get the hell out." Sounds to me like PM is basically doing that...climbing on his horse, waving at at the adoring townsfolk, and riding off into the sunset. Doesn't matter whether he actually succeeded or not, as long as SOME people believe he did. What happens in the town is no longer his concern, and by not posting videos any more, he no longer has to view any criticism.

People love quoting P.T. Barnum at a time like this, but people rarely recite the full saying:

"There's a sucker born every minute...and two to take him."

There'll be another sketchy aviation product along soon, and people will soon forget about the Raptor. If ever asked about it, PM will be able to claim that the people who took it over botched it...he handed them a going concern.

Ron Wanttaja
 

PPLOnly

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There'll be another sketchy aviation product along soon, and people will soon forget about the Raptor. If ever asked about it, PM will be able to claim that the people who took it over botched it...he handed them a going concern.
I can think of at least 2 large-scale projects right now spending more per week than PM spent on his whole project that fit this bill. No shortage of investors throwing their money in though.
 
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