What the BrewDog collapse reveals about who really wins in startup investing

What does the BrewDog collapse reveal about startup investing — and who really holds the power?BrewDog was once valued at over £1 billion. In 2026, it was sold for just £33 million. More than 75,000 investors backed the company through equity crowdfunding. Many are now likely to receive nothing.In this episode of Office Hours, Dr Robyn Klingler-Vidra (King’s Business School, author of Startup Capitalism) explains what this case tells us about how startup investing really works.You’ll learn:Why equity crowdfunding investors often have less power than they thinkThe difference between ordinary shares and preferred sharesWhy the UK doesn’t have a “scale-up problem” — but an exit problemHow global factors like market volatility, geopolitics and tariffs shape startup outcomesWhat the UK can learn from Japan and South Korea’s industrial strategiesWhy South Korea’s dominance in shipbuilding matters for innovation and growthThis episode breaks down the hidden mechanics of startup capitalism, from BrewDog to Silicon Valley and beyond.