James Watt and Martin Dickie built a multinational $2 billion beer empire from a Scottish shed. To survive, they are pivoting toward higher-margin, beer-centric businesses
weltering in Ohio’s late-August heat,
It’s stunts like these—and a penchant for bending the rules—that have turned Aberdeenshire, Scotland-basedinto a cult brand. One sign of its rabid following: Around 22% of the privately-held company is owned by 120,000 beer-drinking investors who bought shares on BrewDog’s website through a program called “Equity for Punks.
“It’s an amazing business model because we don’t see them as investors,” Watt says. “They’re advocates, they’re ambassadors, they're on this journey with us. They’re the heart and soul of our business.”e in northeast Scotland called Fraserburgh and have been inseparable since they were kids. Watt studied law at the University of Edinburgh, but he was too much of a rebel for a legal career.
But they persevered, and in April 2007 BrewDog finished its first batch of beer. Their timing couldn’t have been worse. A year later, the Great Recession hit. No one wanted to buy an unknown, hoppy, bitter brew. In its first Equity for Punks round, BrewDog raised $975,000 from about 1,330 investors. Now in its sixth round, Equity for Punks was most successful when it raised $34 million from 70,000 investors in early 2018.
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