Disney Boardroom Battle - Is Having Retail Investors Important?

April 16, 2024

Customers often ask us, “Is having retail investors important?” The answer has always been yes, whether because of their investments across multiple funding rounds or the many benefits created by a groundswell of customers and brand evangelists who are also shareholders.

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Last week, we saw this effect on the public stage for Disney, where retail investors, not institutional giants, ran the show.

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At its last shareholder meeting, Disney won a landslide victory against activist investor Nelson Peltz, a billionaire who campaigned to install his own board members and oust current CEO Bob Iger. Peltz, who owns roughly $3.5B of Disney stock, called for a radical change in direction, publicly deriding current leadership and slamming the company’s recent focus on gender and racial diversity.

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Losing this fight would have been a huge embarrassment for both Iger and Disney—but it also would have had worrying implications for the company’s future. According to Disney’s current directors, Peltz “had not actually presented a single strategic idea for Disney” in his proposals—suggesting a concerning lack of direction that could plunge the company into chaos.

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The stakes were astronomical, to say the least. Disney responded with force, spending almost $40 million campaigning to its shareholder base. In the end, almost 75% of Disney’s retail investors voted against Peltz, who received just 31% of the total vote.

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This boardroom battle, one of the most expensive in history, was a vivid demonstration of the sheer power of a broad and engaged shareholder base, particularly retail investors. In an era where information and participation are democratized, retail investors are increasingly informed, passionate, and influential. These retail investors, often undervalued in discussions about corporate influence, have emerged as decisive forces, challenging the traditional dynamics of power in corporate America.

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As leaders and strategists, nurturing a large shareholder community is more than just a brand-building power play; it also creates a diverse and resilient support system that can help steer companies through turbulence. In Disney's case, their faith and foresight have not only averted a potential leadership upheaval but also reinstated confidence in the company itself.

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Companies of any size can benefit from turning customers, followers, and fans into shareholders; they truly are the best brand ambassadors, providing stability, support, and capital in exchange for a seat at the table. Their collective voice is not just significant—it’s transformative.

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Men and women holding shields and swords standing in front of a castle with a partially cloudy background.

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Monogram Case Study - DealMaker (Embed)

When VCs said no, Monogram turned to retail investors. That decision powered their rise from startup to publicly traded company—and even helped them raise an additional $13M privately after their Nasdaq debut.

The Challenge: Raising Capital on Their Terms

The Challenge: Raising on Their Terms

Monogram Technologies was founded with a bold vision: to revolutionize orthopedic surgery with a robotic joint replacement system using custom 3D-printed joints. The market for this technology is massive—approximately $19.6 billion, with over 1 million knee replacements per year. But it's a capital-intensive, regulation-heavy space—and traditional VCs weren't biting.

Instead of compromising, co-founders Dr. Doug Unis and Ben Sexson went all-in on a different path: retail capital. Why?

Control and ownership: Not only were they able to raise the capital they needed to grow the business—they did it on their own terms.
Long-term asset: They wanted to build an army of true believers who wanted to see the company succeed and would continue to reinvest over the years.
A value-add network: Raising from retail allowed Monogram to amass a waiting list of thousands of patients eager to participate in future trials.
Aligned incentives: Their mission to improve patient outcomes and build a better future for those struggling with joint pain resonated with retail investors.

The Power of Retail: Monogram's Capital Journey

Start Date	End Date	Type	Platform	Amount Raised	# Investors
3/13/19	3/31/20	A+	SeedInvest	$14,588,668	6,000
11/16/20	1/16/21	A+	StartEngine	$2,965,501	8,000
1/17/21	2/18/22	A+	StartEngine	$23,647,853	14,082
7/15/22	3/16/23	CF	DealMaker	$4,673,000	2,249
3/1/23	4/8/23	A+	Republic	$232,275	120
3/1/23	5/23/23	A+	DealMaker	$15,958,364	5,198
5/18/23	-	Nasdaq listing
7/24	10/24	Unit Offering	DealMaker	$12,990,103	2,745

Monogram Capital Raise Timeline

Monogram's first direct-to-investor raise was a $14.6M round in 2019. Since then, Monogram has raised retail capital six additional times, using Reg A+ as a springboard to a Nasdaq listing in 2023.

Each raise brought in new believers—and more importantly, kept bringing them back. That's the long-term power of retail capital. It's not just one campaign—it's a compounding asset that grows with the business.

$80M+

Raised across seven campaigns

~40,000

Investors championing Monogram's vision

20%

Of each raise came from previous investors

Marketing Excellence

DealMaker Reach provided strategic investor acquisition services, helping Monogram connect with the right audience through high-impact channels.

Premium Publications

Targeted campaigns in premium publications like Morning Brew captured qualified investors

High-Engagement Webinars

Engaging events that generated over $4.3 million in investments

Community Building

Strategic approaches that fostered a loyal shareholder base

Investment Momentum

Innovative approaches that amplified investment momentum

Monogram's Journey to Success

Monogram's journey has been defined by relentless innovation, strategic fundraising, and breakthrough advancements in robotic-assisted joint replacement. From early-stage research to a Nasdaq listing and beyond, Monogram's milestones reflect its evolution into a pioneering force in orthopedic surgery:

Filed its first patent application in 2017
Conducted clinical studies at UCLA and University of Nebraska
Expanded the team with key hires
Attracted a top-tier advisory board to guide clinical innovations
Signed their first distribution partnerships
Made headlines with cutting-edge live demonstrations
Secured 501(k) FDA clearance for the mBôs surgical system

Nasdaq Debut & Beyond

In May 2023, Monogram Orthopaedics successfully listed on the Nasdaq—a significant milestone offering liquidity and growth opportunities for the company.

For most companies, that would be the end of their story in the private markets. But for Monogram, it was just the beginning of a new chapter.

Public perception says you can't raise privately post-IPO. Monogram proved that wrong.

Defying conventional fundraising norms, Monogram raised an additional $13 million from private investors, powered by DealMaker. This move highlighted the power of a dedicated investor community and provided additional strategic growth capital. Meanwhile, strategic digital marketing for the private offering helped boost the public share price—a win-win for the company and its investors, both public and private.

This was retail capital at its best: strategic, repeatable, and aligned.

One vision. Zero compromises.

This wasn't a one-time raise. It was a multi-year capital strategy.

Retail capital helped Monogram:

Go from concept to commercialization without relying on VCs
Retain ownership and control in a high-burn industry
Build a base of loyal shareholders who invested not once, but over and over again
Uplist to the Nasdaq, and still keep raising post-IPO

This is what makes retail capital different. It doesn't expire—it compounds. And DealMaker is built to maximize that long-term value.

Ready to Raise Capital on Your Terms?

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