I agree with most of your points however the one key point that...

I agree with most of your points however the one key point that you're missing is the app/platform. To begin with BIG didn't have anything really to entice the customer. Typically speaking SME's don't know marketing trends such as video and a lot don't know how to run digital advertising. How do you convince a business that they need something when they have never needed it before?

From my point of view the business model works if the app works. When a business can see that their customers are using the app they will see the need to be on it. I also believe that SME's in the US are more receptive to using video to advertise but this is yet to be proven when we get the financials.

If I was not invested and I was viewing all this from the sidelines I wouldn't consider investing until I saw the app getting good user up take (and all the financials are above board of course).