TechCo:
It’s every backer’s nightmare. The ultra-cool bit of tech kit you crowdfunded, which is totally going to change your life in every conceivable way, has been hit by delays, silence, spec-alterations and missed backer rewards. Until, finally the company resurfaces in the comments to say that the money’s gone, the project has folded, and there is no product to launch.
So, how can you make sure that the product you back actually comes out, and that you’re not supporting the 1 project in 10 that doesn’t deliver?
I’ve been burned by a couple of failed Kickstarters and have had several more fail to meet their goals. This article has some good ideas on how to make sure you don’t get ripped off.
Have I misunderstood Kickstarter all this time? I have only backed a few projects, and each have shipped. One took a long time, but it did ship. However, I thought I remembered that my card wasn’t charged until the product shipped. Am I wrong about that? Like I said, it is possible that I do not understand how Kickstarter works, but I thought they only got your money if they produced the product.
The other way is very risky and I’m glad this article was posted because even though I’m not a frequent user, I will be much more leery in the future.
I thought I’d been burned by one project back around 4 years ago (thingCharger), after the fast ramp-up that company experienced delayed fulfillment. Two years after contributing, I got the gizmo, and it’s still working well. I’m keeping a curious eye on their latest campaign for the follow-up gear they’re developing (Magfast), but have no plans to contribute.
Another project that failed to fund (and I was too late to contribute too) was a very interesting back-of-iMac shelf system (https://www.kickstarter.com/projects/9176617/meet-the-baxters-imac-storage-solutions-commission/description) that I’d eagerly buy at retail.
It depends on the Kickstarter but many of them only need to have hit their financing goal before they charge your card. There’s not a requirement to have an actual shipping product before they charge your card.
Kickstarter backers also need to realize what they’re doing is NOT preordering something, they’re investing in a product idea. All investments have a risk of not working out. If someone isn’t ready to take that risk, don’t back the product (or back it at a level that you can afford to lose).
If you just want the product, let others back it and buy it if and when it releases.
PS: I’m not defending KS projects that have no intention of delivering or the ones where people started a KS project without any real thought behind it. Of course people should intend to deliver the product and do some legwork before asking for money. But even competent people with the best of intentions run into things that cause failure.
How to tell? Look for people who have built prototypes and tried to vet their idea already. Maybe look to see if they’ve talked to the vendors who would make their product, etc. Then look at why they want the Kickstarter money – is it to scale production? Or are they looking to do design work on your dime?
Don’t
give your money to a crowd funded non shipping thing.
Kickstarter is not a shopping website.
People need to understand that.
I’ve backed 50 projects…1 of them is still going, it’ll get funded July 28th, the other 49 have already finished the funding part. Out of those 49, I’ve received 39, 7 are still work in progress and 3 are lost causes…1 shipped but I never got my product, 2 will never ship (Morpheus 3d Printer and SpySlide, no matter what they both say). Out of the other 7 I consider still in progress, there’s 1 that I’m on the fence about (another 3d printer) and 6 I’m pretty certain I’ll get products for. So…about 94% success in my KS investments (no, I’m not buying anything, I’m investing in companies that try to create products), I think it’s not a bad rate 🙂