When IndieGoGo goes bad :-(! A story of a tech flop

#21

LOL! See this is what I mean!

I have a friend that crowdfunded his business (successfully). I know he genuinely had a good business plan made out and just needed the funding.

I suppose it shocks me that people lack the ethics to crowdfund responsibly, with the aim of not disappointing people. I mean this is a prime example of bullshit where the crowd is going to be screwed over. Thankfully that is alarmingly apparent by the idea. Some aren’t so apparent though and people fall into the trap which is truly unfortunate. I assumed it was more result orientated versus “if people will pay for it who cares if they get their perk”. Obviously crowdfund is starting to accumulate a bad rep because of this :frowning:

#22

And yeah, I felt Eve Tech was a safe bet because of the T1 success and they seemed to have done the majority of their testing and design pre-campaign :slight_smile:

1 Like
#23

Even with these facts, it’s still a gamble. Because there is no rule that says they must ship the tablet to you. You can only trust them, whereas during normal purchases you can also trust various consumer protection laws and Paypal’s buyer protection :slight_smile:
That said, this community is so transparent that it’s as safe as it gets. They even created an “owners’ club” in a 3rd party chat app - so even if they run away and completely close down their website without any trace, all the buyers would still be in the same place, free to file their claims collectively. That is transparency at its best :slight_smile:

3 Likes
#24

wouldn’t it be kinda foolish if we just built up a 3000 ppl strong community from scratch to come up with an awesome product, get funding from government, help from Intel and Microsoft, sell 2400 devices with a shoelace marketing budget and then call it a day & just run with the money?

Besides it being a severe case of fraud (jailtime in most countries), it would also be killing a company with potential.

I can assure you, my friend, your money is in good hands. You shall receice a very very good device as soon as we verify its as good as we say it is (finish the testing fully) :slight_smile:

7 Likes
#25

@mike I just want you to know that I strongly said that as a hypothetical. Mainly as a comparison of the company in the link in my first post.

I think you guys are doing a stellar job.

I’m horrified at some of the other campaigns because your campaign puts them all to shame. I do feel very confident in putting my money with you guys. But it does fascinate me how the crowdfunding thing works and how people have been burned.

4 Likes
#26

Well ockel also did a pretty damn decent job too. Though I think they had some delays in their design process (though people knew they were waiting for design I believe, and it was just a 2 month hold up)

#27

There was a pretty interesting story on the Bloomberg ‘‘Decrypted’’ Podcast a few months ago, about crowdfunding startups. Really worth a listen for anybody who is interested in the subject.

2 Likes
#28

Do you have a link to that podcast?

#29

Sure,HERE it is

#30

I though it was going to be something about quantum computers before clicking in.

Then I read a bunch of I’m-not-sure-if-it’s-going-to-work-but-I’ll-try-anyways. :sweat_smile:

I like what the last comment poster said though:

I tossed the guy $10 because the best way to learn is under pressure to deliver.

3 Likes
#31

Good reading: http://drop-kicker.com/

Some quite in depth analyses on products that seem sketchy…

#32

Here’s the basic scenario off the top of my head:

  1. You have an idea, a brilliant idea

  2. all your friends say its cool

  3. you get a designer (maybe not even industrial, but graphical)

  4. more and more people say its cool, someone tells you to try crowd funding

  5. specs are chosen for your product

  6. video is made

  7. crowdfunding is kicked off

  8. OOOPS! Why didn’t we think about that we also need mechanical engineers, electronic engineers etc. Because these guys were missing at the time of 5), the spec of the product turns out to be impossible to create. However you have tons of backers and of course you don’t want to quit now, that you are so far. This results in even more delays and frustration for the backers - the product is still impossible. More often than not, its about technical feasibility, not price :wink:

Backers, on their part, do not generally have the knowledge to evaluate feasibility of the products they’re about to back - thus getting burned by impossible-to-create-products.

11 Likes
#33

Turing phone cough saygus v cough ect.

I feel so Bad that i fell for the turing phone >.<

1 Like
#34

Exactly. It astonishes me that in this example people don’t consider all the variables before starting the campaign. It just seems like shoddy business practice :-/. But I study electrical engineering so that’s kind of my whole world. Naturally I’d consider it as a “must have” in this type of product design.

It sometimes just blows me mind how… Stupid (?)… People are. Who designs an electronic device without some form of electronics person! The first thing I would do is design it on a fundamental component level, then I’d put it in a shiny case, then I’d cry because I couldn’t afford to manufacture. Then I’d go crowdfunding with a working model that would take months of negotiating with Chinese factories. I can understand why consumers wouldn’t always realise whether it’s possible or not. But the designer should be more prepared :frowning:

But yes I imagine there’s an awful lot of what you’re saying going on. I just find it… Eye opening.

3 Likes
#35

I am so sorry you invested in that :frowning:

I got excited when I saw it… And then very skeptical. But I imagine you could fit some of those components, it would just be super expensive to manufacture them small enough… But my studies haven’t went into modern relevant components on that type of level so I am guessing.

I signed up for their emails and I still get the odd one lol.

I imagine this phone has some decent specs crammed into it for the price:

1 Like
#36

The saygus i never ordered i just heard the Story. I pulled out of the turing phone pre order After the Support took 3-4 days to answer a question, After the several delays. The Mail adress of the Support was also suspicious. I got my money back in the end :slight_smile:

1 Like
#37

And if you were interested in what the grandiose claims of the Neptune suite became, something totally different than what was advertised

1 Like
#38

It’s hideous :hushed: