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Message
Tell me your story of crowdfunding projects gone wrong
Posted on 7/24/18 at 1:44 pm
Posted on 7/24/18 at 1:44 pm
So i got into a kickstarter for a wine dispensing machine.
Seemed good, ready to go to market, and they have done prior projects.
Nearly 2 years later and nothing but a redesign and a notice that they are shutting down if they dont get more backing within 60 days.
I lost the money for the item. That happens. Crowdfunding is not a store. What is chapping my arse is that I bought some wine vouchers for the machine, and the owners are saying that those funds have been spent as well. So i'm not getting the machine and i'm not getting the wine either.
LINK
They screwed up and should have sold the idea to a big company like OXO or one of those type of container companies. Shark Tank always says to take the distribution money and stay out of manufacturing.
Seemed good, ready to go to market, and they have done prior projects.
Nearly 2 years later and nothing but a redesign and a notice that they are shutting down if they dont get more backing within 60 days.
I lost the money for the item. That happens. Crowdfunding is not a store. What is chapping my arse is that I bought some wine vouchers for the machine, and the owners are saying that those funds have been spent as well. So i'm not getting the machine and i'm not getting the wine either.
LINK
They screwed up and should have sold the idea to a big company like OXO or one of those type of container companies. Shark Tank always says to take the distribution money and stay out of manufacturing.
This post was edited on 7/24/18 at 2:03 pm
10
Posted on 7/24/18 at 2:00 pm to Rouge
Look up Mighty Number 9 crowdfund story.
Posted on 7/24/18 at 2:02 pm to Rouge
I put up on that credit card all in one card a few years back.
Then recently on a translator but by the time I got it better ones were on the market.
Then recently on a translator but by the time I got it better ones were on the market.
Posted on 7/24/18 at 2:02 pm to Rouge
Almost all Kickstarter campaigns are as bad as GoFundMe
If you can’t get real funding, your idea probably sucks, or you aren’t capable of executing the business
If you can’t get real funding, your idea probably sucks, or you aren’t capable of executing the business
Posted on 7/24/18 at 2:05 pm to Rouge
I once knew a guy that got laid off from his job. Instead of sitting on his arse like a lot of people would do, he came up with an idea for a product. You see, it would be this mat that you would put on the floor... and would have different conclusions written on it that you could jump to. I lost a lot on that one.
Posted on 7/24/18 at 2:06 pm to Slagathor
why you should have invested in 7-minute abs like i did
all the intensity of 8-minute abs in one....less...minute...
all the intensity of 8-minute abs in one....less...minute...
Posted on 7/24/18 at 2:07 pm to Rouge
crowdfunding is a load of shite. all the equity risk with no equity reward. no wonder they fail, the owners are using someone else's money and don't answer to you
Posted on 7/24/18 at 2:11 pm to Rouge
I just contributed $1000 to this off shore project that is aiding a Nigerian prince get his fortune distributed in this country. It seems they need the money to help with customs and IRS issues but guarantee a 1000 fold return in very short order. Much better than crowd funding imo.
Posted on 7/24/18 at 2:12 pm to Upperdecker
quote:
GoFundMe
Speaking of GoFundMe...that kid that walked 20 miles to his job has over 91 grand in his account...
LINK
Posted on 7/24/18 at 2:12 pm to Slagathor
quote:
I once knew a guy that got laid off from his job. Instead of sitting on his arse like a lot of people would do, he came up with an idea for a product. You see, it would be this mat that you would put on the floor... and would have different conclusions written on it that you could jump to. I lost a lot on that one.
quote:
why you should have invested in 7-minute abs like i did
Posted on 7/24/18 at 2:13 pm to Rouge
quote:
why you should have invested in 7-minute abs like i did
all the intensity of 8-minute abs in one....less...minute...
That's right. That's - that's good. That's good. Unless, of course, somebody comes up with 6-Minute Abs. Then you're in trouble, huh?
Posted on 7/24/18 at 2:16 pm to Rouge
LINK
The scribble pen.
it is a STRAIGHT UP SCAM.
got in on their initial crowdfund. Expected delivery. never happened. Then they said they needed more time. Sure, ok. Nope.
Received an email almost 2 years from initial donation that they are "PREORDERING"....but this was the 3rd time. and now it looks like they are on their 5th attempt....at PREORDERING.
glad they only got 15 bucks.
Check the website. Theyre at it again.
The scribble pen.
it is a STRAIGHT UP SCAM.
got in on their initial crowdfund. Expected delivery. never happened. Then they said they needed more time. Sure, ok. Nope.
Received an email almost 2 years from initial donation that they are "PREORDERING"....but this was the 3rd time. and now it looks like they are on their 5th attempt....at PREORDERING.
glad they only got 15 bucks.
Check the website. Theyre at it again.
Posted on 7/24/18 at 2:18 pm to Athis
Wonder why this 66k number? Goal was 2k and on the page it says anything over the 66 will towards an educational group in Birmingham. The 66k he is using for personal stuff I guess
Posted on 7/24/18 at 2:21 pm to tduecen
quote:
Wonder why this 66k number? Goal was 2k and on the page it says anything over the 66 will towards an educational group in Birmingham. The 66k he is using for personal stuff I guess
Possibly the remaining cost of college, books, room and board?
Posted on 7/24/18 at 2:25 pm to rowbear1922
quote:
Unless, of course, somebody comes up with 6-Minute Abs
NO man, No. nobody can do abs in 6 minutes.
Posted on 7/24/18 at 2:26 pm to CheesyF
quote:
crowdfunding is a load of shite. all the equity risk with no equity reward.
I don't understand. If you're investing through a regulated platform, you're purchasing a privately placed security (typically equity).
Posted on 7/24/18 at 2:39 pm to PCRammer
quote:
NO man, No. nobody can do abs in 6 minutes.
7's the key number here. Think about it. 7-Elevens. 7 dwarves. 7, man, that's the number. 7 chipmunks twirlin' on a branch, eatin' lots of sunflowers on my uncle's ranch. You know that old children's tale from the sea. It's like you're dreamin' about Gorgonzola cheese when it's clearly Brie time, baby. Step into my office.
Posted on 7/24/18 at 2:51 pm to volod
Mighty No9? Mighty big piece of shite.
I’d have been better off waiting on the Megaman X collection.
I’d have been better off waiting on the Megaman X collection.
Posted on 7/24/18 at 2:55 pm to Upperdecker
quote:
Almost all Kickstarter campaigns are as bad as GoFundMe
If you can’t get real funding, your idea probably sucks, or you aren’t capable of executing the business
I said something about this a while back on the OT and got hammered. IMO, it is a lazy entrepreneur who has a legitimate idea, a decent business plan and can't raise or borrow funding. If you are begging money on the internet, something is wrong with your product, people or process.
Posted on 7/24/18 at 3:08 pm to Rouge
I personally like the ones that take advantage of LW environmental nuts and their poor STEM educations.
Fontus, WaterSeer, SolarRoadways, AirCarbon, etc.
Elon Musk's HyperLoop is another proximal example of stupid people investing in hype over common sense.
Fontus, WaterSeer, SolarRoadways, AirCarbon, etc.
Elon Musk's HyperLoop is another proximal example of stupid people investing in hype over common sense.
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