Ring Clock

[NewfieTechie]

Hmm... it LOOKS awesome, but it's just CG. If the final product actually looks like this, I would totally buy one.

[shk1d29]

Has anybody actually funded some of these projects on kickstarter? I finally bit the bullet one time on one of the projects a while back which was supposed to be delivered in September, here we are in October and still nothing. After doing some search on kickstarter regarding accountability, apparently, the project owner doesn't have any accountability. They do not even have to produce anything at all and no promise of delivering you anything period. Is it just me or has this happened to someone else? Does anyone know who to contact other than the project owner?

[VintageHenk]

The ring itself looks really nice, but I'm wondering how they will manage the power.

[MacAttak]

Has anybody actually funded some of these projects on kickstarter? I finally bit the bullet one time on one of the projects a while back which was supposed to be delivered in September, here we are in October and still nothing. After doing some search on kickstarter regarding accountability, apparently, the project owner doesn't have any accountability. They do not even have to produce anything at all and no promise of delivering you anything period. Is it just me or has this happened to someone else? Does anyone know who to contact other than the project owner?

I fund a lot of projects. But I won't fund this one. No way. All the red flags are up on this one.

A certain percentage will always fail. It's not a zero-risk thing. The best you can do is perform your own research before pledging (this section of the forums has been fairly useful in that regard). Also pay a lot of attention to the backer comments before the project finishes funding... sometimes people who know a little bit more about the project owner's dubious background will pledge a dollar, which gives them the right to post in the comments to warn other potential funders. Lastly, if it seems too good to be true then it almost certainly is a scam or will fail to deliver.

One thing that you CAN do if a project isn't delivering, depending upon how far out the delivery estimates were from the funding period, is a chargeback from your credit card. I think the time limit is 6 months for that. There is a similar policy with Amazon Payments, but it only covers for 3 months I think, and they usually don't even honor that.


Also, a one-month delay is really *nothing* for these projects. I've seen only about one out of 20 projects (ESPECIALLY tech projects) that actually ship on-time. One to three months late is the most common. I have gotten some that were an entire year late (but it was still totally worth it). And yes, I have a few that are around a year late but that I doubt I will ever see them deliver.

[Corporate666]

Has anybody actually funded some of these projects on kickstarter? I finally bit the bullet one time on one of the projects a while back which was supposed to be delivered in September, here we are in October and still nothing. After doing some search on kickstarter regarding accountability, apparently, the project owner doesn't have any accountability. They do not even have to produce anything at all and no promise of delivering you anything period. Is it just me or has this happened to someone else? Does anyone know who to contact other than the project owner?

I have contributed to many.  Most delivered, but I would say very very few lived up to expectations.  By definition, creators must sell their project, so they sell the dream.  Also, by definition, they are almost universally inexperienced in doing what they seek funding to do (after all, if it was something they do regularly, they would not need funding to do it).  So the reality very rarely lives up to the hype.  Sometimes that takes the form of a crappy product, but it almost always means a long delay.  Sometimes both. Sometimes nothing ever gets delivered.

Kickstarter, IGG and others do virtually zero due diligence on the projects or the creators.  And actually, they specifically exclude people who are "too competent" and who they don't believe need the money.  For example, if Microsoft tried to Kickstart the next version of Windows, they would be likely denied, because they don't fit the model and rules.

So by nature, you have inexperienced people who couldn't make it happen themselves - which often leads to problems.

I think it is a matter of time before the government steps in and (much) more heavily regulates crowdfunding.  And frankly, it can't happen soon enough.  It's really just unaccredited investing, and based on the comments by many 'funders', it's clear the site owners don't make clear that funders are not buying a product.  They claim they make folks aware, but it's done with a nod and a wink as a thousand new suckers get deprived of their cash.

There is virtually zero recourse, too.