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Chris Mills
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Kickstarter has gone from being a niche platform for making funky smartwatches to a multi-billion-dollar industry that seemingly sells every smartphone accessory on the planet. But as it's become ubiquitous, people seem to have lost track of what crowdfunding very essentially is: Strangers on the internet begging you for money with a vague and non-binding promise to give you a product (that they often haven't even prototyped yet!) at some point in the distant future.
Thousands of people who crowdfunded Ossic, a startup that promised a new kind of 3D-audio headphone, got a harsh reminder about the reality of crowdfunding when the company abruptly shut down over the weekend, taking millions of dollars in backer funds with it. The company was done its first production run, but despite the $6 million raised in crowdfunding and more from outside investors, it says it doesn't have enough cash to package and ship the 250 units it's made so far.
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People surprised when giving money to strangers on the internet doesn’t work out originally appeared on BGR.com on Mon, 21 May 2018 at 17:59:06 EDT. Please see our terms for use of feeds.
Via BRG - Boy Genius Report
Kickstarter has gone from being a niche platform for making funky smartwatches to a multi-billion-dollar industry that seemingly sells every smartphone accessory on the planet. But as it's become ubiquitous, people seem to have lost track of what crowdfunding very essentially is: Strangers on the internet begging you for money with a vague and non-binding promise to give you a product (that they often haven't even prototyped yet!) at some point in the distant future.
Thousands of people who crowdfunded Ossic, a startup that promised a new kind of 3D-audio headphone, got a harsh reminder about the reality of crowdfunding when the company abruptly shut down over the weekend, taking millions of dollars in backer funds with it. The company was done its first production run, but despite the $6 million raised in crowdfunding and more from outside investors, it says it doesn't have enough cash to package and ship the 250 units it's made so far.
Continue reading...
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People surprised when giving money to strangers on the internet doesn’t work out originally appeared on BGR.com on Mon, 21 May 2018 at 17:59:06 EDT. Please see our terms for use of feeds.
Via BRG - Boy Genius Report