ICOs are repeating the mistakes of crowdfunding

  • In 2011, Hanfree ran a campaign that raised $35,000 to develop a long iPad stand, and when they realized it costs wayyyy more than that to develop a product, went broke and deleted their contact details, leaving a litter of lawsuits.
  • The Doom That Came To Atlantic City was a boardgame that raised over $122,000 on Kickstarter, the bulk of it from people who paid $75 for a pre-order of the game, and waited for it to be developed and delivered. And waited. And waited. When a backer raised a lawsuit, the attorney general of Washington ruled that the project leader Erik Chevalier had pocketed the money.
  • The worst Kickstarter disaster of all was Coolest. This smashed Kickstarter records, raising over $13 million in July 2014, with about 60,000 backers pre-ordering the cooler for $185. The campaign said the coolers would start being delivered around Feb 2015. Around August 2015, backers are getting mad, coolers are being sold on Amazon for $500, and in spring of 2016 the project says it the record-breaking $13 million wasn’t enough, that it needs $15 million more, and that the people who’d already paid $185 for the cooler could pay an extra $97 for ‘expedited’ shipping if they wanted their product. (‘Expedited’ in this context means ‘more than a year late’.) Unsurprisingly, the law had to get involved here too.

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Kick Ecosystem OFFICIAL

Kick Ecosystem OFFICIAL

Welcome to the official Kick Ecosystem blog. It's great to have you with us, enjoy a good read! Our websites: kickex.com | kickico.com

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