Good morning…anyone else one the forum participate in the Libra Kickstarter? I did, and based on the latest email update, where the delivery date was pushed back another 2-3 months, I have withdrawn my support and my CC company refunded my money. Seems like, based on the comments on the Kickstarter page, that others are just as frustrated and pulling their funds. I know you take a risk with Kickstarter, but I had a 100% track record to this point. Waiting for the Brydge keyboard with trackpad to come out…
I’m just a little curious. You backed a project knowing the risk, and they aren’t delivering on time (or at all?) so you had your credit card reverse the transaction? So did your credit card company eat the charge, or did they take the money back from the campaign itself?
Seems a bit unfair…like you said, that’s the risk with Kickstarter.
I don’t know how much you’ve used Kickstarter but I don’t know a single person who’s used it even a handful of times where a project hadn’t either gotten delayed (sometimes by months or years) or failed totally.
If a product is good a Kickstarter project will eventually sell to the mass market, and I’ll buy after reviews come in.
The only Kickstarters I participate in are ones to help creatives complete work (like this), and I usually get nothing in return.
I submitted a charge challenge along with details and the link to the site. They informed me they reversed the charge. Not sure if they are getting the money from Kickstarter
I was set to make a similar point about Kickstarter risk, but Libra actually looks fraudulent. Glad you were able to get your money back.
The very first Kickstarter I backed was a clear plastic overlay keyboard for the iPad. You laid it on the screen of the iPad and it gave you tactile feedback when using the screen keyboard.
It was delayed and delayed and delayed and when it finally arrived I’d already stopped using that iPad, and upgraded to another tablet. So it was useless to me.
And that taught me my lesson. I haven’t backed another Kickstarter since.
I’ve bought products which started life as Kickstarters, and been very happy with them. A Pebble watch, which I wore for a while and enjoyed until I upgraded to the Apple Watch. Glif (sp.?) iPhone tripod adapter. The Veronica Mars movie. In each case, I paid for them normally.
I don’t get the Kickstarter business model. I wish there was a mechanism for micro-investments instead. Something like Kickstarter but instead of just receiving the product you also receive a small stake in the company, and enjoy a share of the financial reward if the company succeeds.
Like I said: Kickstarter, but for micro-investments. If you like a proposed product, you kick in $100. When the product ships, you get the product, and if the company succeeds, you maybe get your $100 plus an extra $10-$20.
I am repeating myself here because I love the idea. I’m pretty sure it must be a violation of regulations otherwise it would already exist.
I’m one of those crazy people who still uses Kickstarter. I fund projects for things I’d like to see in the world and that might might not otherwise be created. That includes local art projects, restaurants that are starting up here (wow - they were so grateful when we came in to redeem our brunch certificates after they opened), small market software (adventure games with macOS support a specialty), hardware that I can use that seems simple enough for a small team to produce (cool new pen!), small market music that I’d like to hear, and so on.
I’ve been doing this for almost a decade now over 50 projects. Of those I’ve received the expected reward from 46 of them and three more are on schedule to deliver in the next few months. That leaves only one (an ebook by an author who is having health issues) that might not deliver and that was for a trivial pledge. A few have been comically late but they’ve still resulted in things that I enjoyed using. So overall I’ve been very happy with the process and with what’s come out of it.
I will say that I’ve tried to be careful to back projects that I think have a high probability of success and that aren’t time critical. Having a working demo, team members with a history of success in the area, and detailed plans for the final project are plusses for software projects. Being physically possible (some of the projects from the early days were from alternative universes) and having a manufacturing track record are requirements for hardware. For me, at least, that’s worked.
I think that the site does still have value and I’m always sad to see failures. I’m also surprised, given the terms of the site, that the original poster was able to get a refund.
Not sure I understand this? You’re not making an investment really. You are giving them money to support their project and if you give enough they might send you a product if it gets to production.
Are you thinking of the tchotchkes you receive at different levels…
You can count me among those who still use Kickstarter occasionally. I back projects from people who have proven track records, or projects I think have reduced costs.
Whenever I back a project, I do so accepting I may have just given up whatever money I pledged. However, by using a critical eye when backing projects, I have yet to be burned…ever.
I’m thinking of a different business model. Like Kickstarter but micro-investments.
I belong to a local investment network that helps put businesses in touch with investors. Everything is handled as conventional loans between the individual investors and businesses (“debt investment”). The last time I looked at investing for equity, which I think is basically where you’re headed, there were regulatory requirements (specifically SEC requirements on investor income/assets) that made it a lot more complicated. That was a while ago. Maybe it’s changed or maybe an exception could be made for a small enough investment? I don’t know. We’d want the perspective of a business lawyer there.
Anyway I think you’re right about regulatory violations.