17 Most Disgraceful Crowdfunding Failures of 2017
17 Most Disgraceful Crowdfunding Failures of 2017
In crowdfunding, not only do the majority of projects fail to reach their targets, but even some of those that do (roughly 10%) go on to underwhelm or fail altogether. In fact, according to statistics, over two-thirds of crowdfunding initiatives do not even meet their targets. Here are some of the most disgraceful crowdfunding failures of 2017.
A project that many were convinced was going to ride the crests of success; Community Cube is now facing an uncertain future. The stumbling block came from an unexpected angle when the team leader ditched the project when the tide was toughest. Though struggling to survive, the Community Cube team is clutching at straws.
The Lily Drone
The Lily drone project bit the dust a while back and only earlier in the year were the backers refunded thereby rolling the tombstone on a project that was as ambitious as it was unlucky. The team underestimated the costs and were unable to go into full-scale production.
Selfly is another drone project largely similar to the popular Zano drone which failed terribly. The main point of difference of that Selfly is attempting the feat at a fraction of the price. Shipping was supposed to commence in June, but nothing has been forthcoming so far, and many are those who are seeking refunds.
Phoenix was all about revolutionizing the Japanese video game industry, but over four years on, there is nothing substantial to validate promises made and the expectations kindled. The developers are seemingly just stringing people along and legions disconcerted fans have already given up on the project.
Go key thrived on a benefits based crowdfunding drive where backers would get various perks once the product materialized. A straight forward product that promised to be an all in one cable solutions for smartphone users, the winding up of the company in April has come as a surprise and disappointment to many.
Taxa had a dream of bioengineering glowing plants. Despite surpassing its crowdfunding goals and getting over $1million, Taxa filed for bankruptcy this year. It is unlikely that backers will recover their money and the exciting project is officially dead.
Indiegogo pulled the plug on Titan Note even though the project managed to raise over $1.1 million thereby setting the foundation for the initiative as another likely fail. Apparently, the project had unrealistic features. All backers have already been refunded and the project that seemed too good to be true will probably remain that way.
Gravity was supposed to be a curative blanket that would treat anxiety among a host of other health concerns as a user the slept. The project fetched over $3 million on Kickstarter but then went on to quietly delete and alter its original selling points thereby attracting wrath and authority attention.
Onagofly broke Indiegogo records as one of the highest funded initiatives. Unfortunately, like so many other promising hardware based projects, the company broke its commitments, and it now has a court case to deal with. The shipped products are unlike those promised and complaints are coming in from every corner to a non-existent support department.
Popslate 2 phone case
Popslate was meant to be a phone case that enabled book reading by leveraging the battery sparing e-ink in addition to having an extra battery. Sadly, the final product was not even compatible with iPhone, and the company just commenced liquidating.
Wolo promised to be a watch with a twist by counting time backward so as to remind people to live their lives to the fullest. Notwithstanding that the Wolo team exceeded its funding goals, no viable product has been shipped to backers and updates have dried up.
Triggertrap met its financing target and latched onto success after shipping good products. However, the company’s subsequent installment, also funded through crowdfunding, messed everything up as the actualization costs were grossly underestimated. Operations were halted earlier in the year.
Tiko 3D printer
Tiko kicked up a lot of dust and was even highlighted by the Kickstarter editorial team. The shipping date was supposed to be March 2015, but after several postponements, the product that finally shipped was fatally flawed. The company is currently painstakingly and unsuccessfully looking for bailout investors.
ZTE’s Hawkeye phone
ZTE is pulling the plug on its crowdfunding initiative Hawkeye after backers learned of just how underwhelming the final product would be. A wise move, experts say that ZTE has just averted a catastrophe at its outset when the stakes are still mitigable.
Mighty Number 9
For a video game that commenced crowdfunding drives in 2013, Mighty Number 9 should be substantially successful but to date, after uncountable delays, postponements and a launched game that was grossly underwhelming, many consider the game a failure considering it has hardly met its commitments.
Another disappointing video game that enjoyed the privilege of exceeding its crowdfunding objectives, the Unsung Story has followed the beaten path of many of its video game predecessors though serial delays and finally delivering an underwhelming installment.
Shadow of the Eternals
Based on Eternal Darkness, a game that mesmerized gamers, Shadow of Eternals had an optimistic outlook, but surprisingly, it has failed an astonishing three times on Kickstarter by failing to reach its goals each time. It is a record shared by very few other projects.
Crowdfunding is, without a doubt, risky, but it also has its gems and runaway successes. However, the failures significantly dilute the achievements, and now, many people are getting cold feet towards the whole concept entirely.