Crowdfunding Sucks – Stick With Me And I’ll Show You How Often The System Fails

I've decided to stop punting crowdfunding campaigns, and instead focus on exposing bad crowdfunding campaigns. There's enough of those to keep me busy for a long time. People are stealing investors' money. Why should this go unchallenged?
Are crowdfunding campaigners blood sucking mosquitoes?

You’ll notice plenty of articles on this site covering crowdfunding campaigns.

I try to inform readers about latest tech available through Kickstarter and Indiegogo.

Well, no more.

Crowdfunding is a fascinating industry, filled with promise…

…of pain and loss.

Loss of money, suffered by funders.

Let me state that not all crowdfunding campaigns are bad. Some are excellent. But there are enough bad crowdfunding schemes to raise concern over the issue.

I was on my way to monetising my coverage of crowdfunding initiatives.

I thought I’d offer a service where crowdfunders could have their product featured on my blog for a small fee.

So I reached out to a few people in the crowdfunding industry.

One man (I think it was a man; might have been a gender neutral individual) wasn’t impressed by my email, asked me whether I’m a racist and ended the conversation by calling me an idiot.

I thanked him for his input, and had a look at their crowdfunding marketing portfolio. Turns out it contains enough bombs to scare North Korea.

That led me to realise that I’ve covered many garbage crowdfunding campaigns on Rasp And Rivet. (You’ll find them in my Red List category.)

Which led me to put down my foot and refuse to cover new crowdfunding projects, but more than that, to expose bad crowdfunding campaigns.

It’s insane that companies make promises, take money and ignore their customers.

It’s MORE insane that people keep falling for this sort of thing. (Read my Five Tips… article.)

But it happens all the time, and it KEEPS happening.

It’s astounding that the scammy nature of some crowdfunding sites has not given birth to a regulatory body yet. And if there is a regulatory body, there ain’t much regulatin’ goin’ on.

There’s another form of crowdfunding that’s raking in money, and it’s based on ignorance.

Some companies sell products already on the market. They find the creator of the product, strike a deal to buy the product unbranded, put their own sticker on the product and sell it as their own.

The RevoBot (touted as The Most Advanced Body Gravity Board) comes to mind. Turns out, it’s a dud too, by the way.

In the light of the above info, I invite you to do four things:

  1. Join the Crowdfunding Scams & Failures Awareness Facebook group.
    • Share crowdfunding duds with others.
    • Stay up to date with crowdfunding duds.
  2. Join my free newsletter to stay up to date with latest crowdfunding duds (and receive genuine product reviews).
  3. Contact me if you know of a crowdfunding dud.
  4. Stop supporting bad crowdfunding!

Thanks for reading, and welcome aboard.

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