Once again the crowdfunding ogre has struck.
The folks behind the Dash cold brew system (UnprocessYourFood on Facebook and bydash.com) came to Indiegogo with huge fanfare.
They enticed cold brew coffee lovers with a system that promised to cut a 12 to 24 hour cold brew making session down to a few minutes.
People flocked to the campaign, flailing their wallets about, trampling one another to throw money at the creators.
They almost convinced me to invest, so good was the Dash Indiegogo marketing spiel, which managed to net them $118,417 (1148% of their initial asking).
But it seemed too good to be true.
And judging by the comments on their Indiegogo page, it was.
Some people never received their Dash, while others received faulty products.
Some commented that the Dash delivered tepid coffee.
But, as I’ve stated in my Modius article, it’s not the creators who are to blame. It’s the people backing these projects.
It’s because people keep throwing money at crowdfunding, that there are so many crowdfunding duds out there.
My Red List contains eight crowdfunding flops, and I haven’t covered a crowdfunding product in months. (Nor will I again.)
My suggestion to anyone willing to back crowdfunding projects, whether on Indiegogo or Kickstarter, is to refrain from doing so.
You might save a few dollars by being an early adopter, but if you invest in a failure, you lose money for no good reason.
The more people invest in crowdfunding, the more brazen phoney marketers become, and the more disingenuous crowdfunding campaigns see the light of day, and the more people are fleeced.
So make this new year’s resolution: “I shall no longer back crowdfunding campaigns.”
It’s far easier than trying to lose weight. And you won’t lose money.