Crowdfunding project crashes

Thread Starter

nsaspook

Joined Aug 27, 2009
6,279
http://www.bbc.com/news/technology-34858171
"Having explored all options known to us, and after seeking professional advice, we have made the difficult decision to pursue a creditors' voluntary liquidation," the message states.

"We are greatly disappointed with the outcome of the Zano project, and we would like to take this opportunity to thank everyone who has supported us during this difficult period, especially our loyal employees, whose commitment has exceeded all expectations."
...
Torquing chief executive Ivan Reedman resigned last week due to "personal health issues and irreconcilable differences", according to a comment he left on a Zano forum.

https://www.indiegogo.com/projects/robot-dragonfly-micro-aerial-vehicle#/updates
We have everyone's best interest at heart and if nothing comes of it, we will give out all the company's Dragonfly IP with full license authority to all our campaign backers for use, re-sale and more as they please to instigate recovery against their loss.
 

Papabravo

Joined Feb 24, 2006
12,405
The VC (Venture Capitalist) Bible says that eight out of ten investments will fail. One will break even, and one will be a home, run returning ten times the original investment. Failures are an expected part of the business -- why should anybody be surprised or take any special note?
 

Thread Starter

nsaspook

Joined Aug 27, 2009
6,279
The VC (Venture Capitalist) Bible says that eight out of ten investments will fail. One will break even, and one will be a home, run returning ten times the original investment. Failures are an expected part of the business -- why should anybody be surprised or take any special note?
I would think most Venture Capitalist know the difference between a business plan and a scam (spend the rest of the money or head to the beach) that a large amount of these failed Crowd funding projects IMO are.

http://www.ripoffreport.com/r/ZANO-Torquing-Group/internet/ZANO-Torquing-Group-Ivan-Reedman-Reece-Crowther-ZANO-kickstarter-scam-vaporware-doe-1202412

http://arstechnica.com/business/2015/05/dirt-cheap-drones-is-europes-largest-kickstarter-in-over-its-head/
Yes I could have used an existing RTOS but the same argument applies, due to the weight (code size) of these existing platforms, the limited memory on board the pic32mz would have been consumed very quickly. I program in assembly language because I want to optimize absolutely everything including memory.
They used all the good techno scam factoids including the "you can do the impossible with assembly language" one.
 
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Papabravo

Joined Feb 24, 2006
12,405
I would think most Venture Capitalist know the difference between a business plan and a scam (spend the rest of the money or head to the beach) that a large amount of these failed Crowd funding projects IMO are.
...
There is plenty of scamming in most business plans since they purport to predict the future. Last time I checked, there ain't nobody with a monopoly on that gig.
 

Thread Starter

nsaspook

Joined Aug 27, 2009
6,279
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GopherT

Joined Nov 23, 2012
7,983
I've had a lot of fun with micro-cap stocks. A bit beyond VC but not much. There is definitely due diligence required but real assets, experts and real products is a start.
 

Papabravo

Joined Feb 24, 2006
12,405
I've had a lot of fun with micro-cap stocks. A bit beyond VC but not much. There is definitely due diligence required but real assets, experts and real products is a start.
The point at which a company has publicly tradeable stock is about the time when the VC's cash out. The VC action is generally in years 0-5 before the company goes public. By the time the public is involved they're long gone and onto the next "new new thing".
 

GopherT

Joined Nov 23, 2012
7,983
If you can keep a secret I'm buying a Hubsan X4 clone for the little one.
Learn? The kids charge those things up and they fly. I had no idea when the first one was brought into our basement. We had a small fleet here for a while. I think your best strategy will be to start maneuvering before the plastic box is opened. Convince them how difficult it is to set up and operate and how expensive it is if they break it. Then you might get a short turn.
 

Thread Starter

nsaspook

Joined Aug 27, 2009
6,279
Learn? The kids charge those things up and they fly. I had no idea when the first one was brought into our basement. We had a small fleet here for a while. I think your best strategy will be to start maneuvering before the plastic box is opened. Convince them how difficult it is to set up and operate and how expensive it is if they break it. Then you might get a short turn.
OK, you convinced me, I'll get two. :D
 
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