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pcharles09
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pcharles09,
User Rank: Light Beer
5/21/2014 | 5:16:16 PM
Re: Kick (in the nuts) Starter
Speaking of Oculus, here's another great project on Kickstarter that I believe will definitely get farther (if they learned from Oculus).
Watch the demo video & you'll see how cool it is:

https://www.kickstarter.com/projects/giroptic/the-worlds-first-full-hd-360-camera

 
mhhf1ve
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mhhf1ve,
User Rank: Light Sabre
5/9/2014 | 2:54:21 PM
Re: Kick (in the nuts) Starter
More hood winking is almost a certainty. Non-savvy investors are going to lose a lot of money chasing crazy projects that aren't even startups, but just a couple people with a intense hobby.
brookseven
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brookseven,
User Rank: Light Sabre
5/9/2014 | 12:39:42 PM
Re: Kick (in the nuts) Starter
In case folks are unaware, there are changes to the rules for investing that have been in progress for more than a year.

Starting last fall, it is now legal to advertise investment opportunities.

Starting this summer, the Net Worth to be an accredited investor is being lowered substantially from $1M to $75K.  I suspect there will be a LOT of backlash about 2 years from now when more hoodwinking occurs.

seven
mhhf1ve
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mhhf1ve,
User Rank: Light Sabre
5/9/2014 | 11:48:01 AM
Re: Kick (in the nuts) Starter
Kickstarter makes it clear that supporters are never buying an interest in the company behind a project -- only the product or service that will be created. There are, in fact, other marketplaces like Kickstarter that DO offer shares of investment in startups that haven't launched. But those Kickstarter clones are problematic because the supporters can be unsophisticated investors. And the backlash of resentment is still possible -- and may even be more likely -- when supporters are actually financially invested in an uncertain venture.
mendyk
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mendyk,
User Rank: Light Sabre
4/30/2014 | 6:58:48 PM
Re: Kick (in the nuts) Starter
The venom from Oculus supporters is being aimed directly at Oculus and not at the gubmint. And rightly so. What makes this even worse is that the acquirer (Facebook) is roundly despised by many of the people who seeded Oculus through Kickstarter. Again, a stark lesson in greed and avarice for those who kicked in some cash to make Palmer Luckey and his team very very rich.
theschnack
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theschnack,
User Rank: Moderator
4/30/2014 | 6:46:39 PM
Re: Kick (in the nuts) Starter
Folks, sorry to sound like an anarchist, but try blaming the SEC.

Kickstart contributors should know what they were getting into. Companies are prohibited from soliciting investments over sites like Kickstarter, and are prohibited from offering equity or profits to the "contributors" they do attract.  Were Oculus to formally attract seed money, they would have chosen a separate means, one that would have imposed far higher costs and oversight.  Our lords at the SEC have set a bar for attracting angel investing, and that bar is higher than Kickstarter clears.

Buyer, or rather Kickstarter, beware.
mendyk
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mendyk,
User Rank: Light Sabre
4/30/2014 | 5:51:01 PM
Re: Kick (in the nuts) Starter
There's a difference between creating a profitable business and selling a bootstrap-developed concept for several tons of money. As the people who seeded Oculus through Kickstarter are pointing out, if their investment had been treated as a conventional Series A funding round, they would have received a return of $66 for every dollar invested. Instead, what they ended up with was a useless prototype, and a lesson in greed and avarice.
pcharles09
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pcharles09,
User Rank: Light Beer
4/30/2014 | 5:40:53 PM
Re: Kick (in the nuts) Starter
Well I guess it's all about what was mentioned as the GOAL in the Kickstarter campaign. If the objective was stated to create a business, then profit is the end game. If it's not explicitly mentioned (as far as the GOAL), then it's a little bit of a gray area conversaion. But if donors are misled, that's a whole different story.
mendyk
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mendyk,
User Rank: Light Sabre
4/29/2014 | 9:14:13 AM
Re: Kick (in the nuts) Starter
The few people I know who have given money through Kickstarter aren't interested in creating more millionaires -- they do it because they want to encourage innovation. This is a stark reminder that not everyone is altruistic or honest about their intentions.
pcharles09
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pcharles09,
User Rank: Light Beer
4/28/2014 | 9:55:46 PM
Re: Kick (in the nuts) Starter
Was there any other real outcome than a buyout in your mind's eye?
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