In this article, a crowdfunding project called Titan Note is discussed. Titan Note is a little hockey puck looking device that records spoken information and translates the words into text that is accessible from the application it comes with. On top of being a speech to text device, the little hockey puck is also a high-quality speaker and can be used as a battery to charge your laptop in an emergency. The Indiegogo campaign raised about $1.1 million and has since refunded all of the money to its backers with no comment from the company that was creating the device.
I have supported a few crowdfunding projects, and I am happy about 50% of the time. I really like the idea of being able to personally fund a project that you feel passionate about, and I think a lot of really interesting products exist because of it. That being said, most of the people promising to create a product like Titan Note are not big companies that are used to creating products on a deadline. I am still waiting on a product I bought about 6 months ago and it is a frustrating experience. I get occasional updates from the makers of the product and it is usually to tell me there is another delay due to some unforeseen circumstance. I don’t blame these people for not understanding everything there is to know about large scale production, but I think people, including myself, should treat crowdfunding campaigns as a bit of a gamble. You can have high hopes that the product will release on time and be everything that was promised, but expectations should be lowered. I find it odd how my perception of crowdfunding changed after I was affected by it. I have of course heard many stories about products that are never released or that turned out wildly different from expectations, but I always knew that was a possibility. Until I experienced some of the disappointment first hand, I didn’t have enough perspective to understand why people had been so upset. Having some disappointing experiences has made me a little more cautious about funding products, but sometimes, they are just a little too cool to pass up.
12 Comments
5/14/2017 02:32:55 pm
I think there is something to be said both for and against crowdfunding, as you've mentioned. It gives creators and entrepreneurs the ability to make things that they might not have been able to fund before, but it's also such a legal gray area with regards to delivery of products and consumer expectations that it's important to choose carefully which crowdfunding projects one supports.
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Fernando Madrigal
5/14/2017 03:46:33 pm
I think that crowdfunding is good in a way that it can give a number of people a chance to fulfil their projects and get the support from their donors and the community.
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Eliasar Gandara
5/14/2017 05:05:09 pm
Your post is very interesting. It is like you have stated, a chance you are taking on a specific project. However, it must be a special feeling when you do find out that a product or idea has been successful and that you were part of the success. I guess it is kind of like the lottery.
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Cristina Cachux
5/14/2017 09:19:50 pm
Intersting post. I myself always wondered about the process in supporting products that are still in the process of being completely designed through crowdfund. I heard about it a few months ago and looked into it but have yet to make the leap to fund anything. I think its great to hear your own experience that maybe products will be delayed, however I understand how frustrating it can be if products are wildly different than expected. Always a gamble but I think for good reason.
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Gabriel Zapata
5/14/2017 11:31:00 pm
Intriguing read! ive always thought crowdfunding was a good thing, but then again theres always two sides to a issue and I can definitely see how it can be used negatively for the common-man. Overall, I think the pros most definitely out way the cons so they are ok in my book.
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Adrienne Horca
5/16/2017 12:47:30 pm
Sean,
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Stephen Negron
5/17/2017 10:08:41 pm
The only time I would help fund an organization is if I do not expect any product to be delivered, such as charity organizations. Otherwise, if I'm paying for a product, I search for organizations that take promised delivery time seriously.
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Alan Garcia
5/18/2017 03:07:12 pm
27
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Shaikh Sultani
5/18/2017 10:10:08 pm
I think crowdfunding is a great way for people to help with products, or services that they are passionate about. Like you have. And I like how you can invest in it, without being part of a big VC. You put your own money, and like investments you either are happy or not. Thats that is the beauty of investing, you can either win big or lose what you invested.
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Pearce Reinsch
5/19/2017 08:06:13 pm
One of the biggest problems with crowdfunding is also its biggest strength, in that seed money is given by those interested in the product with no guarantee of any return on that donation. Unfortunately people do use these crowdfunding sites in unethical ways, but that does not make the sites themselves unethical. I think these sites are a good thing and hope they find creative ways to combat unethical use of their services.
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5/21/2017 01:11:09 am
i think its great that you like helping start ups, start up. It is a disappointment to get items after huge delays or not even recieve them at all. I think like with everyone else, everything we do is a learning experience and I hope the company comes back with more information and resources and is able to mass produce their product!
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