In this brave new technological age that we live in, aspiring entrepreneurs have more tools than ever at their disposal to get the seed money necessary to get their ventures off of the ground. One of the most popular of those tools is crowdfunding, a service that is offered by websites like IndieGoGo, Kickstarter and others.
While most fundraising campaigns that find their ways onto these websites are above board, some are definitely not. Since these platforms have launched, more than a few scam artists have launched fake products and services, attempting to swindle thousands out of their hard-earned money. Here are 6 of the most notorious Internet fundraising campaigns ever, each one of which was built upon lies!
1. Kreyos Meteor
Eventually someone is going to crack the code of the “smart watch,” but that day has yet to come. One independent company called The Kreyos Team, “tried” to get ahead of the game when they unveiled their crowdsourcing campaign for a smart watch called the Kreyos Meteor.
The campaign made all sorts of promises about the smart watch’s functionality. Among those, it promised a waterproof casing, activity trackers, customizable controls, and a litany of other tech buzzwords sure to make gadget-heads everywhere salivate.
People were taken in, and the company managed to raise over $1.5 million for the project. When prototypes started rolling out to backers, though, it was clear that The Kreyos Team was not going to be able to deliver on their promises.
The company blamed another company that was responsible for their smart watch’s manufacturing. But does it really matter? To this day, a product that delivers on what was promised has yet to be released — all while the project’s leader, Steve Tan, posts pictures of himself with expensive cars and shopping bags for luxury brands on social media.