We cover crowdfunding projects at the Red Ferret to give our readers a chance to see what type of innovations are on the horizon but we try to make sure that they’re likely to actually see the light of day. If you’ve ever thought about backing a crowdfunding project, here are three tips on making sure you don’t end up having to fight for a refund.
1. Is the timeline reasonable?
The project may seem like it would be quite cool but before you hit that backer button, check out the timeline. If it’s only a concept and they claim to be able to get it in your hands in three months, that’s likely a project that hasn’t been fully thought out. In fact, if there isn’t at least a prototype, you may want to hold off on that.
2. Is the requested amount enough?
If the project is something small, it may only need a few thousand dollars to get off the ground but if it’s more complex, then the developers may not really be aware of what they actually need to get the project finished and shipped. This can lead to delays or the project being canceled altogether.
3. Does the about section clearly explain how the product works?
Of course, developers don’t want to give all their secrets away but the about section should be able to let you know how the product is going to work, in layman’s terms. If the copy is lacking or just full of buzzwords then it might be best to avoid.
Remember, popular crowdfunding products generally go on to become products that can be purchased through normal measures so you don’t have to feel pressured to purchase during the crowdfunding stage if anything seems off.