A Cautionary Tale
What do you do if you are a crowdfunding service and one of your high profile projects fails to deliver leaving roughly 12,000 backers high and dry?
Well our portfolio company Kickstarter (where I am on the board) decided to shine a light on the failure by hiring an investigative reporter and giving him freedom to research and then tell the story of what went wrong without any interference by Kickstarter.
The journalist, Mark Harris, published his findings a few days ago. You can read the entire story here.
The project in question was called Zano and the idea was to build and ship a small autonomous drone. I am not going to summarize the story here on AVC. Those of you who want to read it should go read the entire piece.
But I will say that the Zano story is a cautionary tale that anyone who backs projects on Kickstarer should read. Not every project works. In fact, it is shocking that something like 90% of projects funded on Kickstarter have eventually delivered although many are late.
Creative projects fail. Startups fail. Banks fail. Governments fail. Marriages fail. Failure is an important part of the human experience. I have personally failed more times than I want to remember.
And so I hope that Kickstarter figures out a way to continue to shine a bright light on the big failures. They should not be swept under a rug. They should analyzed, discussed, and understood by the Kickstarter community and beyond. That is a very healthy thing.