From NewsWeek, “This past November, the British startup behind the much-anticipated Zano mini drone collapsed, leaving little trace of the nearly $3.5 million it raised on Kickstarter. The failure outraged thousands of investors, who petitioned to get their money back and asked Kickstarter to bear some responsibility.
First and foremost, the report concludes that Zano was not a scam, as many believed it to be. In short, Torquing Group co-founder Ivan Reedman got too ambitious, misled investors during the Kickstarter campaign, couldn’t keep up with the heightened expectations and ultimately filed for the British version of bankruptcy.
The video shown in the Kickstarter campaign was the bait that convinced thousands of people to invest in the Zano drones, but it wasn’t an accurate representation, Harris discovered. Two people who actually received the drones found them to be faulty and able to do little of what the video advertised.”