From Wareable, “Kickstarter recently paid tech journalist Mark Harris to investigate what happened to the money in its biggest failed campaign to date – a palm-sized drone called the Zano. Investigate it he did in this 53 minute read Medium feature, concluding that crowdfunding sites like Kickstarter should have better mechanisms in place to identify weak projects in which the team or startup will ultimately be unable to deliver what has been promised.
That’s why a number of backers of the Agent smartwatch, a project Secret Labs, in collaboration with the House of Horology, are taking matters into their own hands. In June 2013, the campaign, lead by project creator Chris Walker, raised a total of $1,012, 742 from 5,685 backers. The estimated delivery dates were December 2013 for Early Bird backers and June 2014 for all other backers.
The “world’s smartest watch” still hasn’t arrived and, in a very meta turn of events, a group of backers recently turned to crowdfunding to raise money to hire legal representation and potentially initiate a class action lawsuit against the project’s creators.”