An email sent to backers soon reported that the company did not actually have a working prototype, and the company was in violation of a rule that requires working prototypes of physical products that are offered as rewards. Kickstarter eventually stepped in after more than 20,000 backers raised more than $4 million in funding. Sure - Skarp’s technology might able to snip off a few hairs, but it wouldn’t be anywhere near as effective as a regular ol’ razor. However, the video on the project’s page didn’t exactly garner confidence from skeptics. The company behind the razor, Skarp Technologies, claimed to have a working prototype. Apparently, human hair contains a chromophore (a particle that can absorb certain wavelengths of light) that allows follicles to be cut when hit with a particular wavelength of light. The Skarp Laser Razor was supposedly going to revolutionize shaving by using a laser to remove hair. The company is currently selling its small amount of manufacturing equipment just to keep the lights on, and is expected to collapse entirely any time now. ![]() Elio Motors burned through its investment money in only a few short months, primarily on suspicious soft expenses easily summed up as “paychecks.” The supposed released date has been pushed back for years, Elio has failed to get any additional loans for production, and it is now obvious there will never be an Elio scooter. Elio even hit the road with a conference on how to properly raise money via crowdfunding. The company was certainly good at one thing: Raising money from casual investors, to the tune of $17 million for its first crowdfunding round, including over 65,000 that reserved a model ahead of time. Elio Motors ScooterĮlio Motors launched a crowdfunding campaign promoting a new 3-wheeled electric vehicle that was supposed to hit the markets in 2014 with incredible fuel efficiency. However, that certainly doesn’t excuse the money lost by Kickstarter backers. It’s likely that Central Standard Timing didn’t intend to scam its backers out of money it sounds like the company was in over its head in regards to the manufacturing of the watch. ![]() After another year of silence, Business Insider reported that the company had filed for bankruptcy, making it even more unlikely that CST-01 backers would ever see the money they’d given the company. Central Standard Timing had parted ways with the manufacturer it had been working with for the majority of the process. There’s been a lot of silence from Central Standard Timing, but in 2015, the company posted an apology - and an update - for where the watch stood. Delay after delay plagued the e-ink watch as the company struggled to find the sort of technology it needed to actually create the watch. Fitbit Versa 3Ĭentral Standard Timing raised more than $1 million in pledges from 7,658 backers on Kickstarter, for what it deemed “the world’s thinnest watch.” The CST-01 was funded in 2013, and boy, has it been a journey since then.
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