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Kickstarter project OwnPhones has no money and can not deliver product
A Kickstarter project that aimed to create wireless earbuds that would be printed on size, is in financial difficulties. The amount raised is because investors pulled out and the creators can not deliver the product.
OwnPhones reached in 2014 through Kickstarter dollar at 767.472, converted about 703 600 euro. The obtained amount was more than three times as much as what the creators thought necessary to bring out the printed earbuds. In an e-mail to the backers explains OwnPhones-author Itamar Jobani that the money has run out and that the promised earplugs may not be delivered.
Jobani writes that the success of the Kickstarter project has attracted interest from a number of large companies, which invested possible. The team was looking for a partner in China, which could handle the production. It was found that the 3D scanning and tailoring of the ear would be the biggest challenge. The creators promised “Dual Balance using Armature’ drivers in the OwnPhones, Jobani said not to have realized how complicated it would be. Creating a working prototype was therefore postponed time and again.
In March this year Jobani thought to have found the perfect partner. A Chinese investor would have been willing to invest 5 to 7 million dollars in the project. According Jobani, the production costs $ 450,000 but there was more money for more research. The negotiations were postponed and when the stock market collapsed in China this summer, the investment was canceled. The money raised from the Kickstarter campaign was already on. Search for new investors has been to no avail, because OwnPhones no money in hand, it also does not look as if that will be easily found.
Jobani says in the letter that the team has made a lot of mistakes, “Many of these errors are due to a lack of experience in managing a large company and by the underestimation of the development costs and the time required The biggest mistake is confidence. a partner. ” He apologizes and says to try to get the project back on track. Without new investor seems that chance, however small. He’s not talking about the return of the invested money.
Kickstarter does not guarantee a successful completion of a project, but projects that have met their target amount must comply with certain conditions. They have to make every effort to repay backers if the project fails and make an account for how they spent the money. Backers gather in the comment section below the Kickstarter page for the project. It has already contacted a lawyer to try to get back the money paid through a lawsuit.Viewing:-52
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