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What happens if you don't deliver on Kickstarter?

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shmokes:
Ever since Doublefine collected $3 million dollars from it's Kickstarter campaign, I keep seeing videogame project after videogame project "greenlit" with Kickstarter financing. Wasteland, Shadowrun, Carmeggedon, Space Quest (not yet fully funded, but I assume it will be) . . .

But what happens if the studio fails to properly predict costs and manage the project and the studio runs out of money halfway through? Have any of you funded a Kickstarter project? Do you get anything laying out investor rights of any kind, in case the project leaders don't deliver on their promises?

HaRuMaN:
Kickstarter says:

"If I am unable to complete my project as listed, what should I do?

If you are unable to fulfill the promises made to backers, cannot complete the project as advertised, or decide to abandon the project for any reason, you are expected to cancel funding. A failure to do so could result in damage to your reputation or even legal action on behalf of your backers."

opt2not:
...and they break your knee caps.  :bat

DrArcade:
From Kickstarter's own FAQ

Who is responsible for fulfilling the promises of a project?

It is the responsibility of the project creator to fulfill the promises of their project. Kickstarter reviews projects to ensure they do not violate the Project Guidelines, however Kickstarter does not investigate a creator's ability to complete their project.

Creators are encouraged to share links to any websites that show work related to the project, or past projects. It's up to them to make the case for their project and their ability to complete it. Because projects are usually funded by the friends, fans, and communities around its creator, there are powerful social forces that keep creators accountable.

The web is an excellent resource for learning about someone’s prior experience. If someone has no demonstrable prior history of doing something like their project, or is unwilling to share information, backers should consider that when weighing a pledge. If something sounds too good to be true, it very well may be.

So there you have it, Looks like the scam artists will be out in force once they figure out they can scam the kickstarter funders.

Mr. CAST

Mysterioii:
Really I think you'd be screwed.  They're "expected" to cancel their funding but that doesn't mean they haven't blown through it all first.

I participated in a couple of kickstarters for which I had low expectations, didn't go in for a ton of money and so far they've both come through.  But I saw a LOT of people posting in the comments there that seemed to feel that they were actually purchasing something.  It's not a storefront, you're pledging your support and in return they generally offer a "reward".  It's sorta like the the public broadcasting pledge drives where if you pledge $100 you get a coffee cup...  Dang that would be an expensive coffee cup... but you're not TECHNICALLY buying a coffee cup.

I take it really like you're being a "patron of the arts".  I personally wouldn't put up more than I felt comfortable putting at risk.  I honestly don't know if there would be any legal recourse if someone was unable to come through with the rewards they promised, but I think it's just a matter of time before we find out.  Eventually, someone on a high-profile, high-dollar kickstarter will fail to come through.  It will be interesting to see what happens.  

Just a week or so ago I saw a thread about a kickstarter project for a video game that turned out to be blatant fraud, lifted promo art from other sources etc. and made rediculous claims.... luckily it was exposed before it was funded, and they cancelled it.  But eventually a fraud like that is bound to make it through to funding, if it hasn't yet.

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