5 Crowdfunding Drone Projects That Failed
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Zano Nano DroneRaised: $3.4 million
Shut Down: November 2015
U.K.-based Torquing Group were darlings of the crowdfunding world a few years ago when they managed to raise more than nearly $3.4 million on Kickstarter to fund further development and production of its palm-sized Zano Nano Drone.
More than 12,000 backers excitedly waited - and waited - for their drones to arrive. But frustrations grew as one delay after another saw the release date being set back.
It was abundantly clear that things were not going well for the project when the BBC provided an underwhelming review of the work done so far, in August 2015: "The bad news is that the Zano drone which the company hopes to start sending to backers next week will not at first deliver what was promised last year."
Unfortunately, manufacturing costs, bad budgeting, and technological difficulties meant that the entire project was in crisis mode. In November 2015, the chief executive resigned, the company went bust, and UK Trading Standards launched an investigation – quite an epic journey for the little drone.