Kickstarter has (perhaps inadvertently) muddied the waters with respect to the rewards-based crowdfunding projects that it sponsors.
Last year, actor Zach Braff raised over $3.1 million to fund his vanity movie “Wish I Was Here.” He promised his more than 46,000 supporters the usual swag in return for their dollars (hats, Tshirts, etc.). The movie was made and recently sold to Focus Features (a division of Universal Pictures, a division of Comcast Corp.) for about $2.75 million.
Now, for some reason, some of Braff’s contributors are asking about getting their money back. This issue has been aggravated by someone at Kickstarter suggesting that crowdfunders could refund contributions less Kickstarter’s and its money processors’ fees.
But, remember, that even if true, the deal was not an equity or even a debt investment. It was a donation, or in reality, a pre-sale of the merchandise promised for the money sent.
So, Braff and his producer have responded by saying that ain’t going to happen. Braff will fulfill his promises by sending out the swag and holding meet-and-greet showings of the movie throughout the US for his donors.
See the brou-ha-ha here:http://lnkd.in/djQzdNs