This is a Cuckoo Clock. If you watch it for long enough it will chime. Well it will chime before most Kokoon backers get their 3 year late headphones.
We thought that recently Kokoon, which raised £1.65m on Crowdcube a year ago, might have got their act together. Like their deliveries, we called it too early.
When Crowdcube punters invested in this company, on the back of promises that the product was ready to go, they were duped. We shouted this out at the time - it was obvious from the feedback on the then 2 year overdue delivery, that the company had some serious problems. Having sold several thousand units on Kickstarter and spent the cash, they came to Crowdcube to raise money to make the units they had already sold. The money from these sales was promoted as an asset rather than a liability. As of today, only a few have been delivered. The spec has been lowered the tech reduced. Refunds have been demanded.
Now if Crowdcube investors had been members of our soon to be launched ECFBuzz site, where all of this information would have been available and they could have chatted to KS backers, they might still have invested but with the full facts.
https://www.indiegogo.com/projects/ecf-buzz-the-crowd-investors-information-centre/x/19804529#/
Neither Crowdcube nor Kokoon told investors the full facts. The headphones were not ready to make and ship out - they were still in testing. Testing that has resulted in the product being altered and delayed.
Now their website is promoting a Black Friday Weekend 30% off offer, for delivery by December 2018 in the UK. But people who bought this product on KS 3 years ago have no product and no idea when they will get one - if ever.
Is it possible that the company is selling product on line now, knowing it cant deliver (this is after similar to the outcome on KS) to raise funds to make more items to deliver? Cannibalism on speed.
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