And a crowdfunding campaign shrouded in suspected fraud.
The evolution of so-called smart watches has been growing almost exponentially during this last year and it is necessary to re-invent the concept and be even more innovative. And that’s exactly what a new company promises with this crowdfunding project, a smart watch at ComputerGees, which besides being an elegant bracelet, is a handy projector for hours.
The idea at first glance seems to be quite interesting, however, the outlines of its development have already raised suspicions of fraud, which points to some of the problems associated with this type of investment.
Ritot – the first projection watch. This is the phrase that presents the crowdfunding campaign that began to take shape around six months ago. More specifically, Ritot aims to be a fashion accessory with some clever functions that are projected on the back of the hand.
Text messages, reminders, emails, calendar, social networking notifications, weather and notifications from any other application on your smart phone are some of the features you are expected to see projected through this watch.
A few hours after finishing the campaign, which ends at the end of today, which is being developed on the Indiegogo platform, the $ 50,000 required for its development has been largely outdated and there is already an investment of more than one million Of dollars in this projector clock.
However, during this crowdfunding some suspicions of fraud were raised, which were ultimately justified by the company and did not lead to exclusion from the project of the collective financing campaign.
In this particular case, The Next Web has come up with some interesting facts. The Ritot project is no more than a project on the “paper”, in fact there is still no prototype of the device so far.Moreover, initially, the names of the team members behind the project as well as the location of the company were false. The team tried to hide its true Ukrainian origin, indicating to be North American.
Michael Medvid, the project’s founder, said that this “change” in nationality was due to Ukraine being a country in conflict and that this could be a problem for the success of collective investment.Admitting to be a “big mistake”, Michael Medvid, said that soon after the campaign began the truth about nationality was restored.
After this, Indiegogo decided that the project had a solid basis to continue being the target of this collective financing. Still, the Ritot company says that the most skeptical investors who no longer want to be part of this project will be reimbursed.
This is not the first case of projects that are subject to collective financing campaigns and which end up being involved in a climate of mistrust. Recall, for example, the case of a pen that can read the color with which one wants to write, Scribble, which a few days after the start of the campaign ended up being suspended for not being able to respond to the demands of answers about the project itself. Part of Kickstarter.