The Crowdfunding Scam

What began with the goal of people helping like-minded people bring a new product to market is quickly being co-opted by fraud and covert corporatism.

People have pointed out there are products on crowdfunded sites that already exist and are for sale in China. The crowdfunding is nothing but a disguised bulk-buy to import cheaply with a new label slapped on it. This has happened with computing devices, electric scooters, and electric skateboards.

A Redditor has done some digging that uncovers a Chinese corporation masking itself as American and using a crowdfunding site for stealth marketing: Enskate/Fiboard is NOT us based (evidence inside).

Backing a campaign like this goes against the very soul of what these sites are about. This product is not made by “eboard enthusiasts” or some guy with a great idea. They are carefully planned and executed marketing schemes, put in place by large scale corporations with US-based shell companies. I don’t know who Ming Zhong is, but i know that he is living fat off of doing this, and judging by his company history have been doing so since 1996.

The strategy is simple: Build your product, buy an e-marketing business to do a campaign and website for you (in this case Rainfactory, who have done A LOT of Indiegogo campaigns), create a US based shell company, to make your good seemingly come from a western country and then disguise your product as needing crowdfunding.

I hope that when Five Technology appears on Indiegogo they’re upfront about their situation.

Previously here:

iFive Mini 4G To Go Indiegogo
The In-Progress Eon eSkateboard Kit
eScooters category
eSkateboards category

This entry was posted in eScooters, eSkateboards, fraud, iPad Format Clones, Other Hardware. Bookmark the permalink.

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