China is Now Stealing Ideas Off Kickstarter and Launching Them Faster and Cheaper
An Israeli entrepreneur just saw China’s lightning-speed skill in copying ideas right before his very eyes.
Yekutiel Sherman had invented a product selfie lovers would likely pay for called Stikbox.
Stikbox is a smartphone case that transforms into a selfie stick. Sherman made it available for the iPhone 6 and iPhone 6s in seven colors: blue, white, black, red, green, purple and pink.
Sherman had drawn up prototypes, secured some funding, developed a marketing campaign and sought to try his luck at crowdfunding.
But Sherman’s efforts, resources and time were all in vain just a week after his product went live on Kickstarter. Apparently, they were already selling at AliExpress, according to Quartz said — and Chinese vendors were reaping the profits.
Sherman was shocked to realize that the vendors were selling the exact copy of his product. Worse, they priced them for as low as $8 each, while his product was set at $47.41.
As a result, Sherman’s backers went into backlash, accusing him of cheating on pricing. The project, however, was able to raise $43,000 from their initial goal of $40,600 goal.
“Creator’s last update and comment was nothing but a hopeless excuse. Undoubtedly this is a scam project. We all got deceived. Take a deep breath and let go. I pray for the death of this project. And for the deceased creator. If they’re not yet, my pray is hope they will soon.”
“It’s a really terrible experience. You failed our trust again and again. Maybe, I will never support any other project… Just because of you!”
“Are you kidding me? We need the product now. You’re going to have your own lawsuit on your hands if you don’t start producing the products we’ve all paid for. Stop worrying about other companies and distribute your product. You’re company’s barely into its first year and you’re already running it into the ground. I’m sorry that I ever put my faith in this company to begin with, but by the looks of things it won’t be around much longer.”
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