This one is almost too painful to write. As many people know the Kreyos Smartwatch was one of the most successful Indiegogo crowdfunding campaigns of all time. It is also probably one of the most spectacular crowdfunding failures ever. Trust me – this one is pretty hard to top.
We last visited the Kreyos campaign in August as backers started to receive the Kreyos watch. The complaints were widespread as clearly the delivered product had not lived up to the promoted hype. Steve Tan, founder and CEO of Kreyos, composed a personal tell-all last week on Medium. From start to finish, in exacting detail, Steve displayed profound incompetence, naive hubris and perhaps sincere contrition. Of course none of this helps out the over 10,000 backers that paid for a smartwatch that, in the end, wasn’t even able to tell the time.
Kreyos is shutting down the end of this month. No more refunds will be distributed. The collapse is complete.