In July of 2013, MIT grad Hyungsoo Kim had an idea for a watch that could be read by the blind but still appealed to design geeks. “We talked to around 20 potential investors, and none of the conversations really lasted more than five minutes,” Kim said, laughing. “Because we had three things that they want to avoid the most.” Those things were a lack of ownership of his intellectual property due to creating open patents as opposed to closed; a dedication to donating a portion of his proceeds to charities benefiting vision impaired communities; and the oversaturation of the fashion watch market.
Before his campaign, Kim went out of his own pocket to produce a prototype and market his campaign. He wasn’t even able to pay his staff. But on Kickstarter, his first design, the Eone Bradley, became an instant hit, raising $594,602 dollars — nearly 15 times his original $40,000 goal. Now Eone now has its own online shop, a distribution network, and the Eone Bradley has won a Red Dot award and is on display in the Design Museum in London.
Eone’s story is a picture-perfect example of how the Kickstarter concept can help a watchmaker with great intentions and a unique dream. But as Kim and other watchmakers have noted, in recent years as the website has grown in popularity, the Kickstarter watch industry has grown murky. A search for “watches” on Kickstarter reveals over 2,000 projects, and many projects that have hit their goals multiple times over.
Chris Vail, creator of Lew & Huey watches, also launched his first crowdfunding campaign in mid-2013, when the platform began its rapid expansion — between 2013 and 2014, the number of projects on the site increased by nearly 51 percent. “By 2014, the platform had exponentially more volume,” he said. “That volume makes the platform more attractive to fraudsters, and helps them blend in with the crowd more.”
Sketchy projects and scams happen. In 2013, the “Montrex Watch Project” blew past its $7,000 goal, garnering a grand total of $60,000 from backers. Months after the watch was to be delivered in June of 2013, updates on the account stopped. No backer ever received a watch. (The project’s founder was also behind a project that claimed it could manufacture tourbillon watches for $250; hard to imagine, considering that currently a $15,000 tourbillon from Tag Heuer is considered “cheap.”) More recently, the campaign for the CST-01, “the world’s thinnest watch” created by a company called Central Standard Time, surpassed its $200,000 and raised over $1 million. After several setbacks in production, Central Standard Time declared bankruptcy early in early May, 2016, claiming only $30,000 in remaining assets and $891,563 in liabilities.