What is your refund policy post the Indiegogo campaign?
First off, we want to thank you for your support and belief in what we are trying to accomplish. It means the world to us. Before getting into the refund policy, we wanted to take a second to explain the background on crowdfunding sites like IndieGoGo, who we used for our campaign.
Crowdfunding sites were developed to allow people to support projects they are passionate about early in the process, often in exchange for wonderful perks, such as free or greatly discounted products. This initial capital is vital for an early stage company as it provides the funds needed to greatly accelerate development and production.
Because of the importance and use of these early funds, crowdfunding sites, like IndieGoGo, do not process refunds after a campaign has ended. The reasoning is simple - if refunds were allowed they could literally bankrupt an early stage company, which would not only result in the individual requesting the refund from potentially not getting their refund, but everyone losing their contribution and products.
Ping is a prime example of this. To build a complicated hardware device, such as Ping, we need to invest early on in engineers, tooling, components, certification, etc. This literally costs hundreds of thousands of our supported funds. If there was a run on refund requests, there is no way we would be able to process them as these funds have already been allocated, which would result in us having to liquidate whatever we could and file for bankruptcy - obviously not a pleasant situation for anyone, especially our supporters waiting on product.
Again, we truly appreciate your understanding and support in this matter. We thank you not only from the Ping team but from the thousands of other supporters who have contributed to making Ping a reality.