Do companies like Pebble that raise $ on Kickstarter treat the $ like debt. if they don't fulfill, TOS says they must refund...who enforces? Do people actually get paid back? What if startup craps out?

I keep hearing about hardware startups that raise on kickstarter and don't fulfill...feels too good to be true, like some kind of non-dilutive, no interest, no recourse startup capital... what's the deal?

someone pointed me to this blogpost on the subject: kickstarter.com

to me this reads as "not our problem"...which i think is true...it's not kickstarter's problem...but it's also not sustainable...

interested in how startups account for the capital on their books? is it a liability they have to disclose to their Bank? is it senior to equity in the cap table? should be... how do investor feel about that?

Good talk Jordan. See you out there

adding Anil because Moot thinks he'll write back :)