08/20/2012 10:24 am ET

Kickstarter Winners And Losers

Loomi's Kickstarter Page

FOUR YEARS AGO, Kickstarter was adorable. The site—which allows designers, independent artists, philanthropists and any netizen with a dream to solicit funding for projects large and small—was a promising novelty act. Ideas and money poured in. Journalists championed it. Was crowdfunding just crazy enough to work?

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