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The Boston Globe


Innovation Economy

Funding through KickStarter can be tricky

April 21 marked an amazing milestone for Jon Ramaci and his Cambridge start-up, iCache. He’d set out to raise $50,000 on the crowdfunding site Kickstarter for an iPhone ­accessory that would let users carry digital copies of all those credit, debit, and loyalty cards that jam their wallets, all secured by a fingerprint recognition system. But Ramaci blew past his initial goal, collecting $352,000 from more than 1,500 people eager to have one of the ­devices for their own. ICache promised to start delivering its accessory, the Geode, by June.

But by late fall, disappointed iCache backers were calling police detectives and the Internet Crime Complaint Center, and posting Ramaci’s last known address on the very same Web page where they had pre-ordered their $159 Geodes earlier in the year. Ramaci had left the company he founded, as had several other senior executives. Ramaci and iCache were being sued by the former president of iCache for nonpayment of salary and ­bonuses.

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