The Reevo Hubless E-bike concept raised over six and a half million bucks from 2,769 backers on the crowd funding site Indiegogo. Close to three years later, the majority of those backers are still waiting for their Reevo and browsing the recent comment section reveals a growing frustration from those backers. What were they expecting?
INVESTING IN A CONCEPT BIKE
It is clear from the comments that many considered themselves customers, not investors. These folks were naive (showing a lack of experience, wisdom or judgment) when they plunked down the dough expecting to be riding this wonder bike by the Summer of 2021. Maybe they were taken advantage of by Reevo’s over-optimistic pitch, but Reevo probably didn’t think they were being over-optimistic at the time. And the company is starting to deliver the bike even if it is at more of trickle than a flood. I think these investors should be ecstatic that the bikes have begun to ship. I figured there was a good chance the bike would never reach production..
RIDING ON UNPROVEN TECHNOLOGY
When I first covered the Reevo, I recommended not investing. This bike features a substantial departure from bicycle wheel technology that affects other components (like brakes). I can’t think of one instance when, totally-new, untested-in-the-real-world bicycle technology wasn’t way better in its second generation (if the technology survived for a second-generation production). The Reevo’s kickstand and battery compartment have already been “updated” and this after delivering only a small number of promised bikes.
I am impressed that Reevo cared enough about their investors to go for UL 2849 certification. I also think that the company’s communication to investors has been good, but not great (where is a video of the production line?). Still, this company is way behind where they thought they’d be right now and I can sense the pressure growing on them. This is pressure that can lead to production mistakes.
BORING ADVICE
When pitched on a product that uses any wild departure from recognized, time-tested technology, be very wary. If it is from a company that hasn’t even made the product yet, be even more wary. Finally, understand that crowd-funding sites are high-risk investments, not purchases. They are not like Amazon or buying from your local bike shop!
If you want a bicycle to ride and enjoy right now, go to your local bike shop. If you want to invest in a promise of a future product, dump some dough (that you can afford to lose) into a crowd-source project and forget about it. If a product does show up, your investment paid off. Maybe.
Weird science: If you want to be the first on your block to a ride a bike without spokes, the Reevo is for you. Videos of the delivered units reveal an excessively noisy bike and very cramped rider ergonomics. The bike appears to fit “medium-sized” riders. I think tall riders will have the most problem finding a comfortable riding position.