I'm currently doing a hardware start-up. I totally agree with the crowdfunding strategy, especially if the technology has a mobile angle.
The problem we have is IP... IP management is such a burden for a small start-up. I'm working with a University technology office. While they are great people (really), it still adds a layer of complexity to an already tough situation (IMO, start-ups do not benefit from having more people at the table). Add in lawyers, and it becomes an order of magnitude more expensive than your typical software start-up. And the IP you get from a University is so raw... the cost to develop it into a consumer ready product can be immense.
The problem we have is IP... IP management is such a burden for a small start-up. I'm working with a University technology office. While they are great people (really), it still adds a layer of complexity to an already tough situation (IMO, start-ups do not benefit from having more people at the table). Add in lawyers, and it becomes an order of magnitude more expensive than your typical software start-up. And the IP you get from a University is so raw... the cost to develop it into a consumer ready product can be immense.
On the other hand, it has been an education.