I agree with you 100%.
I have read the ( Reason why 84% of Kickstarter projects are late ).
I think there is something wrong with this vision, you don't ask for money in order to start a project, money should be asked only once you have done all the leg work, testing, and prototyping, etc.
When I was in banking, a line of credit would be extended only after the company had been in operation for 6 months, and shipping and receivables generated,
What WigWag is doing does not inspire confidence, after all the company is LLC, it could flop tomorrow and all the backers would loose their money, I'm not sure it the CEO, Pres. and VP's have any money of their own invested in this project.
Hey maybe I'm wrong and the American institutions work differently,
But if this is the concept that works for you guys, I have a great idea I should pitch, I will make a fantastic presentation, and take it from there. If someone gave me between $ 500 K to $ 1000 K I would have a product out in 30 days.