These days I almost never back first-time campaign creators, though I will eagerly back campaigns by creators with a proven KS track record (rarely on IGG or other platforms, but sometimes there too).
The bottom line is to ALWAYS do "due diligence" research, and to NEVER take any campaign at face value.
So many "bad" campaigns have such perfect marketing that you want to believe in them, like a miniature religious experience. The first job of a responsible investor is to kill all the feels and get real.
Case in point: WW really nailed several key HA issues, and the engineer in me was thrilled beyond measure. Had I only dug deeper at the time, I would have found zero evidence that they had any prayer of getting SEVEN products in to production simultaneously!
Lesson #1: Avoid multi-product campaigns. They multiply the risk not linearly, but exponentially. No matter how good the products and the team, expect failure when doing more than one thing at a time.
Crowdfunding is NOT shopping! It is an INVESTMENT with RISKS! Most backers are so clueless about this fundamental fact that they absolutely deserve every bit of grief their ignorance gets them.
It took a couple bad campaigns for me to apply the same reasoning I use in the rest of my life to crowdfunding. I'd say my learning curve has cost me about US$600, which I have nearly made back from the successful campaigns I've backed that delivered real value.
I backed another campaign for smart LED light bulbs, something that looked very low-risk. A little more digging would have shown they were basically doing tweaks to an existing bulb (much like the WW Filament). Their Chinese OEM took all their money and delivered little of use, because the creators were clueless about how to properly do OEM business.
Lesson #2: Look for clones and near-clones of existing Chinese products. Alibaba is your friend!
Most importantly, I now treat my crowdfunding money like entertainment money, not shopping money. When I go to Las Vegas, I always start with a fixed budget, and I always hope to return a winner, but I'm also satisfied if I have a great time and come back broke.
Once in a while I will back a loser-but-almost-great campaign, mainly to see if I can help it get on track. Or I toss a few bucks toward a campaign that makes something I don't want, but where I like the idea and the approach.
Between using my business brain and choosing to have fun, I find I'm actually backing more campaigns than ever, but they tend to be smaller ones.
I've decided that only LOW RISK campaigns by proven teams will ever see more than $100 from me. These are the campaigns I most like to find, the ones that make me wish I had come up with the idea and the plan!