Likening Kickstarter to an investment has always concerned me. Investment implies a return if the idea is successful and (as you can see from Oculus Rift) early kickstarter backers didn't get any of the very large payout that Oculus got when the were bought by Facebook.

We're starting to see that idea come about with platforms like https://www.seedrs.com/ where if it goes swimingly the backers do well out of it, which kind of offsets the risk.

I think the problem with standard crowd-funding is the people doing the project obviously have an interest in downplaying the risks, and the platform does too, so with no regulation that's exactly what'll happen, and then we get a lot of very late, underdelivering projects which will sour people on the whole concept.