Yes - but it doesn't work for hardware. It leads to projects failing to deliver on their expectations. Failures hurt the Kickstarter brand. They know that. Which is why they're moving away from hardware.

The "kickstart" part is what's missing with the selfstarter approach. We're funded so we didn't have this problem.

Maybe a new model could be a hybrid of incubator and crowdfunding. You apply with an idea. The incubator provides some up-front capital to get you started. They have expertise in hardware mentoring. Logistics, manufacturing, customer support, IP, warranties etc.

The incubator could build a brand and network of supporters, but be purely focused on cultivating innovative consumer product ideas and getting them to market.