Denver resident David Van Duzer has backed nine Kickstarter projects over the past two years.

Three have delivered the goods, and six have not, including one that’s probably “dead in the water.”

Not exactly the best batting average, but it is the nature of crowdfunding, where online donors pledge as little as $1 to help kick-start an artist or entrepreneur’s sometimes far-flung idea. In return, they get a virtual high-five and, in most cases, the promise of a record, an iPhone tripod mount or some other product the project creator hopes to invent.

“In general, the attitude many have for Kickstarter is that you’re not going to be overly disappointed,” said Van Duzer, who has dropped from $20 to $180 on projects.

But as crowdfunding surges and moves beyond early adopters, the stakes, the scrutiny and investor expectations are increasing.

Already, Kickstarter is no longer just about the indie-rock band looking for a few thousand bucks to help cut an album. Eleven projects have passed the million-dollar threshold, including a next-generation video-gaming console that raised $8.6 million from more than 63,000 backers.

Starting next year, the federal Jumpstart Our Business Startups Act, or JOBS Act, will allow companies to exchange equity, instead of just products and services, for crowdfunding investments.

“The question isn’t whether or not you’re able to raise millions fairly quickly,” said Lynn Turner, a former chief accountant for the U.S. Securities and Exchange Commission. “The question is what do investors get back for the money that they put in? If 12 or 24 months down the road, it turns out that those investments don’t pan out and people aren’t getting a decent return, it’ll result in crowdfunding getting shut down just like the penny-stock markets got shut down.”

On Kickstarter, the largest among dozens of crowdfunding sites, there is a growing stockpile of complaints from backers about failed, delayed or outright scammy projects.

“This is getting ridiculous,” an investor wrote this month on the Kickstarter page for a project pitching HD video recording glasses for Facebook that raised $343,000 from 2,106 backers in July 2011. “I either want my money back or two pairs of these glasses.”

Kickstarter doesn’t have an official refund policy, treating pledges as donations or investments rather than a sales transaction.

“Kickstarter does not investigate a project’s claims,” the company states. “The claims and responsibilities of every project are its creator’s. The community ultimately decides the validity and worthiness of a project by whether they decide to fund it.”

The company only vets projects to make sure they meet broad guidelines, such as having a “clear goal.” Once a project has been accepted, creators upload videos and photos about their idea, and set a fundraising goal and time frame — from one to 60 days.

Project creators pocket their pledged donations only if they reach the pre-established funding goal within the specified time frame. (If the goal isn’t met, the pledges are voided.)

Since Kickstarter’s launch in 2009, more than 28,000 projects have successfully funded and garnered $275 million.

The company doesn’t plan to venture into equity-based projects once they’re allowed under the JOBS Act, said spokesman Justin Kazmark.

Kickstarter takes a 5 percent cut of funded projects regardless of whether creators deliver on their promise to donors. Amazon.com’s payments subsidiary processes the credit-card transactions, collecting a fee of 3 to 5 percent.

“Kickstarter might do a better job of framing this as an adventure, not as ‘You’re pre-ordering the product,’ ” Van Duzer said. “It’s largely about expectations, and Kickstarter could do a better job of helping projects set those expectations.”

Investors have pledged $4.5 million to more than 1,000 Colorado-based projects. Of those, 440 successfully reached their funding goals. Creators and backers of some of those projects have found that the challenges don’t end there.

Denver-based TrekPak crushed its $15,000 target on the way to raising $43,215 in April to help produce a padded divider system that protects camera gear. The company promised backers shipment by July. That has since been moved back to September, at the earliest.

“We’ve been working through challenges in the manufacturing process with various components in our product,” said TrekPak president Georgia Hoyer. “As we’ve learned, there is a huge difference between creating a project that works that’s using materials from the craft store, and then starting to work with legitimate suppliers and industry manufacturers.”

The company has also decided to focus on starting a business rather than just creating a product. As such, it is currently in the process of seeking additional funding through a small-business loan or angel investors.

“We realized we had the potential to create something that was more of a long-standing business rather than just our garage project and getting our Kickstarter orders out the door,” Hoyer said. “For the past three months, we’ve been working to bring on a board of key advisers and people to help us lay down a really good proper business foundation.”

Boulder area resident David Barnett raised more than $18,000 from 520 backers for an iPhone 4 case that features expanding buttons. The cases were supposed to ship by March, but manufacturing issues have delayed delivery indefinitely.

Barnett initially planned to use the Kickstarter funds to pay for manufacturing tools. Instead, he poured much of it into cutting a licensing deal with Case-Mate, which later decided not to produce his case, leading to the delay.

Because he changed the scope of the project, the University of Colorado at Boulder philosophy professor said he felt an obligation to offer backers a refund, although it was a decision he wrestled with for weeks.

“I was conflicted because it sets a bad precedent,” Barnett said. “Some backers of projects have a misunderstanding that Kickstarter is just another store like an Amazon.com. That’s not what it is. It’s an opportunity for people to invest. When you make an investment, you take a risk.”

Barnett has issued 40 refunds via PayPal, ranging from $25 to $40. He has promised the remaining backers that their pledge will also be good for cases that will fit Apple’s next iPhone, which is expected to be released soon.

Some of Barnett’s backers are showing continued support despite the months-long delay.

“I’ll hang in there (with) you,” one wrote on Barnett’s Kickstarter page. “You’ve had a lot of obstacles to overcome & they take time to overcome. I’m pleased you want to do this project right & am confident your persistence will pay off.”

Andy Vuong : 303-954-1209 or fb.com/byandyvuong