LILY drone crashes and burns millions of dollars of pre-order cash.

Remember that video of a drone called Lily, which wooed the world with its amazing, almost too good to be true features such as being water proof, being able to follow one around, flight times of 20 minutes, take off and land from a hand etc. Well, the company just announced its quitting as it’s run out of money.

Not only that, it turns out the video above was mostly shot and filmed using a DJI Inspire drone and some GoPro cameras. What a con?

There were thousands of pre-orders and people handed over millions of dollars to the company in the hope to get one of these incredible drones, which just goes to show that pre-order purchasing (handing over your money with no guarantee of getting your purchase delivered) is as risky as these crowdfunding projects on Indigogo and Kickstarter.

Many a company has promised the world and then crashed and burned with folks hard earned money. Shame on them!