The problem with the current crowdfunding platforms are not in the difficulty of getting enough funding, but in the entrepreneurs' frequent failure(or unwillingness) to deliver the products.

When you back a CF campaign, one of these events is likely to happen;

1. The product releases months, or years behind its original schedule
2. The business goes bankrupt due to poor management, and your product(and your promised reward) vanishes
3. The business launches to public and yet, you don't receive your reward until months after the product was already available for purchase in public
4. The campaign is fraudulent and never had the intention of delivering its product (because they are not obligated to deliver)

The crowdfunding platforms are turning blind eyes on these issues because they still keep their part of the campaign money. But for the concept of crowdfunding to stay credible, the delivery process of the campaigns need to be somewhat regulated.