(For context: I use Freestyle Libre “pods” which I get from Sweden but since I am not based there, I cannot use their official LibreLink app. I have however found a non-Abbott open-source app that works exactly the same way and only uses my phone as well, without a reader.)
I disagree with Brian’s assessment of the novelty of the product: the currently available apps that work from a smartphone are great, but they do NOT scan automatically, which is what this proposed device+app offers. Neither do they allow the setting of thresholds. The combination of these two new functions take the FreestyleLibre in the direction of a CGM (and not a flash GM, which is what it is at present). I think this was inevitable anyway if Abbott wanted its fantastic product to catch on and expand its market.
On the other hand, whether this particular developer is best positioned to offer the new features is not clear. The strange-seeming incentives scheme isn’t completely crazy: many hopefuls try to attract as large a number of supporters as possible, even at the lower amounts, so I can see this being a strategic choice (even if not everyone would agree it is a smart strategic choice.)
I have contributed to crowd-funding campaigns for various things before and I personally want more information about the background, the company and its expertise, as well as about the product. How much are they planning to sell it for? What type of charging will it require? How will it impact the smartphone battery? Maybe even a photo of what the prototype looks like on top of the FreestyleLibre transmitter. They do give the dimensions, but the exact design and fit are still important (in the promotional animation it looks square). They also say it is not going to be waterproof, so how easy will it be to remove and reapply?
So “Run away. Fast.” is not my immediate conclusion (I would reserve that advice for things that seem like scams and I don’t believe this is). But whether one chooses to contribute to a project that seems somewhat amateurish then becomes a choice of whether you want to support an otherwise good idea and help the team behind it develop their business acumen even if you don’t get an immediate payoff. For some that might be worthwhile and for others not.