Gamasutra - Black Isle is a great case study in how to NOT crowdfund your game.
Even if you decide to look past all of this shadiness, it's pretty impossible not to raise a critical eyelid at the crowdfunding scheme itself.

Where it has become common practice to offer backer rewards for those putting funding toward your game, Black Isle has decided this isn't necessary. If you pledge $10, you'll be granted access to a special Black Isle forum. If you put down $20, they'll even let you post on the forum.

There is no way to receive a copy of the game by pledging -- even if you decide to put down $10,000 -- because the money isn't actually going towards a game at all. In fact, the money will be used to build a prototype, which Black Isle will then show to investors in the hope of gathering up moolah elsewhere.