Here is the direct explanation from the website.
What is Kickstarter?Kickstarter is a new way to fund creative projects.
We believe that:
• A good idea, communicated well, can spread fast and wide.
• A large group of people can be a tremendous source of money and encouragement.
Kickstarter is powered by a unique all-or-nothing funding method where projects must be fully-funded or no money changes hands.
Take a look at Kickstarter and then at the link below. This simple project has me up at night thinking about all the amazing possibilities. This watch serves as an extension of your phone. I know I can't really explain it so just watch the video.