Great idea, instantly reminded me of 'Lose It or Lose It' which is the same concept but for weight loss (loseitorloseit.com). Putting money on the line is always a great motivator.
Whenever you get some completed projects it would be cool if there was a gallery to check them out.
Even more interesting would be to have a gallery of all pledged projects. That would be interesting alternative to Betalist/Betabait - filtering the startups who are far enough with progress to bet own cash on launch.
Whenever you get some completed projects it would be cool if there was a gallery to check them out.