Ah well, sometimes good ideas don't work out.

Canonical, maker of the popular free operating system Ubuntu, wanted to produce a smartphone to showcase what its forthcoming mobile OS can do.

So it launched an Indiegogo campaign asking backers to help make its project a reality. But this wasn't any ordinary campaign. Not only was Canonical attempting to generate $32 million in funding -- the largest crowdfunding goal ever -- it was asking everyone who actually wanted one to pony up $830 (it would later lower this price to $695).

The price matched the promise: Canonical wanted to produce the best phone on the market, a high-end device that could generate the same sort of consumer lust awarded the Apple (AAPL, Fortune 500) iPhone or Samsung Galaxy S 4.

It would have a processor faster than anything available right now. It would have a sapphire screen capable of withstanding extra abuse. And it would be able to function as a full Linux PC when connected to a keyboard and monitor, giving it functionality that most people see as a future innovation.

"Ultimately it would be a great way to bring attention to the fact that convergence is available today," said Canonical Vice President Victor Palau.

But it wasn't to be: The campaign ended up missing its mark by quite a lot on Wednesday, generating only $12.8 million -- still the most amount of money ever raised by a crowdfunding platform.