Hi - I think there are a number of issues with this piece, so while it may have some general value, the Spartan Games closure has some specific reasons that may have come to light after you wrote this.
So to set the scene, Spartan have been around since 2002. In this instance there have been two key contributory factors to the closure, firstly, that the printer they relied on, (who had been around for 200 years) collapsed suddenly, (In June I believe), secondly, one of the principals had a significant health problem.
Spartan was not a one man band part-time operation, it was a professional games company and held the Halo license. Whether the cost of this (which I assume was substantial), impacted on their financial viability, I couldn't say.
Finally, I take a very different view of Kickstarters. I believe these are not necessarily an indicator of a companies financial health or viability. I tend to think of them as being like the Eureka Miniatures 300 club, a way for established companies to fund an expansion of their range at the same time as testing demand. Having said that, I would be reluctant to buy into a wholly new company, with overly generous targets and no track record.
I've bought into 4 KS, and all were by reputable companies who needed some guarantee that the figures/games they were contemplating bringing to market would sell in sufficient numbers to justify the investment. All of them have delivered.