KOTRA Hosts Online Consultation for Crowdfunding

[Asia Economy Reporter Suyeon Woo] KOTRA announced on the 26th that it held an online consultation meeting for startups struggling to enter overseas markets due to the novel coronavirus disease (COVID-19) by supporting their entry into crowdfunding platforms.

KOTRA supported entry into overseas platforms such as the US-based Indiegogo, Japan's Makuake, and China's JD.com in two sessions held on the 16th-17th and 23rd-24th, and an online consultation meeting for entry into Taiwan's Zeczec crowdfunding platform will be held on the 28th-29th.

Over the past three years, 27 domestic startups have succeeded in reward-based crowdfunding worth approximately 1.38 billion KRW through KOTRA's crowdfunding consultation meetings. This amounts to about 51 million KRW per company, far exceeding the average amount of domestic reward-based crowdfunding.

The successfully funded products vary from small IT devices equipped with innovative technology to creative household items. Unique products include AI robots for pets, smart electronic whiteboards, smart hangers, and bone conduction sunglasses.

KOTRA held an online consultation meeting for startups struggling to enter overseas markets due to COVID-19 by joining a crowdfunding platform. Domestic participating companies are conducting business consultations online with overseas representatives. Photo by KOTRA

Reward-based crowdfunding is a primary method for startups to verify product marketability and consumer response. Overseas distributors also pay close attention to products that succeed in crowdfunding, increasing the likelihood of securing major business partners after the funding ends.

Enzo Enju, Sales Director of Indiegogo USA, who participated in the consultation meeting, advised, "To succeed in crowdfunding, it is important to build a community through a data-driven approach and to identify demand creation factors before product launch."

Yongtaek Son, Executive Director of Olive Healthcare, said, "After succeeding in Indiegogo crowdfunding last year, we plan to actively enter the Japanese market through consultations with Makuake this year," adding, "We are efficiently responding to COVID-19 by utilizing online consultation meetings."

This content was produced with the assistance of AI translation services.