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Wednesday, August 31, 2016

Crowdfunding just got easier with Kickstarter’s Singapore launch

Crowdfunding just got easier with Kickstarter’s Singapore launch
Author: Tan KW | Publish date: Wed, 31 Aug 2016, 04:53 PM
By Michelle Zhu / | August 31, 2016 : 12:22 PM MYT

SINGAPORE (Aug 31): Kickstarter today announced the official launch of its services in Singapore and Hong Kong – which marks the Brooklyn-based company’s maiden foray into Asia. It was previously only available to creators based in 18 markets including the US, UK, Canada and New Zealand.

But that’s not to say that Singapore’s creators and collaborators will be getting their hands on the crowdfunding platform for the first time ever. In fact, residents of Singapore and Hong Kong have been an active part of the Kickstarter community for years; over 100,000 individuals from these countries have made more than 600,000 pledges to creative projects to date, says the company in a press release today.

AICO Technologies’ Smart Egg universal remote and Masquerada: Songs and Shadows, a role-playing game (RPG) by Witching Hour Studios, are some examples of locally-produced projects in Singapore that have been funded via Kickstarter means. To do so, however, meant that the creators had to set up companies or work with collaborators in countries and markets where Kickstarter is established, to launch funding campaigns for their projects.

With Kickstarter’s Asia launch, barriers to entry have been reduced. The process of funding and collaborating through the platform has now become accessible to anyone in Singapore and Hong Kong with a local bank account and a verified identification.

Kickstarter, an online funding community for creative projects, provides aspiring creators access to a network of backers who may choose to pledge money in support of their projects, and receive rewards in return.

Should a project succeed in achieving its funding goal set by the creator, all backers will be charged the pledged sum at the project’s campaign deadline. Conversely, should the total amount pledged fall short of the goal by the deadline, no money will change hands.

“Kickstarter has empowered millions of people to be part of the development and production of new creative works. As one of the most exciting regions for emerging creative culture and innovation, we’re thrilled to begin to support creators in Asia,” says the company’s CEO and co-founder, Yancey Strickler.

Bryan Ong, a local creator on Kickstarter who has been working on an automated indoor plant-watering system project, asserts that crowdfunding is an “excellent way for individuals and small teams to get their ideas out into the market”.

“I believe Kickstarter provides a solid platform for local innovators and artists to showcase their ideas on the international stage,” he adds.

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