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Kickstarter finally launches in S’pore & Hong Kong

Project creators have less hassle raising funds in Singapore and Hong Kong dollars.

Belmont Lay | September 1, 2016 @ 04:01 am

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Kickstarter has finally launched in Singapore and Hong Kong on Aug. 31, 2016, giving anyone with a brilliant idea they want to bring to fruition a chance to raise the appropriate amounts of money to back that goal.

Not only that, Kickstarter’s launch will give makers in the two Asian countries the opportunity to raise funds from backers around the world in Singapore and Hong Kong dollars and use the two countries’ local banking and business details for their crowdfunding campaigns.

Previously, Kickstarter was available to project creators in 18 markets, such as the US and the UK, Australia, and several European countries.

This was a hurdle for companies from Singapore as they had to raise funds in those countries and in those specific currencies, while needing at least a legal presence, bank account and credit card in one of those countries.

Positive start

One reason for the warm reception is because backers pledge money to projects, but only have to pay up if the funding target is reached.

This makes the amount of financial backing a good indicator of how well-received and funded a project is to bring to fruition.

So far, within two days of Kickstarter’s launch, new projects in Singapore and Hong Kong are partially reaching crowdfunding goals on the site.

From Singapore, a 13-year-old inventor Dylan Soh and his father created the ultra-simple Grow It Yourself (GIY) Stick.

The device requires no apps or pumps, and simply uses recycled bottles and fabric to keep plants hydrated and healthy.

Some S$7,996 has been pledged by 232 backers in less than two days and his target is S$20,000 with 28 days of fundraising to go.

And not that Singaporeans’ enthusiasm for backing projects is not well-known.

To date, more than 100,000 people from Singapore and Hong Kong have made 600,000 pledges for projects over the last seven years.

The campaign for the Pebble 2 smartwatch set, which raised an astounding US$12.8 million, had almost 2,300 backers from Singapore — more than any other country in the world and ranks it the top seven country for that particular campaign.

 

Top photo via Kickstarter

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About Belmont Lay

Belmont can pronounce "tchotchke".

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