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Kickstarter-type crowdfunding in Singapore

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jpatokal
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Kickstarter-type crowdfunding in Singapore

Postby jpatokal » Tue, 09 Sep 2014 10:04 pm

Greetings,

I'm fairly seriously considering using Kickstarter-type crowdfunding for a project in Singapore. This would be for a highly technical product for a specialized audience, the goal being to get enough customers to commit to make it worth my while to build this. I already have a long list of leads (all around the world) and will be doing my own marketing, so basically all I need is a reliable escrow service that will collect people's deposits and send them to me if the goal is reached, or refund if not.

Kickstarter itself doesn't support Singapore, so that's a non-starter. Of the second tier players, only Indiegogo and Pozible appear to.

There's apparently also a gaggle of in-Singapore crowdfunding sites, most of which look dodgy as hell. Starhub's Crowdtivate looks the least likely to abscond to Pattaya with my money, but they only price in SGD, they only pay out to PayPal, and there's a typically Singaporean totally opaque review process; about the only thing going for them is some vague promises about potential equity investment by Starhub's venture arm.

Anything/anybody else I'm missing? Thoughts welcome :cool:
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Strong Eagle
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Postby Strong Eagle » Tue, 09 Sep 2014 11:07 pm

If it's Hello Kitty related, you'll be funded in no time.

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Postby Akimbo » Wed, 10 Sep 2014 8:09 am

Kickstarter is not being supported in Singapore?

So what about these?

https://www.kickstarter.com/discover/pl ... ngapore-sg

They seemed to have been funded nicely.
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Postby jasonch » Wed, 10 Sep 2014 5:46 pm

Does it actually work? I mean this crowd funding thing for asian community.
I make mobile apps.
http://www.marduksoft.com

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Postby jpatokal » Wed, 10 Sep 2014 9:01 pm

Akimbo wrote:Kickstarter is not being supported in Singapore?

So what about these?

https://www.kickstarter.com/discover/pl ... ngapore-sg

They seemed to have been funded nicely.


Per Kickstarter's FAQ, "project creation is currently available to individuals in the US, UK, Canada, Australia, New Zealand and the Netherlands who meet the requirements below."

So I presume the Singaporean projects are channeling their money through someone who qualifies. I could in theory do this as well, but I'd rather not deal with the potential hassle (money laundering! taxes!) and certain expense of forwarding a 5-to-6 figure sum of money through my personal Oz bank account. :?

And regrettably, the deal has nothing to do with Hello Kitty, although maybe the rather dry aviation data in question would sell better if I signed a licensing deal with Sanrio and offered the CSVs in pink, purple and glitter...
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zzm9980
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Postby zzm9980 » Wed, 10 Sep 2014 10:51 pm

I noticed all of the Singapore projects on Kickstarted are in USD or AUD. My guess is that you have to use a bank in one of those countries.

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Postby jasonch » Wed, 10 Sep 2014 11:56 pm

zzm9980 wrote:I noticed all of the Singapore projects on Kickstarted are in USD or AUD. My guess is that you have to use a bank in one of those countries.



This would be an opportunity for a Singapore software company to actually develop a site similar to kickstarter for Singaporean entrepreneurs.


But nobody knows how well accepted such a concept would be in this part of the world.

I have to assume that many won't want to part with their money without some immediate payback in the short term or something.

Different culture/mentality.
I make mobile apps.

http://www.marduksoft.com

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Postby sundaymorningstaple » Thu, 11 Sep 2014 12:09 am

My neice, Michaela Therese, is crowdsourcing funds for her current full length album currently under production using the local crowdsourcing medium indiegogo.

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Postby zzm9980 » Thu, 11 Sep 2014 12:32 am

jasonch wrote:
zzm9980 wrote:I noticed all of the Singapore projects on Kickstarted are in USD or AUD. My guess is that you have to use a bank in one of those countries.



This would be an opportunity for a Singapore software company to actually develop a site similar to kickstarter for Singaporean entrepreneurs.


The market is too small and the target demographic too frugal IMO.

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Postby Strong Eagle » Thu, 11 Sep 2014 12:52 am

zzm9980 wrote:
jasonch wrote:
zzm9980 wrote:I noticed all of the Singapore projects on Kickstarted are in USD or AUD. My guess is that you have to use a bank in one of those countries.



This would be an opportunity for a Singapore software company to actually develop a site similar to kickstarter for Singaporean entrepreneurs.


The market is too small and the target demographic too frugal IMO.


"too frugal" = "risk averse"... unless it's betting on Toto or 4D.

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Re: Kickstarter-type crowdfunding in Singapore

Postby taxico » Thu, 11 Sep 2014 1:17 pm

jpatokal wrote:I'm fairly seriously considering using Kickstarter-type crowdfunding for a project in Singapore. This would be for a highly technical product for a specialized audience, the goal being to get enough customers to commit to make it worth my while to build this. I already have a long list of leads (all around the world) and will be doing my own marketing, so basically all I need is a reliable escrow service that will collect people's deposits and send them to me if the goal is reached, or refund if not...

...Anything/anybody else I'm missing? Thoughts welcome :cool:


protect your IP!

http://www.forbes.com/sites/maryjuetten ... -attorney/

"Having that initial discussion about your IP can mean the difference between whether or not your fundraising is successful, and can also impact the value of your company from day one. Michael’s answers above (in the Forbes article) apply to all fundraising, but again, IP should be identified and protected prior to any public fundraising."
Aut viam ad caelum inveniam aut faciam

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Postby jpatokal » Sun, 14 Sep 2014 8:34 pm

jasonch wrote:This would be an opportunity for a Singapore software company to actually develop a site similar to kickstarter for Singaporean entrepreneurs.

At least four have already been launched: 8squirrels, Togather.asia, Firecracker and Spark Facility. All have died a quick death.

To reiterate, though, I have no specific interest in the Singapore market, I'm just interested in gathering funding for a company that happens to be based in Singapore.

@taxico, am I missing something, or is there any content in that thinly disguised promotional article beyond "you'll need to tell people what you're doing if you're going to crowdfund"? :o
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Abel Ang
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Postby Abel Ang » Tue, 30 Sep 2014 12:03 am

I am currently in the midst of my own Kickstarter project.
The real work is getting word out there to your project. I feel this is as important as the project itself.

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zzm9980
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Postby zzm9980 » Tue, 30 Sep 2014 12:36 am

Abel Ang wrote:I am currently in the midst of my own Kickstarter project.
The real work is getting word out there to your project. I feel this is as important as the project itself.


Which is why you're posting in the forums with it prominently in the sig? :) Completely allowed of course.

I like the idea of your project. It's just that... I like it so much I already took part in and bought the previous nearly identical project.

BladeKey:
https://www.kickstarter.com/projects/bl ... -organizer

Not sure how yours is different, but wish you the best of luck.

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Postby Abel Ang » Tue, 30 Sep 2014 12:43 am

zzm9980 wrote:Which is why you're posting in the forums with it prominently in the sig? :) Completely allowed of course.

I like the idea of your project. It's just that... I like it so much I already took part in and bought the previous nearly identical project.

BladeKey:
https://www.kickstarter.com/projects/bl ... -organizer

Not sure how yours is different, but wish you the best of luck.


I am hustling to get eyeballs for my Kickstarter project, yes. :D
There are a few differences. The Keystone is scalable to 20 keys. The use of spacers allows your keys to swivel out easily.
If you are happy with your key holder already then I am happy to talk about other aspects of the Kickstarter. I am learning as I go too.


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