Seoul-backed crowdfunding campaign raises $632,000 for small businesses
About 100 small businesses in Seoul have raised a combined 850 million won ($632,000) through a city-backed crowdfunding campaign, helping local entrepreneurs bring their products directly to online consumers, the Seoul Metropolitan Government said Wednesday. The campaign, called Botaem Sanghoe — which translates to "Helping Hand Shop" — attracted around 15,000 backer pledges. Organized alongside…
Seoul-backed crowdfunding campaign raises $632,000 for small businesses
Approximately 100 small businesses in Seoul have collectively raised 850 million won ($632,000) through a city-backed crowdfunding campaign, according to the Seoul Metropolitan Government. The initiative, known as Botaem Sanghoe, meaning "Helping Hand Shop," garnered around 15,000 pledges from backers. Collaborating with the Seoul Credit Guarantee Foundation, the campaign ran from August 3 to September 18 on Wadiz, Korea's leading reward-based crowdfunding platform.
This endeavor provided small vendors with valuable insights into digital marketing and online sales. Among the participants were 50 companies from the city's comprehensive support program for small businesses. The campaign employed a preorder model, where products are produced solely upon customer orders, thereby minimizing upfront production costs and inventory risk.
This approach also enabled businesses to assess demand and gather customer feedback before expanding into new online markets. The alpaca coat produced by fashion brand Around X emerged as the most successful product, raising approximately 126 million won ($93,800).
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