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…
A Seoul-backed crowdfunding campaign has successfully raised $632,000 for 100 small businesses in the city, according to the Seoul Metropolitan Government. The initiative, named Botaem Sanghoe, aimed to help local entrepreneurs reach online consumers directly. The campaign ran from August 3 to September 18 on Korea's leading reward-based crowdfunding platform, Wadiz.
Over 15,000 people pledged their support to the cause. The campaign not only provided these small vendors with experience in digital marketing and online sales but also utilized a preorder model. This approach allowed businesses to produce products only after receiving orders, thereby reducing upfront production costs and inventory risk.
Additionally, it enabled them to test market demand and gather customer feedback before expanding into new online markets. Among all the products, an alpaca coat by the fashion brand Around X garnered the most funding, raising approximately $93,800.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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