South-East Asia with its near 6 million population sure has the crowds on its side, and with places like Singapore comparable to any top business city in the world, it’s but a surprise that crowdfunding hasn’t seen more activity.
Singapore has seen considerable progress recently, and leads the crowdfunding market in South East Asia. In my short search I came across a handful Singapore-based crowdfunding platforms. They include:
Crowdonomic – Launched last Month, Crowdonomic is a donation-reward type of crowdfunding, a la Kickstarter. There still seems a long way to go going by crowdonomic’s current traction and as pointed by Asian web innovation site e27, ‘building a marketplace of startups and backers is not easy’.
ToGather.Asia – Startup by two National University of Singapore (NUS) Business school students and supported by Singapore’s YES! Start-up’s grant, this donation-reward crowdfunding site has some successful crowdfunded projects to its credit.
Cliquefund – The crowdfunding project describes itself as a’community patronage platform for startups’ where funders, or ‘patrons’ as they call it, receive coupons in return for the funding. These coupons can later be used for availing services, product purchases, events or even equity as told to the news site TechinAsia. It hopes to endure its community engagement beyond just the project funding.
There are others Singapore-based crowdfunding platforms mentioned on Quora – 8squirrels, Firecracker and Spark Facility. However none of these have seen any recent activity.
While crowdfunding’s here to stay, it’s still early days to predict which business model will be most effective in Singapore. Further Singapore with its congenial financial climate and investment opportunities as well as its high incomes, could become a hotbed for equity crowdfunded projects. It will be interesting to find out what local entrepreneurs have to say on crowdfunding. Watch this space to know more.