There have been several attempts to set up a successful crowdfunding platform in Singapore. We’ve seen Togather.Asia and most recently Crowdonomic. While we have yet to see both platforms take off, things seem to be working out well for the crowdfunding scene in Taiwan. ZecZec, one of the largest crowdfunding websites in Taiwan, is seeing increasing activities on their platform.
Founded in July 2011, ZecZec has successfully launched more than 30 crowdfunded campaigns and helped make dreams come true. The average fund that a campaign can raise is NTD100,000 (about US$3,500). Its most popular campaign ran by Mr Candle, received more than NTD400,000 (about US$13,500) in backing from crowdfunders. While any creative campaigns are generally accepted on ZecZec, the team shared with e27 that design, performance and art related projects are the most popular categories on their crowdfunding platform.
Crowdfunding is not just a business model revolution. It is a social revolution.
ZecZec is founded by Quake Hsu, alongside teammates Wayne Lin, Chiou Mu-An, Chu Chienchien, Liu Chia-wen, as well as Su Shih-Wen. When asked what makes crowdfunding works in Taiwan, Wayne told us that the key is the people.
“Taiwanese are kind, gentle, and are used to helping each other. It’s a common thing for Taiwanese to help their friends, to gather and pool our resources together. We have had this culture since 30 years ago, and we are still seeing that on our island right now. Also, I think that the people in Taiwan are really looking for opportunities to change. Things are not that optimistic in Taiwan right now, as the economy and various social issues are pushing us to our limits. I think the idea of crowdfunding fits in well to provide an avenue for anyone to be part of a change in just a simple one click.
This is not just a business model revolution, it is a social revolution.”
Is Steve Wozniak right about the state of creativity in Singapore?
Does this mean that for Singapore, we do not have enough people helping each other inch closer to their dreams? Or perhaps that there are not enough creative projects emerging from Singapore? Or is it the case where these projects and gems are not being discovered? A little more than a year ago, Apple’s cofounder Steve Wozniak shared in an interview with BBC that the “creative elements” in society seem to have disappeared in Singapore, simply because non conformity results in repercussions? Is Steve right?
Taiwan is a great place for trial and errors
Creativity aside, we also asked Wayne his thoughts on being a startup based in Taiwan. Wayne shared that the best thing for a Taiwan entrepreneur is the speed for market hypothesis testing.
“Taiwanese are really willing to try out new things, for any innovative entrepreneurs, you can find out whether your idea is worthy or not in a very short span of time. So I think Taiwan is the place for trial and error. On the other hand, I think it is tough (for Taiwan startups) to get any attention from the rest of world, and that’s the biggest challenge for this island. Of course, we are seeing the situation improve: There are more VCs from Japan and Silicon Valley who are investing in Taiwanese startups, which is a great thing for us.”