‘2024 Startup Platform – WadizInitiative
Functioning as a 'specialized platform' to help innovative small business owners succeed
Following positive response to 'pre-distribution' through test sales before initial distribution
Ministry of SMEs and Startups also takes notice… Connecting investments toWadiz -selected startups
Instead of adding a spoonful or two (financial investment) to rice that's already cooked, what if we helped it become nutritious mixed-grain rice (startup support) and even verified whether it actually tastes good (market viability)? If that delicious nutritious rice gains popularity, it's a bonus that follow-up investments can then lead to not just one or two spoonfuls, but ten bowls, a hundred bowls of rice.
The crowdfunding platform Wadiz(CEO Shin Hye-seong), which prides itself on being the "number one startup hub," operates through a simplified process as follows.
Small business owners with innovative ideas most want to secure initial funding for product realization and know whether their product will sell well in the market. Wadizthe platform that solves both these needs at once. You can see at a glance the level of public support through the funding amount raised compared to the target goal.
Wadiz Homepage Screenshot
On Wadiz, you'll find projects ranging from hundreds of thousands to hundreds of millions of won. One project stands out, having surpassed its funding goal by a staggering 26,600%. You might think this indicates a project worth tens or hundreds of billions, but the actual amount raised is only around 100 million won. It truly is a platform used by small business owners.
The small business owner mentioned earlier has thoroughly verified the marketability of their product and can either raise the package price, currently in the tens of thousands of won range, or diversify the product lineup based on public response. Even a quick glance shows Wadizhosts numerous such projects. Wadizenvisions an ecosystem where small business owners secure early supporters who recognize the maker's potential as initial fans, using this as a springboard to develop their products further.
One business that actually launched an encore funding campaign has achieved results exceeding 79,500% of its funding goal. The total amount raised is nearing 400 million won. Over 200 supporters, as if discovering a pearl in the mud, are signing petitions to show their support for this maker.
Wadiz Introduction Materials Collection
Shin Hye-sung, CEO of Wadiz, explains the funding platform's strengths in terms of 'discovering small brands' as follows.
Wadiz is leading the industry with a new business model that goes beyond domestic reward-based funding, supporting the discovery, cultivation, and subsequent distribution of small brands. If a project receives a positive response from users through 'funding' Wadiz, it can generate sustained sales on Wadiz. Wadizis actively collaborating with online and offline distribution channels, including live commerce and TV home shopping, to expand sales channels for small brands. We provide makers who started Wadizwith opportunities to continuously sell their products and services and grow, focusing our efforts on cultivating small yet strong unique brands and pioneering new sales avenues."
The Ministry of SMEs and Startups (MSS) also took note of Wadizrole as a startup platform.
Wadizis currently partnering with the Ministry of SMEs and Startups to support the cultivation of 'Licon' businesses. Licon is a neologism combining 'life' and 'local' with 'unicorn,' referring to entrepreneurial small business owners driving manufacturing-based service innovation in lifestyle and cultural sectors such as food, clothing, and shelter.
In 2023, Wadiz, a subsidiary Wadiz, successfully connected 14 startups it selected to the Ministry of SMEs and Startups' private investment-linked matching loan (LIPS) program, cementing its reputation as a leading discoverer of small brands. Wadizinvestment and incubation programWadiz ', which also provides direct investment to promising brands, enables participants to explore sales channels through offline exhibition halls and receive support for entering overseas markets. Based on its unique and differentiated One & Only strategy, Wadiz actively supports the overseas expansion of promising domestic startups through collaborations with Japan's largest crowdfunding platform 'Makuake' and Taiwan's 'Zec Jack', accelerating its global business initiatives.
(Original: 20,000% hit? It's not just someone else's story... Try 'pre-release distribution'Wadiz)
