Seoul campaign funds small businesses with crowdfunding
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The Seoul Metropolitan Government and the Seoul Credit Guarantee Foundation ran a crowdfunding campaign, Botaem Sanghoe, that helped 100 small businesses in South Korea raise 850 million won ($632,000).
The campaign, which took place from August 3 to September 18 on the Wadiz platform, received approximately 15,000 pledges from backers. Fifty of the participating businesses were already receiving support through a city program designed to aid small entrepreneurs.
The Botaem Sanghoe campaign used a preorder system, allowing businesses to manufacture products only after receiving orders. This approach reduced the financial burden of production and minimized the risk of unsold inventory. It also enabled the vendors to assess customer interest and collect feedback before expanding into online sales. Around X, a fashion brand, secured the highest amount of funding with 126 million won ($93,800) for an alpaca coat.
The Seoul Metropolitan Government intends for the campaign to give small vendors practical experience with digital marketing and online commerce.
