Kickstarter Announces Entry Into Asia Through Singapore & Hong Kong

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Kickstarter, the world’s most famous crowdfunding platform is making its first entry in Asia through Singapore and Hong Kong, reports Tech In Asia.

“There’s already a large, supportive community of Kickstarter backers in Singapore and Hong Kong — people who have been supporting the creative ideas of others for years,” says Julie Wood, director of global communications for Kickstarter.

It’s true that Singaporeans are already passionate about the platform.

The campaign for the Pebble 2 smartwatch set, which netted a massive $12.8 million, had almost 2,300 backers from Singapore.

Every Singaporean project to date has had to clear some serious hurdles to make it onto the platform. Kickstarter is currently available to project creators in 18 markets, including the US and the UK, Australia, and scattered European countries.

This means that companies from Singapore previously needed at least a legal presence, bank account, and credit card in one of those countries and raise funds in those specific currencies.

Challenges for Kickstarter in Asia

It is difficult to get on the platform. For a company outside of the Kickstarter countries, one would have to set up an entity in the UK, for example, deal with tax regulations and find a local representative. Not having to deal with these additional burdens could be good for local companies, as is the opportunity to raise funds in their own currency.

An important fact about Kickstarter is the fact that most people are concerned with joining it. But there should be more information regarding community building and education, rather than just access.

Many global companies have used Singapore as an eventual gateway into other Asian countries. However, no official statement has been announced regarding Kickstarter’s expansion plans. A regional expansion would mean that more projects would be funded locally, without having to deal with regulations from the other side of the world.

A version of this appeared in Tech In Asia on July 28. Read the full version here.