By Damon Poeter, April 24, 2014 06:23pm EST
Western-based crowdfunding sites like Kickstarter and Indiegogo now have company in the race to bring great ideas to market.
Kickstarter and Indiegogo have company. Pozible is a competing crowdfunding platform, but with a twist—the site targets projects and startups originating with Chinese innovators.
Western-based crowdfunding sites have been a fantastic means for bringing strong ideas to market at a pace unimaginable just a few years ago, with examples ranging from the Pebble smartwatch to the Veronica Mars feature film. But Pozible co-founder and director Rick Chen thinks projects emerging from China represent a vast, untapped market for investors looking for ideas worth backing.
“Most of the world equates China with mass-produced, cheap products, missing out on the amazing innovations and maker movements that are being generated from there,” Chen, who is based in Australia, said after setting up a new Pozible office in Shanghai.
The crowdfunding site this week reported that one of its very first crowdfunding campaigns for a China-based project, the Gyenno One fitness wristband, smashed its funding target within minutes of going live.
Within 25 minutes of launching their Pozible campaign, the Gyenno One creators were “halfway to selling out of their current stock” and by 2 p.m. local time on Thursday had raised 46 times their funding target, the crowdfunding site said.
“Just after midday on Wednesday, the campaign for the stylish and affordable new wristband Gyenno One was launched. Within a minute it had reached its campaign target of 10,000 Chinese yuan and for several minutes, every time the page was refreshed, the number of pledges doubled,” Chen said.
The Gyenno One is just one of several China-originating projects now in the pipeline for Pozible funding campaigns, he said.
“Over the next few months we look forward to hosting another seven to 10 campaigns, including an app that turns your smartphone into a wireless remote control, a smartwatch that helps health care providers monitor the vital signs of elderly or unwell patients, and various events and fashion projects,” Chen said.
By connecting project backers from around the world with Chinese innovators, Pozible is “effectively bridging the gap between the western world and the Chinese market,” he said.
Pozible is hoping to tap into its largest market for ideas yet with the expansion into China, but the site already has a presence in other, smaller Asian markets like Malaysia and Singapore.