Starting a business in the present world is comparatively a lot easier than it was decades before. One of the most crucial factors is none other than funding. There are a few ways to secure funding: tapping on your own savings, borrowing from friends and families, taking a loan from the bank, finding investors, and recently with rising popularity, crowdfunding.
Crowdfunding is an emerging financing method that leverages on crowdsourcing to raise funds from a large number of people via the Internet. Over the years, crowdfunding sites like Kickstarter and Indiegogo have surfaced, lending a hand to young startups and bringing ideas to life.
Below is a list of five Singapore startups that began with crowdfunding.
BOW is best known for their Quiver bag, which is “an all-in-one solution for your sports and travel needs.” Launched in May 2017 on Kickstarter, Quiver had garnered 592 backers, who pledged more than S$60,000, making the project a great success. But BOW did not stop there. They later went on to release the improved Quiver X in November 2018 and the Anchor T-shirt in July 2020.
INGUZ started off with an out-of-the-ordinary everyday carry backpack on Kickstarter in June 2017. Even though the funding was unsuccessful, they did not give up hope. Instead, they modified their approach and came up with SK-1910, a versatile carry that can be used as a sling bag, a waist pouch or even as an attachment. It also comes with an optional Velcro patch panel, where you can customise the look with Velcro accessories.
Mitch Mason specialises in vintage-designed watches imbued with contemporary purpose. They aim to bring “timeless and enduring timepieces to your wrist.” Launched in September 2020 on Kickstarter, the automatic field watch Mitch Mason Chronicle was 100% funded in merely five minutes! Mitch Mason’s attention to detail is perhaps what makes the “daily beater” so attractive.
Voila Concepts presents “the world’s best constructible everyday bag” for the ladies. From the handles to the flap to the expansion to the front and back pieces, there is nothing you cannot customise with the NIO and NIQ bags! Although their project was launched in May 2019 and subsequently cancelled, Voila Concepts is soaring to greater heights and had even appeared on New York Fashion Week 2020.
The What Brand creates products that “marry diversity and simplicity.” Launched in November 2020, their first project on Kickstarter features What Pack. Although the project is currently cancelled and scheduled for a re-launch, the bag with multiple faces that lets you switch the front piece based on your needs — casual, work, active, travel — is one to look out for in 2021.
Having seen five Singapore startups that began from crowdfunding, which ones do you know or have supported? If you are looking forward to What Pack’s Kickstarter re-launch, get your first-hand updates by signing up for our mailing list below!
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