Crowdfunding site that finally taps Chinese communities

In an age where digital publishing is the norm and independents are starting to outstrip traditional channels, it's no surprise that crowdfunding sites such as Kickstarter have become the go-to for anyone with a brilliant idea coupled with a dearth of capital.

Now Hong Kong based FringeBacker is joining the fray with a fully bilingual English/Chinese website that allows artists, designers and many more people from all over the world to post project ideas and make a digital plea for funds.

Crowdfunding sites allow users to donate to individual projects, with a pre-set target that needs to be reached for the project owner to receive his or her funds.

"I was fascinated by crowdfunding when it started in the US in 2009," says Fringebacker executive director Maryann Hwee. "The model is here to stay and Hong Kong is a very good place to start off with a bilingual platform because it is truly a bilingual city in both language and culture."

Launched in September 2012, the site has had a slow but steady start, with 10 projects posted and four that have been successfully funded, raising over HK$620,000 as of press time and receiving UNESCO's seal of approval.

Applicants simply need to submit a proposal that, once vetted for appropriateness, is posted on the site for potential investors to support, with the caveat that targets must be reached within 60 days.

Projects have covered art, design, music and even sport, with Denmark-based Chinese equestrian showjumper Jacqueline Lai raising an impressive $48,360 to continue competing for Hong Kong in European, Asian and Chinese competitions.

Yet the site's greatest ace is not the support it offers to local independent creatives, but its ability to connect the Chinese mainland, Taiwan and other Chinese-speaking communities with other parts of the world.

"The Chinese speaking community is growing stronger and stronger, and we see future demand from the western part of the world wanting to reach out to this community," Hwee says.

All the King's Men are an acapella group at King's College London which successfully funded an Asian tour on Fringebacker after a string of unsuccessful searches for a bilingual platform that could help them connect with the people who would actually be watching their show.

Of course, there's more to it then a proposal made in English and Chinese. As on the pioneering Kickstarter, the very best and successful project proposals on Fringebacker come with an engaging campaign with consistent PR and creative incentives for would-be investors (Hwee prefers to call them supporters). Spy B is an iPhone movie project that offered top supporters a role in the digital film and raised 341 percent of its HK$20,000 target to reach a staggering HK$85,400.

The idea has also taken hold among the city's cultural and IT organizations, and UNESCO has given its seal of approval.

"Fans can become a lot more involved and that's why crowdfunding works," Hwee says. Whether that's fans in your hometown or in another destination you hope to go to eventually, it's the crowd that's making the decision. And thanks to Fringebacker, the crowd has gotten a lot bigger and a lot more bilingual.

For China Daily

(China Daily Africa Weekly 05/31/2013 page25)