Australian-based Crowdfunding Site Pozible Launches Its Services In China.
Australian crowdfunding platform Pozible has recently launched within China with its first campaign reaching its goal of 10,000 yuan within minutes of launching, raising a total amount of over 464,601 yuan. Co-founder and Director of Pozible, Rick Chen stated that the demand for a Chinese product based from Shenzen, a tech-wearable wristband dubbed Gyenno One, had almost sen the crowdfunding platform into a meltdown.
“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 says.
Pozible has become the first international crowdfunding platform to enter China, along with four other local competitors. Chen commented that the success of its first campaign has hinted at the huge potential for the market. Chen Continued on by saying that pozible is posied to make a strong entry into the market because his own personal knowledge. He was easily able to establish his company within China, which is normally isn’t for foreigners, and can also speak the local language.
“The tradition in China for foreign startups is that they fail,” Chen says. “They often have little understanding of the local market and do little more than relaunch their product there.”
“Pozible has the advantage that I understand the market differences, know the language and culture.”
Chen says that local players who want to enter China need to utilize local payment system, such as Aliplay, which is also being used by Pozible, have translation on their sites and meet local shipping requirements. He also pointed out that its common for Chinese people to use a fake name as part of their online identities, as to ensure a real names are captured when dealing with shipping is important.
As of now, Pozible campaigns can be submitted to its Chinese version sit, but people placing their products up will need to proviade translation for themselves. Chen comments that this is a way for companies to tap into the huge Chinese market, where payment will be accepted in a number of currencies. Users of the site will be shown the campaign in either English or Chinese, depending from their IP address.
Chen says the Gyenno One is just one of the amazing innovation that will come out from China that will be crowdfunded through his Pozible site.
“Over the next few months, we look forward to hosting campaigns for an app that turns your smart phone into a wireless remote control, a smart watch that helps carers to monitor the live heart beat of elderly or unwell patients, events and fashion projects,” Chen says.
The platform is also hosting a campaign for a high functioning humanoid robots, The Ai, Frame Robot, which will become available for a third of the usual amount for other similar quality robotics.