Crowdfunding goes specialist

WHEN it first started, crowdfunding was a simple idea - people with ideas but no start-up capital would turn to the Internet to raise money. It also marked the launch of pioneer sites like Kickstarter and Indiegogo, which created a dedicated space for creatives to put their ideas out and await interested supporters.

Now, the industry has evolved to spawn a new generation of crowdfunding platforms - those which provide customised services catered to niche industries.

In Singapore, Haystakt was the first one out of the stable in 2012. Unlike most crowdfunding platforms which cater to project ideas from any genre, Haystakt zeroes in on the creative market. Designers of furniture, for example, can make a campaign page with a target number of pre-orders for a chair, and only start production once they hit their target.