Crowdonomic is Singapore’s latest startup crowdfunding site. But will it work?

Crowdonomic SingaporeCrowdonomic, the latest crowdfunding site from Singapore, launches to help startups raise money. But how viable is crowdfunding as a source of financing?

Earlier last week, Crowdonomic launched as Singapore’s first professionally run reward-based crowdfunding service, with 6 fundraising campaigns by home-grown start-ups, each targeting to raise up to S$30,000 from their supporters. With the reward-based crowdfunding platform, startups raise funds from the public and reward their supporters in various ways, for example by granting early access to the next release of a popular game or a new product.

Leo Shimada, founder of Crowdonomic, shared that their ultimate goal is to help entrepreneurs address a key pain point: the funding gap.

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