One Step Closer to Startup: Crowdfunding

[Photo 1] Special Lecture from Wadiz was held in Veritas A Room 108

  The recent success of startup companies such as Uber and Airbnb have been attracting people to run their own company. Now, more than ever, young adults, especially those who tend to be more risk-taking and innovative, are launching startup companies. However, it is not a simple matter when it comes to initiating a business – many people confront problems raising funds for their company at the very first step. Luckily for Yonsei RC students, RA Shinyoung Yeo prepared a special lecture from Wadiz, one of the most famous crowdfunding platforms in Korea, to share meaningful information about crowdfunding.

  On September 17, Ukjo Jung from the Investment Planning Team of Wadiz gave a lecture to 91 students as a part of the Allen Salon program. Beginning with the definition of crowdfunding, he emphasized that it is highly efficient for startup companies to raise a small amount of money from a large number of people. One of the biggest causes of business failures is miscalculation of market demand. Many startups overestimate consumers’ willingness to pay for their goods and services, which leads to serious financial crisis. However, once crowdfunding is introduced, this becomes a whole different story. As crowdfunding absolutely depends on public attention, entrepreneurs can get a chance to test the marketability before they launch their business. In this way, crowdfunding prevents startups from blindly investing a fortune and helps people to make a specific plan based on the reaction of potential consumers.

[Photo 2] Ukjo Jung giving a special lecture about crowdfunding

  The best part of this lecture was when Ukjo Jung introduced a successful case of crowdfunding called ‘Youngchul Burger,' a small restaurant near Korea University famous among students for its cheap price and large-sized, hand-made burgers. In spite of the popularity, in 2015, Youngchul Burger could not cover its deficit and had to shut down. To reopen Youngchul Burger, the student council of Korea University School of Economics launched a project through Wadiz and successfully raised a lot of money. After this event, it became one of the best-selling burger brands which also sells its burgers through TV home-shopping. From the basic concept of crowdfunding to this real-world example, RC students could satisfy their curiosity about crowdfunding and reach one step closer to their dream of making a better world by running their own business.

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