Seoul-backed crowdfunding campaign raises $632,000 for small businesses

About 100 small businesses in Seoul have raised a combined 850 million won ($632,000) through a city-backed crowdfunding campaign, helping local entrepreneurs bring their products directly to online consumers, the Seoul Metropolitan Government said Wednesday. The campaign, called Botaem Sanghoe — which translates to "Helping Hand Shop" — attracted around 15,000 backer pledges. Organized alongside the Seoul Credit Guarantee Foundation, the initiative ran from Aug. 3 to Sept. 18 on Wadiz, Korea’s leading reward-based crowdfunding platform, giving promising small vendors hands-on experience in digital marketing and online sales. Participants included 50 companies from the city’s comprehensive support program for small businesses. The campaign used a preorder model, in which products are made only after customers order them. This lowers upfront production costs and inventory risk, and lets businesses test demand and gather customer feedback before entering new online markets. An alpaca coat by fashion brand Around X raised about 126 million won ($93,800), the most of any product, wit