The Distinct Evolution of Crowdfunding Strategies in Asian Countries

The objective of this article is to look at how crowdfunding has evolved around where it is likely to go. If we treat the most prevalent information from the West as the global standard, we may miss the new intriguing trends that arise from other areas in the world. China and Japan respectively are two such countries that have taken the original concept of crowdfunding and evolved it distinctly within their own cultural spheres. To research into this subject, existing articles about crowdfunding in these respective countries were reviewed extensively and compared to existing standards in the West. At the same time, newer practices employed for Asian crowdfunding that evolved nationally has been migrated and integrated in their international interactions, which may or may not be in concordance with existing crowdfunding forms. From the results we know that the most prevalent form of Western crowdfunding is reward-based, and as such strategies have evolved to increase the project-makers’ chances of a successful crowdfunding campaign or project. However, in Asian countries this is not the general case, where donation-based crowdfunding and other forms such as crowdlending and equity-based crowdfunding are more relevant. To fulfil its purpose, the article tries to bring forward from Asia the new and intriguing, yet successful practices of crowdfunding that have emerged and evolved distinctly in their domain. It also leaves the door open for such practices to be replicated in the West.