Crowdfunding is not as new a concept in Japan as many would think. It has been used as a solid opportunity for many businesses in Japan. However, Kickstarter, a major foreign crowdfundng platform, has entered Japan and created a lot of hype among Japanese creators and entrepreneurs.
The first Japanese crowdfunding service launched in 2011 and has seen tremendous growth. The market size of reward-based crowdfunding has tripled in the past two years. It is now estimated at making a profit of ¥8 million last year. The introduction of Kickstarter creates even more potential for profits and growth for new businesses.
HOW IS THIS AN OPPORTUNITY?
The increased availability of crowdfunding in Japan means that entrepreneurs can now create business opportunities for global projects by using Kickstarter. The delays and complications of the past have been simplified compared to the even recent past. This simplification is that opportunity.
WHAT ARE THE REQUIREMENTS?
It’s not a new idea that to be part of any community, you need to have a certain level of eligibility. Those requirements set in place are created to ensure that the only the best participants are involved.
One major requirement for Kickstarter eligibility is that you must be a permanent resident of the country in question. You must have a mailing address, a valid bank account and a government issued identification. As of 2017, Japan is now on the list of Kickstarter eligible countries.
If you don’t have an address or bank account in Japan, contact us HERE to get your business started in Japan.
WHAT ABOUT LANGUAGE?
Linguistic concerns are no longer a problem. Kickstarter now has a Japanese language option, making it much easier for the locals to understand the site format. You can do your business in your native language, and the Japanese in theirs.
No matter how successful you become, challenges are ever present. There are some basic challenges that all crowdfunders face when it comes to business in Japan. They are quite limited, but they still exist.
The first challenge you’ll find is the lack of a sufficient global network. You need to organize a global campaign to give the project the support it needs. A determined, dedicated group of people that will support your project is a necessity.
The wise consider challenges the seed for opportunity. A foreigner living in Japan can use the change in the crowdfunding ecosystem as a chance to develop a better business. You can create your own project, collaborate with Japanese creators, work with factories and so on, to create that business. The driven always make the best out of a challenge and crowdfunding is a great place to start.
When it comes to English, the Japanese people struggle! You wouldn’t believe the panic and dismay when they want to purchase a product, but give up at the sight of the English language.
Gloture is a new class of promotion agency located in the heart of Tokyo. We specialize in helping overseas startups to launch products in the Japanese market.
As the top choice in our field, we will handle each step from start to finish.
Get in touch today and let Gloture help your brand standout with huge success in Japan!