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Chinese hardware makers turn to global funding as they expect to go global

Chinese hardware makers turn to global funding as they expect to go global

China’s tech giants have spent a lot of time in Western markets over the past few years. Huawei and DJI have been hit by trade restrictions, while Tiktok and WeChat have been threatened with banning their apps in the US. Overall, there are Chinese companies with foreign footprints. Beware of rising geopolitical tensions.

In a program hosted by California-based crowdfunding platform Indigogo for Chinese consumer product manufacturers in the season, businesses ranging from startups to portable power stations to 53-year-old home appliances, Media, were spotted Indigogo’s China management. . About how to bring Western consumers to court.

“The first step is to be heard by the world. We’ve done that, “said Li Yongkin, general manager of Indiagogo China, encouraging a room for entrepreneurs. “Next, we will bravely move forward and accept the challenge of coming up with brands that consumers like around the world.”

For the media, “crowdfunding gives us a direct way to understand consumers,” said Chen Zhenrui, who oversees the group’s overseas e-commerce initiative. Platforms like Indigogo and Kickstarter are ways for individuals and organizations to raise funds from many people to fund a project. In most cases, recipients receive allowances or rewards from the projects they fund.

The media Raised 1.5 million For the new air conditioner unit launched on Indigogo last year, which is almost negligible compared to the annual revenue of 280 billion yuan (42 42 billion) in 2019. But the support of 3,600 supporters on Indigogo was proof of that.

Within a few weeks, the media learned that a compact air conditioner that sticks to a window sill makes a noise and saves the will could lure many American consumers. Like other established Chinese home appliance manufacturers, the media has been exporting for decades.

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But “previously, our overseas business was mostly in the area of ​​traditional, B2B exports. I think we’re still a long way from being a world-class brand, “said Chen.

When the media first launched on Indigogo, a user left comments on his campaign page calling the project a scam: How can a Fortune Global 500 be on Indigogo?

“Through different rounds of communication, we get to know each other. That user gave us a big push, “Chen recalled, adding that the media used dozens of suggestions from Indigogo backers to improve their product.

Li Yongkin, General Manager, India China, called for entrepreneurs to develop brands that global consumers love. Photo: TechCrunch

More and more traditional manufacturers from China are giving a shot at crowdfunding. Located in the southern coastal city of Zeiman, Padmet created a new earbud brand called Pamu from its foundation as a white label maker of foundation systems.

Edison Shane, director of Padma, said traditional exports were eating hard as old-school distributors were squeezed out by new retail channels such as e-commerce. By building their brand and reaching consumers directly, factories can improve their profit margins. Payment went to Indigogo in 2018 and raised .6 over 6.6 million In one of its wireless headphone campaigns.

Most projects on Indigogo will go even further 9 million-baker Crowdfunding sites on major stream platforms, listings on Amazon as well as ads on Google and Facebook. Although these American big tech firms’ services are not available in China, they have established some form of operational presence throughout China, whether they deploy staff like Amazon in the country or work through local ad retailers like Facebook. Being done.

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According to Lu Li, general manager of Indigogo’s global strategy, Indigogo opened its China office in Shenzhen five years ago. Since then, China-based projects have raised more than 300 300 million through its platform. China is now the company’s fastest-growing market and joined 4 million campaigns in 2020, raising more than 10 1 million.

Kickstarter, an opponent of Indigogo, also saw an increase in China projects, which reached one. Record 60.5 million The Brooklyn-based company recently acquired A.S. Contractor In Shenzhen or the nearby city of Hong Kong to help it explore the Chinese market.

“In recent years, more and more Chinese companies are blocking crowdfunding and taking their brand globally, hence the ‘blockbuster’ campaigns. [from China] Are also growing, ”Lee observed.

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