19-05-2025
Wadiz sets out to export ‘K-funding' as Asia's answer to Kickstarter
From K-beauty to smart appliances, CEO sees growing demand for Asian innovation—and aims to be the platform that delivers
When Shin Hye-sung left the state-run Korea Development Bank in 2012 to start a crowdfunding platform, he wasn't chasing unicorns. He was looking out for overlooked potential: early-stage entrepreneurs with good ideas but few backers.
That vision became Wadiz, now South Korea's largest crowdfunding platform, with 6.8 million users and more than 83,000 campaigns raising a combined 1.3 trillion won ($928 million).
After more than a decade helping domestic startups raise capital from fans and early adopters, Shin says it's time to take the model global — not by opening foreign offices, but by riding the wave of artificial intelligence.
'We're not becoming a global company by planting flags,' he said. 'We've always been a cross-border platform. The real shift is just opening up what we already do to the world.'
To Shin, Wadiz was never just a fundraising site. After five years of funding Korea's industrial backbone at KDB, he came away with a sobering conclusion: The country couldn't rely on a handful of conglomerates to power its future.
'When I started Wadiz 13 years ago, I did so thinking Korea had no future if things didn't change,' he said.
That outlook has since gained urgency. Growth has stalled across Korea's key sectors, with the economy projected to expand by less than 1 percent this year.
In response, Shin built a system he hoped could serve as an alternative. What began as a modest platform to test and discover creative product ideas has grown into a full-stack ecosystem for startup growth — with a permanent storefront, Wadiz X, and a venture arm, Wadiz Partners.
AI clears way to world
Wadiz's international ambitions had long been constrained by a key hurdle: screening campaigns across languages and legal systems — a critical task for a platform that, as a financial service, must vet every project to manage risk and protect backers.
The AI boom was the game changer, Shin says. Generative AI now drives much of the platform's internal operations, from document review to multilingual localization and real-time policy updates.
'The technology lets us do things at scale that would have required human teams in every market,' he said. 'AI didn't just solve the language barrier. It destroyed every barrier.'
On May 21, Wadiz will officially go global, opening its platform to users in more than 200 countries. Creators will be able to select their target markets, with initial focus on North America. English will be the first supported language, with others to follow.
Even before the launch, interest from abroad was evident, with users around the world browsing campaigns, even if they couldn't contribute, said Shin.
'The world is hungry for new ideas coming out of Korea — especially in content, beauty and food. That's exactly where we're focusing with this launch.'
Global, but Korea-based
While the launch marks a major step, Shin says the overseas push has always been part of the plan.
Wadiz's slow-delivery model — where products are manufactured only after campaigns are funded — differs from traditional e-commerce and sidesteps the need for warehousing or logistics infrastructure.
'We're not here to be another Kickstarter,' Shin said, referring to the US-based crowdfunding giant. 'We're here to show that global doesn't have to mean American —and that a Korea-based platform can do it better.'
That's why Shin, who could have built a VC fund or accelerator, chose instead to build a platform that connects creators and supporters directly. In Korea's saturated, demanding market, he argues, only constant refinement ensures survival.
'The scale might not be significant yet, but I assure you, the service quality is already world-class,' he said.
K-funding as export item
Alongside its global rollout, Wadiz is working to bring in more international creators. Foreign campaigns currently make up just 10 percent of listings — mostly from Japan and China — but Shin expects that share to grow fast.
'Visitor data shows strong demand for products from across Asia—not just Korea,' he said. 'We plan to scale sourcing from China and Japan and open more offerings to worldwide.'
China, in particular, is gaining traction for a surge in high-end tech and smart appliances. In 2021, Shanghai-listed Roborock hit 2,000 percent of its funding goal on Wadiz within an hour — and reached 6,300 percent by day 15.
Looking ahead, Wadiz is preparing to export what Shin calls 'K-funding' — a turnkey version of its platform, complete with training programs, operational policies and technical infrastructure tailored for emerging markets.
Governments in Southeast Asia, including Thailand, have expressed interest in importing the model to foster local entrepreneurship. What resonates most, Shin says, is how Wadiz connects grassroots crowdfunding with institutional capital —bridging a gap many economies still face, particularly in under-scaled consumer sectors.
In Korea, Wadiz has shaped that pipeline somewhat. Startups that perform well on the platform can secure follow-on investment from Wadiz Partners, either directly or through joint funds backed by corporations and government programs. The subsidiary currently manages about 20 billion won in assets.
'While tech startups often attract VC funding, brand-focused businesses are frequently overlooked,' Shin said. 'It's meaningful that we focus on stably backing early-stage companies in lifestyle and consumer goods.'
Ultimately, Shin sees Wadiz not just as a tool for startup growth, but as a model to fortify economic resilience
'Societies can't thrive by supporting only the giants,' he said. 'They need ecosystems where new businesses can emerge, stumble, and try again.'
That, he argues, is where Korea lags behind more advanced economies like the US where a strong entrepreneurial middle class allows new challengers to scale naturally.
'Korea is in crisis today because we haven't built that middle layer of businesses,' he said. 'Strengthening this rung of the corporate ladder is essential to keeping the economy moving.'
As Korea enters an era of low growth, Shin sees Wadiz as part of the answer — not by clinging to a 'Made in Korea' label, but by building digital trade routes that connect innovation across borders.
'It's no longer just about selling Korean goods or linking buyers and sellers,' he said. 'Our expansion is about creating an 'online Silk Road' — a cross-border infrastructure to help startups grow globally — anchored in Korea.'
The Top 100 Global Innovators series spotlights the trailblazers shaping Korea's futur e across a range of industries — from bold entrepreneurs and tech pioneers to research leaders — whose innovations are making a global impact beyond Korea. More than a celebration of success, the series offers a deeper exploration of the ideas, breakthroughs and strategies driving their achievements. — Ed.
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