Interview with CEO Seo Jin
Taiwan's Largest Crowdfunding Platform
Deep Ties with Korea, Collaborating with Seoul Business Agency and Others
Over 100 Companies Including LG Enter Taiwan via Zigzag
"Will Promote More Korean Products Next Year"
"Next year, we will introduce more diverse Korean products to Taiwanese consumers through crowdfunding."
On the 12th, Seo Jin, co-CEO of Taiwanese crowdfunding platform Jekjek, who met with Asia Economy, said, "Jekjek's spirit is to create new opportunities through crowdfunding for various industries and people from all walks of life, without being bound by the existing successful framework."
On the 12th, Seo Jin, CEO of Jekjek, is conducting an interview with Asia Economy at SetoWorks headquarters in Samseong-dong, Seoul. Provided by SetoWorks
In an interview held at the Setoworks headquarters in Samseong-dong, Seoul, Seo introduced, "Jekjek launched Taiwan's first crowdfunding platform in 2012, and since then has conducted about 10,000 projects, with cumulative funding exceeding 13 billion Taiwanese dollars (approximately 570 billion Korean won), achieving rapid growth." The platform has 3.3 million members and leads consumer trends in Taiwan.
Crowdfunding is a type of pre-order method where people with technology or ideas but lacking funds publicly share their projects to raise money to create products or services.
Seo Jin explained, "Jekjek is completely different from other global crowdfunding platforms." Most crowdfunding platforms simply allow sellers to post products and wait for funding. However, Jekjek carefully selects products eligible for funding and differentiates itself by establishing localization and marketing strategies to help the selected products integrate well into the market.
He said, "Jekjek consistently researches the gap between what the market currently wants and what sellers offer by visiting various sites such as university graduation exhibitions," adding, "We assist students and startups aiming to enter the market with marketing and localization to help them successfully penetrate the market."
Through Jekjek, numerous entrepreneurs, startups, and small and medium-sized enterprises have successfully established their products in the Taiwanese market. The '8-wheel skateboard' proposed by students in 2014 raised over one million dollars and was launched in the market. This milestone allowed them to expand their business, and they continue to introduce new products to this day.
Jekjek has a close connection with Korea. Last year, it signed a local partner contract with the Seoul Business Agency (SBA) for the Hi Seoul brand, an excellent SME brand, introducing outstanding Seoul products to the Taiwanese market. Additionally, through KOTRA and the Korea Small and Medium Business Distribution Center’s PanPanDaeRo project, it actively supports Korean startups and SMEs in entering the Taiwanese market. Seo Jin’s visit to Korea this time was to hold a special briefing session titled "Rapidly Growing Taiwanese Market, Entry through Jekjek" together with Setoworks, Jekjek’s official Korean partner.
Jekjek is regarded as a successful gateway to the Taiwanese market, and so far, over 100 domestic startups and SMEs have showcased their products. Large corporations also consider Jekjek an important channel. For example, LG Electronics’ wireless mobile screen ‘LG StanbyMe’ entered Taiwan through Jekjek in 2022 and achieved sales of over 1,000 units.
Seo Min emphasized that localization is crucial for successful entry into the Taiwanese market. He advised, "It is difficult to succeed in the Taiwanese market just because a product is cheap or technologically advanced. The unique consumer culture and appropriate pricing specific to Taiwanese consumers are very important, so Korean companies wishing to enter Taiwan must target these well."
Seo Jin said, "Since 2021, Jekjek has been cooperating with Setoworks, a Korean overseas marketing consulting firm and partner. Every year, we discover excellent Korean startups and SMEs and support their entry into the Taiwanese market and subsequent market expansion through the Jekjek platform." He added, "Next year, aiming for over 10 billion Korean won, we plan to introduce even more diverse Korean products to Taiwanese consumers who value innovation, together with Setoworks."
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