"From Institutional Promotion to Local Collaboration... Wadiz Public Institution Crowdfunding Draws Attention"

KOMSCO's 'Golden Money Ballpoint Pen' Crowdfunding Achieves 986% of Target
Cases from Korea Hydrographic and Oceanographic Agency and Yeoju Sejong Cultural Tourism Foundation Stand Out
Crowdfunding Boosts Public Institution Promotion, Expands Sales Channels, and Revitalizes Local Economies

"The main reason we chose Wadiz was to gauge the market response to our new currency-themed merchandise business," said Park Youngmi, Deputy Director at Korea Minting, Security Printing & ID Card Operating Corporation, regarding the crowdfunding for the new 'Golden Money Ballpoint Pen Set' conducted in July. The corporation introduced this product in a limited quantity of 5,000 units through Wadiz, attracting significant attention by raising 49 million won, which is 986% of the target amount.

Funding screen image of the new product 'Golden Money Ballpoint Pen Set' conducted on the crowdfunding platform Wadiz in July. Wadiz

This year, Korea Minting, Security Printing & ID Card Operating Corporation has launched a new business focused on 'currency-themed merchandise' made from by-products generated during the currency manufacturing process. The first product, 'Golden Money Ballpoint Pen Set,' was released under the concept of "money begets money." Park explained, "Unlike our traditional collectible items such as commemorative coins, medals, and gold bars, which primarily target dedicated collectors, currency-themed merchandise is aimed at the general consumer," adding, "We wanted to test how far we could expand our customer base."

The crowdfunding platform Wadiz is emerging as a promotional and sales channel for public institutions. While it has mainly been used by startups and solo entrepreneurs, public organizations are increasingly joining the platform. It is seen as a stage for previewing market reactions to new products, as well as an opportunity to conduct public projects with citizens, thereby expanding communication and sales channels. Analysts also note that this approach has a positive ripple effect on local economies.

The Korea Hydrographic and Oceanographic Agency, an affiliate of the Ministry of Oceans and Fisheries, recently conducted a limited sale of 200 copies of the 'Lighthouse Stamp Album of the Year' through Wadiz. According to the agency, the two-week campaign that ended on the 1st of this month saw the '1+1 Double Bird Reward' stamp set sell out within one minute of launch, while the 'Single Bird Reward' sold out within ten days, achieving 10 million won in funding, which is 2,032% of the target amount.

Lighthouse Stamp Album of the Year. Korea Hydrographic and Oceanographic Agency

An agency official stated, "Although we have sales channels such as the lighthouse maritime cultural spaces located in and around lighthouses, these are limited to visitors. For Millennials & Gen Z, however, purchasing merchandise can be seen as participating in a cultural campaign, which adds significant meaning." The official added, "We are planning two more crowdfunding campaigns this year."

The Yeoju Sejong Cultural Tourism Foundation, established by Yeoju City Hall, also achieved 2.3 million won in funding, which is 459% of its target, through a campaign in June for the 'NANAL One-Meal Rice Cooker,' a microwave-exclusive ceramic cooker. A foundation representative said, "We started the crowdfunding at the suggestion of Wadiz," adding, "By combining local specialties such as rice, sweet potatoes, and ceramics, we aimed to promote both the institution and the region while developing new sales channels."

A Wadiz official commented on the recent trend of public institutions launching new product crowdfunding campaigns: "If feedback from participating citizens leads to product improvements, products that embody public value can become even more competitive. Wadiz can serve as a stage for verifying the marketability of such innovative products."

Microwave-Exclusive Ceramic One-Meal Rice Cooker (NANAL POT). Yeoju Sejong Cultural Tourism Foundation

There is also an assessment that crowdfunding by public institutions can contribute to revitalizing local economies. Park Youngmi, Deputy Director, said, "The production of merchandise is not achieved solely by Korea Minting, Security Printing & ID Card Operating Corporation's technology, but is carried out in collaboration with various small and medium-sized enterprises. When SMEs handle production, it creates jobs and fosters mutual growth." She added that, unlike in the past when companies ignored requests for collaboration or sales from institutions, they are now even making counter-proposals. She concluded, "Currently, we only have the Golden Money Ballpoint Pen, but if we develop other promotional merchandise in the future, we are considering additional crowdfunding campaigns as an option."