The home of crowdfunding, it all began in the year 2012 when a startup called pitchIN brought this idea to Malaysia. The platform operates on the crowdfunding concept, allowing individuals, known as backers, to contribute small amounts of money to fund projects and businesses they believe in. This democratization of funding enables entrepreneurs to access a broader pool of investors beyond traditional avenues.
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History of pitchIN
Till this date, pitchIN is still known as one of the home of crowdfunding in Malaysia. pitchIN, the Malaysian startup superhero, didn’t just pop out of thin air. Let’s rewind to 2012 when Sam Shafie and Kashminder Singh, armed with ambition and a touch of rebellious spirit, decided to shake up the traditional funding scene. They didn’t want innovation to be stuck in the slow lane just because cash was playing hard to get.
So, picture this: A duo with a vision to empower dreamers and doers, Sam and Kashminder launched pitchIN, a crowdfunding platform that was about to turn the investment game on its head. Their mission? Simple yet revolutionary – connect the dots between entrepreneurs with big ideas and everyday folks who believed in the power of those ideas.
Now, crowdfunding isn’t exactly a novel concept, but pitchIN injected it with a uniquely Malaysian flair. It’s like the ultimate potluck dinner of funding, where anyone can bring a little something to the table, and together, they cook up success stories.
Since its inception, pitchIN has been the launchpad for a colorful array of projects. From tech startups pushing the boundaries of innovation to creative ventures adding a splash of art to the mix, and even social enterprises with a heart, pitchIN has been the stage where dreams got their chance to shine.
One of the shining moments in pitchIN’s journey was the funding blitz for Pebble Time, a homegrown Malaysian smartwatch. The crowd went wild, backers rallied, and the funding goal was not just met but left in the dust. It was like the Rocky Balboa moment for crowdfunding in Malaysia – an underdog watch that proved it could go the distance.
But pitchIN isn’t just about money changing hands; it’s about building a community. It’s about creating a space where backers aren’t just investors; they’re believers, cheerleaders, and partners in crime for the entrepreneurial journey. It’s the kind of platform where the success of one is celebrated by all.
The story of pitchIN
pitchIN has facilitated the funding of a diverse range of projects, spanning technology startups, creative ventures, and social enterprises. One of its notable successes includes the crowdfunding campaign for the Malaysian-made smartwatch, Pebble Time, which surpassed its funding goal and garnered widespread support.
Over the years, pitchIN has become a significant player in Malaysia’s startup ecosystem, providing a bridge between entrepreneurs with groundbreaking ideas and investors seeking exciting opportunities. The platform not only addresses the funding gap but also fosters a sense of community engagement and support for innovative projects.
As Malaysia continues to flex its startup muscles, pitchIN stands tall, a beacon of support for those with a dream and a daring spirit. In the ever-evolving world of funding, pitchIN is the disruptor, the matchmaker, and the champion of innovation. So, whether you’re a visionary with a game-changing idea or someone who just loves to be part of the next big thing, pitchIN is where the magic happens – where dreams get funded and stories get written in the ink of crowdfunding success. 🌟💡💰
The business model of pitchIN
This crowdfunding maverick has a business model that is unique and dynamic. Let me break it down to give you a clearer example of it:
- Platform for Dreams:
Crowdfunding Hub: At its core, pitchIN is a digital stage where dreamers and creators showcase their projects. Entrepreneurs present their innovative ideas, seeking financial support from a community of backers.
Backer Incentives: Backers often receive rewards or incentives based on their level of contribution. These can range from early access to the product or service being funded to exclusive perks that make backers feel like VIP supporters.
Visibility Services: pitchIN offers visibility services, allowing project creators to boost their projects through marketing and promotional activities on the platform. This helps projects stand out and attract more backers.
Adaptability: pitchIN continuously adapts to the evolving crowdfunding landscape. Whether it’s experimenting with new models or embracing emerging trends, the platform stays agile to remain a relevant force in the crowdfunding ecosystem.
- Fundraising Mechanics:
All or Nothing: pitchIN often employs the “All or Nothing” model. If a project doesn’t reach its funding goal within a specified timeframe, all contributions are returned to backers. This adds urgency and motivation for project creators to rally support.
Success Fee: In certain cases, pitchIN charges a success fee on successfully funded projects. This fee is an additional reward for pitchIN’s role in bringing a project to life.
- Backer Engagement:
Community Building: pitchIN isn’t just about funds; it’s about building a community. Backers aren’t just investors; they become part of the journey. This community engagement creates a supportive ecosystem around each project.
Contributing to the Startup Ecosystem: By facilitating crowdfunding campaigns, pitchIN contributes to the growth of Malaysia’s startup ecosystem. It provides a channel for early-stage funding, fostering innovation and entrepreneurship.
From what we see, their business model revolves around creating a vibrant crowdfunding ecosystem. A system where all the creators can easily find their investors and supporters to back their ideas that they believe in. What this will do is it will create a smooth flow in the projects as it connects dreams with its resources, making it more than a transaction rather a place where supporters can choose projects that they admire and believe in too.
What can we learn from this startup
From what they have demonstrated to us, the power of democratizing funding, the power of supporters and the power of creative individuals in our country. By allowing a diverse range of backers to contribute small amounts, it opens up opportunities for entrepreneurs who may not have access to traditional funding sources. It really builds a community around your platform and product. pitchIN goes beyond being a transactional platform; it fosters a sense of community where backers feel engaged, involved, and emotionally connected to the projects they support. One strong thing to keep in mind is the journey of pitchIN, it underscores the significance of continuous learning and improvement. Staying abreast of industry changes, experimenting with new features, and adapting to feedback are key to long-term success.
With that said, pitchIN showcases the transformative potential of crowdfunding when coupled with community engagement, transparent models, and adaptability. Entrepreneurs can draw inspiration from pitchIN’s commitment to fostering a supportive ecosystem that benefits both creators and backers.
