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The Scene Episode 16: Crowdfunding with Mike Huang

The Scene Episode 16: Crowdfunding with Mike Huang

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Episode Discussion

Episode Breakdown

00:00-02:41 Our guest today is Mike Huang, founder of Fuudai.com, a crowdfunding website. Post your ideas and see if you can get funding for a project or help fund a project and receive awards from the project creator.
02:42-04:34 The latest version of Fuudai.com has been established for a year. Mike sees Taiwanese in their twenties are creating projects, yet have trouble funding their projects. Fuudai.com has five questions that help weed out the more developed ideas. Fuudai.com will teach a project creator how to pitch their project.
04:35-05:16 A pitch video is very important when seeking crowdsource funding for a project. It lets people who don't know a creator why they should fund the project. A basic pitch video answers the Who, What, Why, When, How of a project.
05:17-08:07 The minimum contribution to a project is around NT100. Fuudai.com gives project creators a new marketing outlet. What about young creators who lack business experience? Mike says a creator has to know how much a project will cost.
08:08-10:43 Taiwan usually has a 55-day limit to receive funding. Fuudai.com caters to the film and music industry. Directors are inspired by the crowdsource model. Taiwanese directors use crowdsourcing to get their name out and showcase their talent.
10:44-13:06 Fuudai.com success stories can be found here. One example is a local student-made movie was funded via Fuudai.com. That director attracted other artists who wanted to work with him. Street performers also are now using Fuudai.com to fund their proposed tour of Taiwan.
13:07-16:32 Mike approached the Ministry of Culture and found them not very knowledgeable about crowdsourcing. Young Taiwanese are passionate and driven in making music. A band needs to have a core group of fans in order to create a viral effect of crowdsourcing. The key to creating interest in a project is to have creative awards. One record company's reward is allowing a funder ato come into the studio and help a band record a song.
16:33-18:40 Fuudai.com encourages people to browse and see the type of projects that are happening in Taiwan. In order to help fund a project you can pay via PayPal or a credit card. Crowdsourcing runs on the all or nothing model. If the project isn't fully funded by the deadline, the funders get their money back.
18:41-22:35 Mike Huang grew up in LA. When he returned to Taiwan he found there was a lot of support but no platform to fund projects. Mike wants to help Taiwan be branded as a culturally diverse place. Fuudai.com is a way for a creator to have benchmark for his/her project's support.
22:36-23:25The Scene is recorded at Soundkiss recording studio. Tony Taylor wrote The Scene theme song and it is sung by 2 Acres Plowed. Taiwanease.com distributes The Scene.

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