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Crowd funding platforms boost Ningbo enterprises
en.nbwh.gov.cn2017-03-16

It is learned from the JD Crowd Funding Meeting, jointly sponsored by JD Crowd Funding and Ningbo Hefeng Creative Plaza, that an increasing number of Ningbo enterprises are taking advantage of the blooming crowd funding platforms to reduce their propaganda and operation costs for better and faster development.
Crowd funding is a model of raising funds via the internet. JD Crowd Funding selects good ideas and then conducts an in-depth interaction between the investors and fund raisers in terms of the product design, production and pricing to decide the future of the product.
For fund raisers, the crowd funding is a kind of incubation platform. In March 2016, Ningbo Ocube Product Design Co. Ltd. designed a kind of smart insulated mug, which can be used in a car with the cigar lighter of the car as its heating device. The product was launched at a crowd funding platform and received a total funding of 1.35 million yuan within 30 days. So far, over 120,000 such smart insulated mugs have been sold.
The crowd funding platforms help reduce the propaganda costs for products by attracting funds, users and channels for the fund raisers. In the traditional model, the producers should first invest some capital and then launch the products into the market so that they can decide the prospects of the products according to the sales volume. With the JD Crowd Funding platform, the producers can key in the product information and predict the prospect of the product according to the crowd funding results, which may greatly reduce the operation risks.
Reportedly, JD Crowd Funding will collect more good ideas, designs and products in Ningbo to serve as an innovation “brain” for the traditional enterprises, so as to promote the innovation and service capacities of the enterprises or institutions in Ningbo and boost Ningbo’s “Made in China 2025” pilot construction.

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