It is always a tricy act for an entrepreneur to arrange/raise funds for his/her idea. You either have to go to a bank or to a VC firm in search of money, to convert your idea into reality. But with crowdfunding, the creators and innovators can reach out to their community and raise funds for their idea without going through the daunting process.
And if you are still looking for some names that can help you with this particular task, search no more! ZingoHub.com is one such startup that is helping creators to build their dream without going through tedious process. Founded by Sayantan Das and Haider Aly-Reza in July 2015, ZingoHub provides a platform to budding entrepreneurs to crowdfund their project, so that they can raise funds for their creative project. It offers a platform for pre orders, which allows innovators to sell their product to early adopters.
“We allow them to set-up a pre-order, so they can put up their prototyped innovation for sale to early adopters. This maintains certain exclusivity around their idea and also lets them build on early feedback. An ecommerce portal lets the creators set-up their own personalized store. It lets them continue their entrepreneurial journey at our platform. They can get access to a global audience too,” said Sayantan Das, Co-founder, ZingoHub.com.
Headquartered in Singapore, with its operations running in India for South Asia and UAE for MENA as well, they have recently launched a ZingoHub LIVE which lets creators crowdfund in real time. They can receive funds while they are performing; this takes their connection with the audience to a whole new level.
We caught up with Sayantan Das, to get more understanding about their platform and how it works for aspiring entrepreneurs.
Is there a story behind the name, you have given to your business?
‘Zing’ means burst of energy. ‘Go’ is an action word to #GoJumpstart. ‘Hub’ is a place where it all comes together.
Why crowdfunding platform? Why not something else?
Crowdfunding empowers the next generation of creators & innovators and democratizes commerce as a whole. It will create the next Nikes, the next Rihanna’s, and the next Spielbergs.
Have you raised any rounding of funding so far. What was it that attracted the Investors to your business?
Yes, we have raised $ 600,000 from private investors and a Singapore-based private Family Office. Our ambition to disrupt the online commerce industry has attracted the investors.
What is your business model? What are the pain points you are solving?
At ZingoHub, we first started by identifying what was the pain point of the vendors that we have talked to on platforms such as Kickstarter, Shopify and Amazon. The base of it was the movement between platforms and the needs for a unified flow.
This gave us a very clear idea of what were the gaps that needed to be filled, as well as, how our potential vendors and consumers would want to see it.
The Crowdfunding and Pre-order, at the crux, are just a different way of doing eCommerce transactions along with the Storefront. This allowed us to concentrate on the unification of the three transaction models on one unified transaction, wherein, a Consumer can 1. Back a Project, 2. Pre-Order a Product, 3. Buy a Product, while getting charged only once.
To compliment what we do, we run a crowdfunding resource blog called Edge, which has all the information one needs for launching their campaign successfully.
Moving forward, our team is looking at innovative ways to add more features to supplement the growth of our commerce platform in a seamless fashion. These are features such as live crowdfunding, subscription-based crowdfunding (Patreon's Business model) and p2p private crowdfunding (Tilt's business model) which we plan to build smoothly into a singular and smooth global commerce platform.
Have you pivoted your business in any way?
No. We knew what we wanted to do from the start. To be a global innovative commerce platform!
Tell us about your team, how you keep them in high spirits, your office culture etc.
We have 20 people across Singapore (HQ), India and UAE. At ZingoHub, we do not aim to be orthodox or predictable. We don’t intend to conform to traditional methods. We want to break barriers, dissolve boundaries and disrupt the market with our product. Via new methods and innovative thinking we want to develop technology that creates a positive impact on the world.
Therefore, we have a very open culture built on creativity, commitment and thinking outside the box, where every employee has a stake in the business.
What has been your biggest challenge so far?
Beating Kickstarter and Indiegogo at their own game! Thinking of ways how we can edge them out through a better product, better user base and better service.
How do you see growth scenario is this business?
Crowdfunding will be a mammoth billion dollar market which continuously grows year on year. We aim to capitalize with our unique platform and growing industry.
Have you found any changes in yourself after entering into entrepreneurial world?
Become more logical in decision making and aiming to constantly to improve every day. Kaizen!