FringeBacker pulls in crowds and quick funds

There was a time when one had to find an angel investor or a private equity fund to translate a great idea into a great business. Now, one can just click a mouse and rustle up millions of dollars by pitching to small-time investors on the internet.

Welcome to crowd funding, an online fundraising mode that has become enormously successful in the United States and has been brought to Hong Kong by FringeBacker.

Despite being a new concept, FringeBacker has already raised HK$560,000 for four successful projects in the eight months it has set up shop in Hong Kong. The number of inquiries has jumped fivefold to more than 100 a month since opening in September.

"I don't see why crowd funding won't be popular in Hong Kong when it has been such a success in the US. The question is whether you have the creativity and know how to market your products," said FringeBacker founding director Maryann Hwee.

Those who have approached FringeBacker range from aspiring novelists and filmmakers to an injured equestrian who sought to raise money for overseas training.

The applicants submit their proposals to Hwee for assessment. If approved, they are posted on FringeBacker's website for 60 days.