wadiz Life
New to this? Check this out! A collection of essential “crowdfunding terms” for wadiz
Important
Be sure to check this out!
- Here are some wadiz funding terms that makers should know.
- I’ll also introduce some terms that are useful when running a project.
- Be sure to take note of the helpful bonus terms as well!
If you want to look up the meaning of a specific term, press Ctrl+F to search for it.
1. If you’re new to wadiz, here are some basic funding terms
1-1. The Concept of Crowdfunding
| Crowdfunding [Crowd (the public) + Funding (raising funds)] |
A method in which someone in need of funds raises money from the general public through an online intermediary platform over a set period of time. |
1-2. Essential Elements of Wadiz Funding
There are four essential elements of wadiz’s funding-based crowdfunding: the maker, the supporter, the project, and the Rewards.
| maker | A person who launches a project to receive funding (investment) and provides products or services. (Seller, Makers X) |
| project | A page created on wadiz to conduct funding, along with the commitments made to supporters through that page. Example) Jin-guk, I’m running a project on wadiz. Please participate in the funding. |
| supporter | A person who provides funding (invests in) a maker’s project and receives a reward in return. (Buyer, consumer, customer X) |
| Project Participation | The maker raises funds, and the supporter provides funds (not an order, purchase, or sale) |
| Rewards | A product or service provided to supporters who participated in the funding as a token of appreciation (not a “commodity”) |
2. If You’re Running a Project: Practical Funding Terminology
STEP 1 I Creating a Project
| Creating a Project | Creating a project on wadiz to receive funding. TIP)You can start a project right hereif you’re ready. Don’t worry—you can do it on the mobile app, too! |
| Maker Studio | A page where makers can view and manage everything related to their projects (project preparation, funding status, shipping, etc.) |
| Project Number | A unique number generated when you launch a project TIP) You can find your project number in the top-left corner of Maker Studio. When communicating with a wadiz representative, be sure to include your project number in your inquiry to ensure you receive an accurate response. Example) Hello, [Representative’s Name]. I am Maker Kim Jin-guk, currently running Project 123456. |
STEP 2 I Filling Out the Maker Studio
| Required Documents | Documents proving you meet the qualifications required to run a project |
| Fundraising Goal | This amount determines the success or failure of the project; funds can only be disbursed if the target amount is met or exceeded. (Minimum 50만 원 to maximum 1억) Setting a Target Amount Suitable for Your Project |
| Project Schedule | The period from the start of funding to its close and shipment |
| Project Launch Date | The date the project is made public to supporters and when supporters begin participating in the funding campaign TIP) It’s best to launch the project at a time when funding participation rates are relatively high. We recommend setting the launch time for 11:00 AM, 2:00 PM, or 5:00 PMto avoid the hectic morning commute and mealtimes when people are focused on eating. |
| End Date | The day the project ends and the last day supporters can participate in the funding campaign TIP) This date should be set with the production and shipping schedule for Rewards in mind, and the project can only end on business days. Since there tend to be many inquiries from supporters on the end date, this allows wadiz staff to assist in case of any unexpected issues. |
| Story Advertising Review | Before creating a Story, you must review the advertising review guidelines provided by the Studio and give your consent in order to create the Story. TIP) Agreeing to these terms also means that the maker is responsible for the content of the Story. Therefore, please ensure you comply with the guidelines when creating your Story. |
| Project Story | A detailed page created by the maker, featuring text, photos, videos, and more, to attract funding from supporters. TIP)Simply introducing the Rewards is not enough. Keep in mind that supporters are investors, not just buyers, and craft a detailed yet authentic project Story. |
| Essential Elements of a Story | Required fields that must be filled out in the Story to launch a project Learn about the mandatory elements of the Story TIP) This content is essential for persuading supporters to provide funding for your project. |
| Disclosure of Reward Details | Essential Reward Details to provide to supporters |
| Launching Soon (=Upcoming Service) | A service that notifies supporters of the project in advance through a pre-launch announcement before the funding campaign begins, serving as a preview of the main campaign. TIP) During the period when the studio is launching soon, the studio can check the number of people who have signed up for notifications. If the number of notification subscribers is insufficient, please communicate with supporters through News or social media. |
| Notification Sign-up | During the project launching soon period, supporters can sign up to receive notifications when a project they’re interested in goes live. A notification will be sent to those who have signed up two hours before the project goes live. |
| The Project | The period during which the project is publicly available to raise funds and accept funding contributions. |
| Rewards Design | Defining the products or services your project will offer.
|
| Rewards List | A summary of the Rewards to be provided to supporters, organized for easy reference. |
| Rewards Options | If a reward comes in various options—such as color or size—and you need to give supporters a choice, set up the available options |
| Early Bird | Rewards that offer benefits to supporters who participate early in the funding campaign. TIP) It’s best to set a specific quantity and differentiate these Rewards from standard ones by offering price discounts, additional Rewards, or expedited shipping. |
| Special Price, wadiz Special Price, Final Benefit Price, Seasonal Limited Price, wadiz Final Price | A term referring to price benefits offered exclusively on wadiz |
| Limited Quantity | The maximum number of rewards that can be offered to supporters, which can be set when designing the rewards TIP) Once the funding reaches the limited quantity, further funding for that Reward is no longer possible; this is similar to the “sold out” status seen in e-commerce or open marketplaces. However, in crowdfunding, remember to use “sold out” or “funding closed” instead of “out of stock.” |
| Add to Pledge | A service that allows supporters to freely enter any amount and make a payment when funding, as a way to show their support for the maker. TIP) Once the project ends after reaching its funding goal, you can view the details of the additional contributions along with the supporters’ information. |
STEP 3 I Get Final Approval for Your Project
| Project Eligibility Check | The process of verifying that the project meets the eligibility requirements for proceeding. The project must pass the eligibility review before proceeding to the content review stage. |
| Content Review | The process of reviewing the content you’ve created to ensure the project concludes without any issues. |
| Feedback | Requests for revisions sent to the maker when materials or required items are missing during the project requirements and content verification stages. TIP) Since text messages and emails are sent along with the feedback, don’t forget to check your email regularly while reviewing the project. |
| Story Supporting Materials | Objective evidence that verifies the unique features or functions of the Rewards described in the Story. TIP) If you do not provide supporting evidence, your project may be reported for reasons such as “false or exaggerated advertising” or “intellectual property infringement,” which could result in measures such as the suspension of your project. To ensure your carefully prepared project proceeds smoothly, please prepare and submit your Story supporting materials in advance. |
| Simultaneous Sales | Selling the same product through other distribution channels while running a project on wadiz. TIP) Wadiz is a platform for introducing products and services that are new to the world. If the product has a sales history prior to launching the project, or if the product is sold online or offline before supporters receive their Rewards, all sales—both online and offline—are prohibited. Please be aware that failure to comply with this policy may result in disciplinary action. |
| Final Approval | A notification that the project has passed all reviews and is ready to launch. TIP) After final approval, the maker can launch the funding round soon or begin the funding round according to their schedule. |
STEP 4 I Things to Take Care of Before Launching Your Project
| Schedule Project Launch Date | Setting the start date for the main funding campaign. TIP) After the project is finally approved, you can set the launch date and time in advance in the Studio. You must set the project launch reservation yourself as a maker in the Studio. ※ Please be careful not to confuse the “Launching Soon” with the “Project Launch Reservation.” |
| Project Launch | The point at which the project begins and supporters can participate in the funding. TIP) After final approval, you must click “Open Project” directly in the Studio. You can start immediately or schedule a launch date in advance. |
| Launching Soon Announcement | The point at which the project is listed as “Launching Soon” and supporters can sign up for notifications. |
| ♥ | A feature similar to a “Like” on social media; a button that supporters can click for projects they like or are interested in. TIP) You can also view all the projects you’ve liked at once on My Page (=My wadiz). |
| Contact the maker | A channel where supporters can contact the maker one-on-one. TIP) Although it’s not a real-time chat window, it’s important to respond promptly to supporters’ inquiries. For communications regarding personal information, such as changing a shipping address, it’s best to encourage supporters to contact the maker through the “Contact the Maker” feature so that other supporters cannot see the conversation. |
| Share | A feature that allows you to share the project directly on Facebook, KakaoTalk, and Twitter, or copy a URL to share it elsewhere. ※ This is different from the “Pledge of support” feature described below. “Share” simply sends a link. However, please note that “Pledge of support” is only available on Facebook. |
| Pledge of support | Cheering the maker by sharing the project on Facebook while it’s active TIP) Supporters can participate in the “Pledge of Support” even without actually contributing to the funding campaign. Just click the “Pledge of Support” button on the page that is launching soon or the main funding page, and it will automatically link to Facebook—so don’t worry, it’s easy! TIP) It’s most effective to set your pledge of support to “Public,” so try creating a pledge of support event to encourage public sharing. Encouraging people to leave comments in the Community after making a pledge of support is also a great idea. |
| Policy | A tab on the project details page where you can view the project’s information and policies. The content you entered in the “Risk Factors and Policies” tab while preparing your funding campaign will be displayed here. |
| News | A bulletin board where the maker can post updates on the project detail page during the launching soon and funding periods. It serves as a channel for communicating with supporters and a space where the maker can demonstrate their passion and dedication. TIP) If you have additional explanations about the project or new information you’d like to share after the campaign launches, post it in the “News” section. Supporters will receive a notification when you post a new update. |
| Community | A place where you can view comments and other forms of communication between makers and supporters. Check here for more details. |
| Cheer · Comments · Previewer's review | These are comments that supporters can leave in the Community before the funding period ends. You can choose from “Cheer,” “Comments,” or “Previewer's reviews.” TIP)You can reply to comments left by supporters, so please engage actively through replies in line with the spirit of crowdfunding. Also, please note that the comment feature is disabled during the “launching soon” period and “after the project ends.” |
| Launching Soon Status | A Studio feature that allows you to view trends in notification subscribers and their information. |
| Participation Status | One of the Studio menus where you can view data on the project’s status and traffic since launch. |
| Payment ID | A unique number assigned to each supporter upon participation in a project. |
| Withdrawal | This refers to withdrawing your intention to participate in a funding campaign before the actual payment is processed. |
| Pay later amount | The total amount of funding pledged by all supporters who participated in a campaign that was successfully funded and has concluded. Since cancellations are possible until the final payment date even after participating in the funding, this amount differs from the “actual payment amount.” |
| Project Achievement Rate | A ratio showing how much of the funding has actually been raised compared to the target amount. The project achievement rate is displayed on the funding homepage and the project details page. |
| Advertising Services | This is a paid service available to projects that are launching soon or have a confirmed launch date. It allows you to showcase your project in various sections of the wadiz website. |
| Ad Center | This is where you can create and register paid advertising services on wadiz; it’s accessible from Studio. |
| Data Plus | A service that allows you to check real-time and period-based funding status in Studio after a project launches. It serves as a navigation tool by providing funding and behavioral data broken down by supporter referral sources, helping you conduct advertising and promotions more effectively. |
STEP 5 I Wrapping Up Your Project Smoothly
| Payment Execution | If a project is successful, payments are processed at 5:00 PM every day for two days starting the day after the project ends. These are referred to as the first and second (final) payments, respectively; the second payment is processed for supporters whose first payment was not completed. TIP)Payment is not processed immediately when a supporterparticipates in funding; it is only processed once the project is successful. Therefore, please continue to communicate with your supporters even after the project ends. |
| Payment Failure | When a payment is processed, it may fail due to issues with the supporter’s card (such as exceeding the credit limit, a lost card, or a suspended account); this is referred to as a “payment failure.” If a payment fails, the supporter will receive a notification, and if the card is not in a payable state by the final payment deadline of 4:30 PM, the funding will be canceled. |
| Payment Status | This is one of the Studio menu options, where you can view everything from completed payments to refund history. |
| Project Success | If a project ends with the reserved payment amount reaching or exceeding the target amount, it is said to have “succeeded in funding.” |
| Project Failure | If a project ends without reaching its funding goal, it is referred to as a “funding failure.” |
| Satisfaction Rating | Once shipping is complete after the funding period ends, you can receive satisfaction ratings from the supporters who participated in the funding. These are divided into “Rewards Satisfaction” and “Maker Satisfaction,” and the average ratings for each are displayed in the Community. |
STEP 6 I Settle Accounts Once Shipping Is Complete
| Fees | Wadiz fees consist of the wadiz service fee, payment settlement processing fee, and consulting service fee (optional). A single flat-rate fee structure applies to both projects with payments within Korea and those with payments outside of Korea. |
Shipping & Refund Management |
One of the Studio menu options, where you can change the Rewards shipping status. There are two methods for changing the shipping status: “Individual Shipping,” used for small quantities, and “Bulk Shipping,” which is suitable for shipping large volumes of Rewards. |
| Backer Information | This refers to the information of supporters who actually participated in the funding campaign, which you can view in the “Shipping & Refund Management” tab mentioned above. Please note that you can only view complete information for supporters whose payments were successfully processed. You know that, for privacy protection, participant information is used solely for the purpose of providing Rewards, right? ㅎ |
| Refunds | If a Reward is defective or its shipment is delayed, a supporter can request a refund. Once a refund request is received, the maker must confirm approval or rejection within 7 days, and final settlement will proceed only after the request has been processed. Check here for more details. |
| Payment Amount | The amount for which payment was actually processed after the funding was successfully completed. Since cancellations may occur during the payment period, the “Payment Amount” is generally lower than the “Scheduled Payment Amount.” |
| Staged Settlement | On wadiz, settlements are processed in two stages. These are referred to as “preliminary settlement” and “final settlement,” respectively.
- If the final completed payment amount is 10 million won or more, 60% is paid as the preliminary settlement.
|
| Settlement Statement | A statement detailing the settlement amounts; the timing for sending the advance settlement statement and the final settlement statement differs. Advance Settlement Statement: We will send you a statement detailing the advance settlement amount within 5 business days of the project end date. If no objections are received within 2 business days of receiving the statement, the settlement amount will be paid within 5 business days. (Settlement payment days: Mon, Wed, Fri) Final Settlement Statement: We will send the final settlement statement 25 days (+1 business day) after the last delivery completion date. The final settlement payment will be made on the following Monday, Wednesday, or Friday, 3 business days after the date the final settlement statement is sent. |
| Settlement Payment Dates | Wadiz’s settlement payment dates are every Monday, Wednesday, and Friday; payments are not made on public holidays. |
| Tax Invoice | A document confirming the supply of goods or services and that the transaction, including value-added tax (VAT), has been completed. Once the settlement payment is complete, a tax invoice for the commission will be sent to the maker’s email address. ※ Please note that since wadiz is an intermediary platform and is not the recipient of Rewards, tax invoices cannot be issued in wadiz’s name. |
3. Bonus Terms That Are Super Useful to Know
- Donation
This is a project where an individual raises funds for the purpose of creating public or social value, or for self-realization.
The project’s purpose must be clear, and only individuals—not businesses—can run these projects. - pre-order
This refers to a project that offers special benefits on top of previously released products, services, or content. - Store
This is a place where projects that have been validated through funding and have gained the support of supporters can sell their products on an ongoing basis. - Featured Collection
A page featuring projects organized by theme. Projects selected for these curated collections receive various advertising benefits “free of charge.”
You can view all curated campaigns here, so if you’d like to take advantage of these benefits, please check the campaign schedule and plan your project accordingly. - wadiz School (=School)
Lectures conducted by wadiz crowdfunding experts for aspiring makers and existing makers.
These lectures are held both online and offline and cover a wide range of topics, from introductory to practical applications. - Wadiz Maker Awards
An event that selects and honors trend-setting makers who have run funding campaigns on wadiz throughout the year. - Operating Policies
These are the policies established for using the wadiz service,which can be found at the bottom of the wadiz website. - User Guide
This section contains all the information for wadiz makers and supporters. If you need an explanation of wadiz services, please refer to the User Guide. - wadiz Partner Services
A wadiz service that connects you with partner companies offering the services you need to launch a wadiz project (such as Storytelling, photography, video, design, marketing, and consulting).
If you think the rewards for this campaign are really great but aren’t sure how to present them,check outwadiz PartnerServices. - Refunds
Under wadiz’s funding policy, this refers to situations where, for specific reasons, a maker refunds the funding amount upon a supporter’s request. For more details, check the [Risk Factors and Policies] menu in Maker Studio. - Testers
This refers to people who try out the product in advance during funding.
Announce the selection of testers in the News section, and encourage them to share their experiences, cheer for others, and write Previewer's reviews within the Community.
Carefully written Previewer's reviews are a great help to supporters when they're deciding whether to fund the campaign. - Wadiz Delivery
This is a service where wadiz purchases products from funding and store projects that have been recognized by supporters, and then sells and ships them directly through the wadiz Store. - Supporter Club
The Supporter Club is a paid membership program exclusive to wadiz, offering benefits to supporters who use and love wadiz.
That’s it for now.
we’ve had a sneak peek at the terminology as the first step toward mastering crowdfunding on wadiz.
Now that you’re familiar with the terminology, you won’t get lost while preparing and running your project, right?
As the saying goes, “A small difference makes a big difference.” To ensure that even the smallest word accurately conveys the meaning of funding,
please remember to use the funding terms we’ve introduced when communicating with your supporters!