Current Status of Korean Crowdfunding Industry and its Applicability to Agrifood Sector

With the development of social media, crowdfunding has emerged as new funding method of individuals or organizations. This study is for finding out the applicability and success strategy of crowdfunding in agrifood sector through analyzing the status of current crowdfunding industry in Korea. Crowdfunding on agrifood project is unusual in Korea, but it has great potential because of its high success rate. We classified crowdfunding projects on agrifood into 3 types, presale, event, and funds for operation cost. As a result, it is analyzed that a design that considering the characteristics of social media using classes, active promotion by the project creator himself, realistic funding goal, option and rewarding system, and active communication using social media are factors successful funding. Crowdfunding is a useful tool which can strengthen the relation between agrifood producers and consumers. Through continuous research and application, we will have to strive to make trustworthy and sustainable food community.