60 Million Won Poured into Jeju Local Products in One Week... Six Times the Target, ‘Market Potential Confirmed’

[Financial News Jeju = Reporter Jeong Yong-bok] Jeju local products utilizing regional resources, such as Jeju-produced bracken yukgaejang, cold-pressed perilla oil, green bean paste, and tangerine and carrot caramel, are continuing their initial success in online consumer validation. In a crowdfunding special exhibition featuring 18 participating companies, over 60 million won was raised within just one week of its launch, exceeding six times the initial target of 9 million won.
According to Jeju Special Self-Governing Province on the 6th, Jeju Province and the Jeju Center for Creative Economy and Innovation are operating a reward-based crowdfunding special exhibition, "Jeju-roun Market Filled with Island Delicacies," on Naver Happybean until the 27th.
Eighteen local companies that commercialized Jeju's unique ingredients and regional stories participated in the special exhibition. Funding exceeded 60 million won within a week of its launch on August 28.
Compared to the total target of 9 million won for the special exhibition, at least six times that amount has been raised. With about three weeks remaining until the end of the event, the final funding amount could increase further.
The range of participating products has also diversified from selling raw Jeju ingredients to include processed foods, convenience foods, desserts, and seasonings. Products gaining popularity among consumers include yukgaejang made with Jeju bracken, seasonal produce bundles, preserved side dishes, and cold-pressed perilla oil, as well as flower meljeot powder, green bean paste, tangerine and carrot caramel, dangyuja syrup sticks, and tangerine mulled wine. Charcuterie made with Jeju black pork, processed foods containing local produce, and wellness products based on Jeju ingredients have also been included in the special exhibition.
Reward-based crowdfunding differs in nature from general online sales. When consumers participate in funding after reviewing descriptions of the company and product, the company provides the corresponding product as a reward.

From a company's perspective, this allows them to verify whether consumers are actually willing to spend money before entering mass production or distribution networks. It serves as a marketability test for new products by identifying which products and price ranges attract demand and securing initial customers. This is also why Jeju Province is emphasizing subsequent sales channels rather than the funding amount itself in this project.
Jeju Province and the Jeju Center for Creative Economy and Innovation are providing support to participating companies, including the creation of detailed product pages and social media promotional content, one-on-one coaching for each company, and the establishment of funding strategies.
We plan to select up to five companies with excellent funding performance and connect them with entry into ‘Gonggam Store,’ a permanent sales space on Naver Happybean. This structure connects sales channels so that online sales can continue even after the special exhibition ends.
The problems that local businesses commonly face also arise after product development. Even if they create products incorporating local ingredients and stories, the cost and time required to enter major distribution networks in the metropolitan area or to promote them to consumers nationwide are significant.
Online funding has the advantage of lowering these distribution barriers while securing actual purchase data. Another difference is that it allows for verifying actual consumer choices before support program evaluations or expert reviews.
Kang Ae-sook, Director of the Economic Vitality Bureau of Jeju Province, stated, "Crowdfunding is a means for local companies to directly check consumer response and verify sales channel potential," adding, "We will expand the connection between follow-up distribution networks and online sales channels to ensure that products utilizing Jeju's resources lead to actual sales."


[email protected] Jeong Yong-bok Reporter