Japanese multinational corporation Sony Corporation Ltd. has introduced a new platform to simultaneously fund and auction electronic products based on unique concepts.
Titled “First Flight”, the platform intends to incubate new business ideas with the help of Sony’s Seed Acceleration Program. It wants to lead Japanese startups throughout the developments of their products, from previewing to crowdfunding to e-commerce, ensuring accurate productions and timely sales operations.
“The First Flight platform and other Seed Acceleration Program initiatives accelerate and optimize this process,” CEO and President Kazou Hiroi stated. “Sony itself originated as a start-up, and through the Seed Acceleration Program we are challenging ourselves to return to our entrepreneurial roots. At Sony we will continue to explore ways of delivering new, emotionally compelling experiences and enhanced customer value.”
Threat to Bitcoin?
The launch of First Flight somewhat poses a serious competition to fundFlyer, probably the Japan’s only well-marketed crowdfunding platform, backed by the local bitcoin market BitFlyer. It will be safe to say that inventors would be looking more towards working under a brandname, than to trust a decentralized platform to bring investments. Prior to even Sony’s new platform, Japan’s crowdfunding industry share has been mostly covered by more established companies like Kickstarter and Shooting Star.
A huge reason why Japanese investors are not choosing to opt a Bitcoin-based platform over a traditional one could be many, but it mostly comes to one — the Mt. Gox scandal. Ever since the multi-million dollar theft in this Japanese exchange, the country’s people have never taken any optimistic stand when it comes to adapting Bitcoin. There is still a psychological whip around their neck, that pulls them back from experimenting with a decentralized crowdfunding option. Nonetheless, these kind of platforms still emerge as the best way to fund and publish technological and artistic startups, for they eradicate third party intrusions for best.
The sector calls for a reformation; it might arrive soon thanks to the growing optimism in regards to Bitcoin technology. I have my fingers crossed, like always.