Tour Companies Crowdfund To Stay Afloat

One of the hardest hit industries in the corona virus outbreak is tourism. While crowdfunding is being used to a great extent in the US, it is slowly being adopted by small tourism companies is Southeast Asia.

Sapa Sisters, a small company in Vietnam that offers girls only customized tours, has recently turned to crowdfunding to pay staff. Having a satisfied customer list has helped it raise over US$31,400, surpassing its US$20,000 target from more than 900 donors according to TTG Asia.

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Others, like Make a Difference Travel in the Phillippines started a fund drive dubbed “Feed the Farmers Today & Fund Tomorrow’s Forest” which will use some of the funds raised to “purchase trees which the [local] communities are paid to plant so they can continue earning a dignified income.”

The companies are sweetening the offerings by promising tour vouchers, online courses or small gifts.

As Frank Zappa used to say, necessity is the mother of invention.

https://www.ttgasia.com/2020/04/30/struggling-tourism-companies-pivot-to-crowdfunding-as-virus-bites/

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
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