Success Factors in Reward based and Equity based Crowdfunding in Finland
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- Master’s Thesis 50 9.2. Interviews The interviewees and their ventures are introduced in Table 3 as well as in further detail next. Project
- Simo Suoheimo Juho Leppänen Juha Suojanen Ilja Bjors Rauno Pere Crowdfunding
- Amount of Funding Raised
- Master’s Thesis
- Autolla Nepaliin
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unsuccessful projects Percentage of Funding Target Raised by Unsuccessful Projects 81% to 99% funded 61% to 80% funded 41% to 60% funded 21% to 40% funded 1% to 20% funded 0% funded Master’s Thesis 50 9.2. Interviews The interviewees and their ventures are introduced in Table 3 as well as in further detail next. Project Ambronite Autolla Nepaliin EkoRent Juuri Pyynikin Käsityöläispanimo Interviewee Simo Suoheimo Juho Leppänen Juha Suojanen Ilja Bjors Rauno Pere Crowdfunding Model Reward- based Reward- based Reward-based Equity Equity Crowdfunding Platform Indiegogo Independent Joukon Voima & Mesenaatti Invesdor Independent Invesdor Independent Amount of Funding Raised 103 thousand US dollars 33 thousand euros 6550 and 5660 euros (two simultaneous campaigns) 173 thousand euros 40 thousand 243 thousand 336 thousand euros (three different crowdfunding campaigns) Table 3: Introduction of interviewed crowdfunding projects Ambronite Ambronite is a food-based company founded by three Finns. The product they sell is a drinkable super meal intended to supply all the daily nutritional requirements in one simple package. Their goal is to revolutionize the food industry with a new healthy option. The Ambronite team started their product development in 2013 and spent most of the year fine-tuning their product and strategy. Master’s Thesis 51 After extensive preparation, their reward-based crowdfunding initiative was launched on Indiegogo in May of 2014 with a target of 50 thousand US dollars. In their Indie- gogo campaign site, the Ambronite team described their journey so far as follows: “Since June 2013 we have successfully manufactured over 250 kg (over a thousand meals) of Ambronite for over 100 people who took part in our limited beta. The feed- back has allowed us to perfect the recipe, production methods, packaging and taste. Now we need your support to start producing Ambronite for you and thousands of others and to make leading healthy lifestyles easier and more enjoyable - even for busy people.” Ambronite was able to raise their goal of 50 thousand US dollars in under a week. The crowdfunding campaign ended in early July 2014 having raised approximately 103 thousand US dollars with a total of 829 people funding their initiative. With this result Ambronite made history by raising more funding than any other food product before it. Autolla Nepaliin Autolla Nepaliin (eng: In A Car To Nepal – A Movie Of Dreams) is a movie that was made out of video material produced during a two-month trip from Finland to Nepal. In 2012 three Finnish men undertook a journey driving a van to Nepal in order to col- lect jewelry from a women’s shelter to charity. During the trip, 85 hours of video ma- terial was shot with an intention to publish the material through TV channels in Fin- land. Unfortunately, after approaching several TV channels it became clear, producers where not interested in the venture. In December 2013 the entrepreneurs decided to launch a reward-based crowdfunding campaign for the creation of a movie from the filmed material. The initiative was launched on an independent website with a target of 25 thousand euros. After three weeks the campaign came to a close raising a total of 33 thousand euros. At the time Autolla Nepaliin was the only fully crowdfunded movie in Finland and the biggest grossing fully Finnish crowdfunding initiative. |
