Success Factors in Reward based and Equity based Crowdfunding in Finland

Master’s Thesis 
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fully implemented hybrid rewards, which is also aligned with earlier research by 
Frydrych et al. (2014). 
It has also been found that allowing crowdfunders direct involvement with the project 
enables entrepreneurs to extract more value from them (Belleflamme et al., 2013). 
The only one of the interviewed projects that allowed such involvement was Am-
bronite. Suoheimo stated “all beta customers contributed via interviews and polls in 
the development of the project. That development was continued during the crowd-
funding stage”. This inclusion of funders helped Ambronite succeed so well in their 
crowdfunding and product development. Suoheimo stressed this by saying “this 
would exist without the help and support we have gotten”. 
9.2.5. Entrepreneur Background 
According to Frydrych et al. (2014) organizational legitimacy is affected by the entre-
preneurs’ composition and backgrounds. Frydrych et al. (2014) states that groups and 
pairs fare better in crowdfunding initiatives in comparison to individual entrepreneurs. 
All of the interviewees in this study were conducting crowdfunding as part of a team 
and were successful in their crowdfunding projects. Suoheimo was working in a group 
of three; Leppänen with a central group of five; Suojanen, Bjors and Pere both with a 
business partner. These findings are aligned with results from earlier research. 
It has been found that the heterogeneity of the entrepreneurial team affects their 
crowdfunding success (Frydrych et al., 2014). Additionally, educational and work 
background has an impact on success (Frydrych et al., 2014) – entrepreneurs with 
higher levels of education are more likely to attract funding (Ahlers et al., 2015). The 
study interviewees were of somewhat heterogenic backgrounds. All three Ambronite 
entrepreneurs were from Aalto University, “two from the School of Business – one 
studying finance and one information and service management – and one from the 
School of Technology”. Thus, all three entrepreneurs held Master’s level diplomas and 
come from varying fields of study. Autolla Nepaliin had a more diverse group of indi-
viduals at its core. Leppänen and a few others in his team were business owners. Two 
had a background in engineering studies and one studying to become a mathematics 
teacher. So, their background was diverse, yet not many higher level diplomas were 

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