Success Factors in Reward based and Equity based Crowdfunding in Finland

9.2.10. Other Crowdfunding Projects 
The success or failure of other crowdfunding initiatives can have an affect on a pro-
ject. Both entrepreneurs and funders are influenced by the performance of previous 
projects (Ward and Ramachandran, 2010). For this study interviewees were able to 
give their views on how other crowdfunding initiative affect them as entrepreneurs. 

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Master’s Thesis 
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For Ambronite, EkoRent and Juuri, the existence and performance of similar projects 
affected choosing crowdfunding platforms. Suojanen said he was aware of the lack of 
similar projects when launching EkoRent’s campaign and consequently felt “it might 
be difficult”. Alternatively, Suoheimo from Ambronite excluded Kickstarter from 
platform alternatives due to the lack of food products. The inclusion of other food 
products on Indiegogo was a factor in choosing said platform for Ambronite. For 
Juuri “the successes on Invesdor gave faith” since they “would not have to be the first 
in this”. According to Gleasure (2015), entrepreneurs that have observed crowdfund-
ing failure are more afraid of public failure. Contrarily, it could be deduced that entre-
preneurs that have observed crowdfunding success are more confident in their crowd-
funding project. According to Gerber and Hui (2013) an approving crowd spurs the 
entrepreneur’s perception of ability. It could be that this approval need not be direct, 
but instead experienced through the success of other similar projects. Bjors’ responses 
would indicate this to be true.
All in all, the success of other crowdfunding projects seemed to build faith in the en-
trepreneurs but not necessarily ensure their success. Perhaps the effects of observing 
the performance of other projects are more direct, and influence how confident the 
entrepreneur is and consequently how well they perform.