Success Factors in Reward based and Equity based Crowdfunding in Finland

9.2.12. Things to do Differently 
When asked what they would do differently if they were to redo their crowdfunding 
campaign, the interviewees gave varying responses. Suojanen from EkoRent and Pere 
from Pyynikin Käsityöläispanimo both spoke of have a shorter duration or completing 
the crowdfunding in less time. Both felt that a faster pace would have made the pro-

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Master’s Thesis 
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ject more efficient. Pere continued by saying marketing and communication could 
have been done better by utilizing social media more. 
Though having spent the longest amount of time out of all the interviewees preparing 
for the crowdfunding campaign, Suoheimo from Ambronite felt they could have been 
more ready, stating “you can never prepare enough”. Leppänen from Autolla Nepaliin 
would have prepared more by seeking out important film and media connections early 
on in order to ease the funding process. He said the money might have even been ob-
tained easier through other financing sources than crowdfunding. 
Some interviewees also faced obstacles from external parties. Bjors from Juuri felt the 
biggest improvement to the process would have come from Invesdor, their crowd-
funding platform. Bjors said he would have appreciated the platform’s assistance in 
legal matters and other small issues. Suoheimo from Ambronite on the other hand 
stressed that Finland, with its ambiguous legal environment in regards to crowdfund-
ing taxation, was a challenging place to complete the crowdfunding campaign. Su-
oheimo said if the Ambronite team would not have had a geographical preference, the 
crowdfunding campaign would have been completed in Sweden or the USA. This is 
because Suoheimo views the legal setting to be clearer and more favorable to crowd-
funding. 
9.2.13. How Business Has Proceeded 
Crowdfunding is often used to find capital for a venture, and thus successful crowd-
funding projects lead to something being put into implementation. For Autolla Ne-
paliin that implementation was producing the movie. For Ambronite it was launching 
a business. And for EkoRent, Juuri and Pyynikin Käsityöläispanimo it was expanding 
existing businesses. 
All the interviewees were pleased with the success of their crowdfunding initiative, 
but it is interesting to see how well this success has translated into success of the ven-
ture itself. Autolla Nepaliin was able to be made because of crowdfunding and be-
came a hit having now been seen by over 250 thousand people. The team landed a 
deal with YLE and several movie theaters, through which the film received a much 
wider audience. It also won the Finnish movie award Jussi for audience favorite. Am-

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