Success Factors in Reward based and Equity based Crowdfunding in Finland

Master’s Thesis 
4 
7. Crowdfunding in Finland ...................................................................................... 38 
8. Methodology and Data Collection Methods ......................................................... 40 
8.1 Theoretical Perspective and Methodology ......................................................... 40 
8.2 Research Approach ............................................................................................ 40 
8.2.1. Data From Online Sources ......................................................................... 41 
8.2.2. Interviews ................................................................................................... 41 
9. Research Findings ................................................................................................. 43 
9.1. An Overview of Kickstarter Projects ................................................................ 43 
9.1.1. Number of Successful Projects and Amounts Raised ................................ 43 
9.1.2. Success and Failure Rate of Projects .......................................................... 47 
9.2. Interviews .......................................................................................................... 50 
Interview Results ...................................................................................................... 53 
9.2.1. Motivations for Participating in Crowdfunding ......................................... 55 
9.2.2. Choice of Crowdfunding Model ................................................................. 56 
9.2.3. Choice of Crowdfunding Platform ............................................................. 57 
9.2.4. Project Type and Rewards .......................................................................... 58 
9.2.5. Entrepreneur Background ........................................................................... 60 
9.2.6. Social Network Ties ................................................................................... 61 
9.2.7. Timing and Duration .................................................................................. 65 
9.2.8. Financial Signaling and Information Sharing ............................................. 67 
9.2.9. Geography .................................................................................................. 69 
9.2.10. Other Crowdfunding Projects ................................................................... 70 
9.2.11. Legal Regulation ....................................................................................... 71 
9.2.12. Things to do Differently ........................................................................... 72 
9.2.13. How Business Has Proceeded .................................................................. 73 
10. Discussion ........................................................................................................... 75 
10.1. Findings from the Study .................................................................................. 75 
10.2. Limitations of the Study and Future Research ................................................ 78 
11. Conclusions ......................................................................................................... 80 
12. References ........................................................................................................... 81 
Articles and Books: .................................................................................................. 81 
Websites and Online Documents ............................................................................. 85 
13. Appendices .......................................................................................................... 87 

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