Success Factors in Reward based and Equity based Crowdfunding in Finland

Master’s Thesis 
65 
ward-based crowdfunding and equity-based crowdfunding both view network effects 
as important. 
9.2.7. Timing and Duration 
The timing and duration of a crowdfunding initiative might affect its success. Accord-
ing to Frydrych et al. (2014), projects with larger funding targets tend to have longer 
durations. This is true for the interviewed projects as well. Table 6 shows the target 
amounts and durations of each project. Juuri and Pyynikin Käsityöläispanimo, the 
equity-based crowdfunding projects, have on average larger target amounts and longer 
durations. This duration and target amount ratio also holds true to a certain extent 
within reward-based projects. Ambronite, with a 50 thousand US dollar minimum 
target had a 2-month duration, whereas Autolla Nepaliin had a minimum target of 25 
thousand euros and a 3-week duration. However, the EkoRent project with a 4400-
euro target lasted for 5 weeks. 
Project 
Ambronite 
Autolla 
Nepaliin 
EkoRent 
Juuri 
Pyynikin 
Käsityöläispanimo 
Crowdfunding 
Model 
Reward-
based 
Reward-
based 
Reward-
based 
Equity 
Equity 
Target Amount 
Minimum 50 
thousand US 
dollars 
Minimum 
25 
thousand 
euros 
Minimum 
4400 euros 
per 
campaign 
75-300 
thousand 
euros 
(First campaign target 
unclear) 
222-256 thousand 
euros 
Minimum 125 
thousand euros 
Duration 
2 months 
3 weeks 
5 weeks 
3 months 
2 weeks 
1 year 
1,5 months 
Table 6: Durations and funding targets of interviewed projects 

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