Research Presentation for SSES
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The document discusses value creation by communities, known as "the crowd". It examines crowdfunding in Sweden, which has raised approximately $1 million compared to over $800 million worldwide. The author interviews entrepreneurs and institutional actors in Sweden about their perceptions and experiences with crowdfunding. Institutional logics present constraints but also opportunities for institutional entrepreneurs to drive change. Success stories may help shift perceptions that crowdfunding is only for "loser cases" and help it be seen as a legitimate screening and financing mechanism.
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Research Presentation for SSES
- 1. Claire Ingram Claire.Ingram@hhs.se Ph.D Candidate, Stockholm School of Economics @Claire_EBI May 2013 Image: royal.pingdom.com Value creation by communities – “the crowd”
- 2. Value creation by communities – “the crowd” 1. What is it? 2. Big picture – and future research ideas 3. Why is it important – and interesting? 4. Current research project: Crowdfunding in Sweden 5. Discussion/Comments
- 3. Value creation by communities – “the crowd” Industrial revolution? –Economist, 2012 Screening and creating capacity of “the crowd” New technologies (3D printing, 3D scanning) Rise of “openness” Globalisation and global supply chains
- 4. Communities that: Image: Morales et al, 2012Image: Quirky.com Image: Pinterest.com Screen, Create, and Disseminate. Curate,
- 7. Image: Venturebeat.com 3D printers and scanners Image: Kickstarter.comImage: Volumental.com
- 8. Virtual currencies to pay for it all? New structures to govern it?
- 9. Why? •Joblessness •Capital = risk averse •Crises compounded •Social unrest •Institutional failures? Image: @Popicinio via Flickr
- 10. Crowdfunding in context Worldwide: 800+ platforms, Approx $2.6bn raised (Massolution, 2012) Europe: Approx $945m raised (Massolution, 2012) Sweden: Approx $1m raised Image: Adapted from growvc.com
- 11. Among IT entrepreneurs in Sweden? “We haven’t had that many projects, and the projects we’ve had haven’t really held the kind of quality that we had hoped for... And we don’t know why.” - Institutional Actor, Stockholm “I don’t get the feeling that crowdfunding is the new thing and we can forget everything else. That’s not the feeling I have and that’s not the talk I hear.” - IT entrepreneur, Stockholm
- 12. Images all screenshots from FundedByMe.com
- 13. Affordances People “have the option, at any moment and within existing conditions and materials, to ‘choose to do otherwise’ with the technology at hand.” – Orlikowski, 2000 Phonecalls and SMSes? Internet usage? Credit card reader? Diary?
- 14. Institutional Theory • Focus here specifically on Institutional logics, which are part of a broader, accepted belief system about what constitute legitimate expectations and goals within a shared field. (Thornton, 2002) • Actors embedded in environment defined by cognitive, normative and structural considerations • Pressure towards stasis • Limited human agency (Battilana et al. 2009)
- 15. Role of Institutional Entrepreneur “Social contexts present entrepreneurs with many constraints, yet they also set the conditions that create windows of opportunity.” (Aldrich and Fiol, 1994: 649) Change agent/ Institutional Entrepreneur Actors in institutional field being changed
- 16. Features / Material Agencies Affordances / Human Agencies Institutional Influences: •Cognitive •Normative •Structural “The Crowd” EntrepreneursInstitutional Entrepreneur
- 17. First round of Interviews (January 2013) 1. Entrepreneur Mobile questionnaire 2. Entrepreneur Co-working space 3. Entrepreneur Crowdsourced food data 4. Entrepreneur Online education 5. Entrepreneur Digital design agency 6. Entrepreneur Online storyboard 7. Entrepreneur Co-working space 8. Entrepreneur Digital storytelling Second round of Interviews (April-May 2013) 9. Entrepreneur Blog aggregation tool 10. Repeat funder 11. Institutional Actor Business coach 12. Repeat funder 13. Institutional Actor Not-for-profit agency 14. Entrepreneur Travel experience app 15. Entrepreneur Clothing size simulator 16. Entrepreneur Wifi-sharing app 17. Entrepreneur Student competition site 18. Entrepreneur Crowdfunded advertising 19. Institutional Entrepreneur? Equity crowdfunding site 20. Institutional Entrepreneur? Mixed crowdfunding site
- 18. Institutional Logics run deep Graphic: Soderblom, 2012
- 19. “I think the important thing for them now, for the crowd funders, is somehow to get a few success cases to get away from the feeling that it’s just the loser cases that go for that type of funding, if you know what I mean.” Equity-based Donation- based Act as a screening device “Be your own VC”
- 20. Claire Ingram Claire.Ingram@hhs.se Ph.D Candidate, Stockholm School of Economics @Claire_EBI May 2013 Value creation by communities – “the crowd” Questions and Comments? Working Paper: Ingram, C.; Teigland, R. and Vaast, E. Is Crowdfunding Doomed in Sweden? An Empirical Examination of Institutional Logics, Perceived Affordances and IT Entrepreneur Behaviors (May 3, 2013). Available at SSRN: http://ssrn.com/abstract=2263965
Editor's Notes
- According to 2010 market data, Sweden’s venture capital firms made the highest value of investments relative to GDP in Europe and had the sixth highest investment value in the world (EVCA, 2012).
- 550k SEK for Granskaslöseri med skattepengar – but not businesses and not “tech”
- Existing theories may assume that technology is fixed and immutable (Majchrzak & Markus, 2012)Studies show that rejecting the technology (Constantinides and Barrett 2005; Lapointe and Rivard 2005; Markus 2004) or using its features for purposesother than designers or implementers intended (Boudreau and Robey 2005; DeSanctis and Poole 1994; Schultze and Boland 2000), are two common strategies.For Norman, affordances are .“designed-in.” properties of artifacts. The goal of an affordance is to signal to the user what the technology can do and how it is to do that thing. To do this, designers must make affordances easy to perceive: .“The designer cares more about what actions the user perceives to be possible than what is true.” (Norman 1999, p. 39).
- These logics can focus the attention of decision makers on a limited set of options (Ocasio, 1997) and lead to decisions that are both logically consistent with the existing status quo and reinforce organizational identities and strategies (Thornton, 2002). Like institutionalization in general, shifts in institutional logics have been explored in some detail in the past few decades, including competing intra-organization logics that result in the formation of hybrid models (Battilana and Dorado 2009) and variation in practice (Lounsbury 2001; Lounsbury 2007); however, less is known about the interplay between agency, institutional pressures, and changes in institutional logic (Greenwood and Hinings, 1996; Lounsbury 2007).
- Institutional entrepreneurs are actors who leverage resources to create new or transform existing institutions (DiMaggio, 1988; Garud, Hardy, & Maguire,2007; Maguire, Hardy, & Lawrence, 2004). They can be organizations or groups of organizations (Garud, Jain, & Kumaraswamy, 2002; Greenwood,Suddaby, & Hinings, 2002), or individuals or groups of individuals (Fligstein, 1997; Maguire et al., 2004). Eisenstadt (1980, p. 848) proposed that institutionalentrepreneurs were one variable, among a “constellation” of others, that was relevant to the process of social change.