Presentation at Bocconi Univ in Milan, Italy in Oct 2013 of our research-in-progress on crowdfunding in Sweden. Paper here: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263965. and Report here: http://blog.fundedbyme.com/robin-teigland/.
Peter And Chuck's Tuesday Crowdsourcing SlidesPeter Turner
The document discusses how crowdsourcing can be used by associations to tap into a wider network of knowledge and skills at a lower cost. It provides benefits like speeding up time to market and building customer loyalty. Case studies are presented on how the Journal of Visualized Experiments (JoVE) and InnoCentive use crowdsourcing platforms. InnoCentive's multi-step process involves posting challenges, signing confidentiality agreements, providing details in a secure project room, supporting solvers, evaluating submissions, and awarding intellectual property rights. Players to watch that are experimenting with crowdsourcing models are also listed.
Peter's presentation on Monday's ASAE AGM08 "Associations Next Using Open Business Models to Create New Value". Slides have builds so play in slide mode.
OpenKollab is a social venture that aims to connect projects to solve social problems through building open collaboration ecosystems. It operates as a virtual organization providing ecosystem development consulting services and managing an ecosystem pooled fund. Its goals are to build technology platforms, mature ecosystems around issues like climate change, and early-stage ecosystems in fields like distributed manufacturing and local foods. Revenue comes from consulting fees and fund management. OpenKollab communicates through blogs, wikis and online groups to participate in ecosystems and drive collaboration.
The document discusses mega trends and their influence on association meetings. It identifies key mega trends such as the global economy, demographic shifts, scientific and technological advancements, and sustainability. It also outlines trends in associations, including the need for global strategies and standardized product development, a focus on business metrics and customer experience management, and regionalization. Trends in association meetings include a focus on high touch experiences, smaller breakouts, exhibitions, and family programs. Challenges include adapting products and services and developing new skills to address these trends.
The document discusses how information governance can be used to create more adaptable organizations. It states that disruptive businesses often use information in new ways and have more integrated information. The "small worlds" measure of information connectivity can be applied through information governance to test new business models.
Blockchain technology has the potential to address key challenges in a crowd economy by providing safety, security, transparency, and trust without centralized intermediaries. The document discusses how blockchain can empower crowds and reduce risks through features like immutability, smart contracts, and time/cost savings. It provides examples of blockchain use cases like crowd currencies, citizen engagement, crowd investing, and solving problems in the sharing economy. The Blockchain Frontier Group is introduced as working to accelerate blockchain solutions and drive pilots through a global network of startups, labs, and venture funding.
This document summarizes an organization that runs prize challenges to crowdsource innovation. It ignites the collaborative power of the crowd to accelerate ideas from concept to implementation. The organization targets and activates passionate solvers to produce better solutions. It cultivates transformative products and services by tapping into public knowledge and resources. The crowd innovation process involves 6 steps - activation, ideation, solutions, innovation, prototyping, incubation and evaluation. In 2017, it awarded $4 million in prize money, incubated 22 start-ups, and launched 13 challenges that activated over 5,000 solvers. It provides case studies of challenge winners including a chemical-resistant combat boot and a self-decontaminating hazmat suit.
The document discusses innovation in government agencies. It describes how 311, a non-emergency phone number, was created in Chicago to help citizens access various city services like reporting potholes or scheduling bulk trash pickup. 311 was replicated in many other cities and reduced issues like long wait times. The document advocates for government agencies to take a more sustained and collaborative approach to innovation by cultivating ideas from employees, partnering with outside organizations, and engaging citizens.
Peter And Chuck's Tuesday Crowdsourcing SlidesPeter Turner
The document discusses how crowdsourcing can be used by associations to tap into a wider network of knowledge and skills at a lower cost. It provides benefits like speeding up time to market and building customer loyalty. Case studies are presented on how the Journal of Visualized Experiments (JoVE) and InnoCentive use crowdsourcing platforms. InnoCentive's multi-step process involves posting challenges, signing confidentiality agreements, providing details in a secure project room, supporting solvers, evaluating submissions, and awarding intellectual property rights. Players to watch that are experimenting with crowdsourcing models are also listed.
Peter's presentation on Monday's ASAE AGM08 "Associations Next Using Open Business Models to Create New Value". Slides have builds so play in slide mode.
OpenKollab is a social venture that aims to connect projects to solve social problems through building open collaboration ecosystems. It operates as a virtual organization providing ecosystem development consulting services and managing an ecosystem pooled fund. Its goals are to build technology platforms, mature ecosystems around issues like climate change, and early-stage ecosystems in fields like distributed manufacturing and local foods. Revenue comes from consulting fees and fund management. OpenKollab communicates through blogs, wikis and online groups to participate in ecosystems and drive collaboration.
The document discusses mega trends and their influence on association meetings. It identifies key mega trends such as the global economy, demographic shifts, scientific and technological advancements, and sustainability. It also outlines trends in associations, including the need for global strategies and standardized product development, a focus on business metrics and customer experience management, and regionalization. Trends in association meetings include a focus on high touch experiences, smaller breakouts, exhibitions, and family programs. Challenges include adapting products and services and developing new skills to address these trends.
The document discusses how information governance can be used to create more adaptable organizations. It states that disruptive businesses often use information in new ways and have more integrated information. The "small worlds" measure of information connectivity can be applied through information governance to test new business models.
Blockchain technology has the potential to address key challenges in a crowd economy by providing safety, security, transparency, and trust without centralized intermediaries. The document discusses how blockchain can empower crowds and reduce risks through features like immutability, smart contracts, and time/cost savings. It provides examples of blockchain use cases like crowd currencies, citizen engagement, crowd investing, and solving problems in the sharing economy. The Blockchain Frontier Group is introduced as working to accelerate blockchain solutions and drive pilots through a global network of startups, labs, and venture funding.
This document summarizes an organization that runs prize challenges to crowdsource innovation. It ignites the collaborative power of the crowd to accelerate ideas from concept to implementation. The organization targets and activates passionate solvers to produce better solutions. It cultivates transformative products and services by tapping into public knowledge and resources. The crowd innovation process involves 6 steps - activation, ideation, solutions, innovation, prototyping, incubation and evaluation. In 2017, it awarded $4 million in prize money, incubated 22 start-ups, and launched 13 challenges that activated over 5,000 solvers. It provides case studies of challenge winners including a chemical-resistant combat boot and a self-decontaminating hazmat suit.
The document discusses innovation in government agencies. It describes how 311, a non-emergency phone number, was created in Chicago to help citizens access various city services like reporting potholes or scheduling bulk trash pickup. 311 was replicated in many other cities and reduced issues like long wait times. The document advocates for government agencies to take a more sustained and collaborative approach to innovation by cultivating ideas from employees, partnering with outside organizations, and engaging citizens.
This document summarizes research being conducted on crowdfunding in Sweden. The researchers are investigating why crowdfunding has not taken off in Sweden despite its success in other parts of the world. They interviewed entrepreneurs and institutional actors in Sweden who expressed that traditional sources of funding like venture capital are seen as more legitimate than crowdfunding. The researchers analyzed how crowdfunding platforms in Sweden attempted to position crowdfunding as either a substitute or complement to traditional funding to make it a more viable option, but that the institutional logics of actors in Sweden were slow to change. The researchers are continuing to study how crowdfunding platforms can better address and change prevailing institutional logics in Sweden.
IS CROWDFUNDING DOOMED IN SWEDEN? WHEN INSTITUTIONAL LOGICS AND AFFORDANCES C...Robin Teigland
Crowdfunding has been embraced by entrepreneurs across the globe as an alternative, and well-publicized, source of start-up financing. In Sweden, despite the apparent benefits of crowdfunding, high levels of internet
connectivity and a reputation for producing global ICT entrepreneurs, crowdfunding has not (yet) been embraced among ICT entrepreneurs. This paper explores this empirical puzzle in light of technology affordances and
institutional entrepreneurship literatures, as well as their complementarity. After presenting the methodology and preliminary findings of this qualitative case study of the crowdfunding phenomenon in Sweden, it concludes with a few salient findings of this ongoing project. These findings suggest that both the design of the platform and existing institutional logics among entrepreneurs shape perceptions of affordances and thus the adoption of this new form of start-up financing.
Nominet Trust Social Tech Seed pre application workshopDannno
The Nominet Trust provides £5 million per year in social investments and grants. Their Social Tech Seed program provides up to £50,000 in funding and support to test ideas that use digital technology to address persistent social challenges. Applicants should have a tested team or MVP, commitment to testing their approach, and a plan to develop their product or activity within a year. The program aims to demonstrate how digital technology can redesign approaches to social issues.
The Nominet Trust uses technology to tackle social challenges through social investments and grants of £5 million per year. It aims to demonstrate how digital technology can redesign solutions to persistent social problems. Some of its grantees include Podnosh, which captures voices of disconnected people for policymakers, and Memory Box, which helps those with dementia through digital memories. The Trust also supports young people through programs like iDEA to develop digital and entrepreneurial skills.
The Nominet Trust is seeking proposals for its Open Innovation funding program to demonstrate how digital technology can be used to address persistent social challenges. The Trust will provide up to £50k in investment plus support to develop, test, and demonstrate ideas. Successful proposals will have a tested team with an idea applying digital solutions creatively to social issues. The goal is to galvanize new approaches to problem solving that can lead to social and economic impact.
Nominet Trust Social Tech Seed Pre application workshop presentation (Makerve...Dannno
The document summarizes information about the Social Tech Seed pre-application workshop hosted by Nominet Trust. The Trust believes digital technology can transform how social challenges are addressed. The Social Tech Seed program will provide up to £50k in funding and support to help demonstrate new approaches using digital tech to create social impact. Applicants need an idea that has been tested and a commitment to developing their approach to address a social issue within a year.
Work Project presentation - Paulo Silva Pereira - v20120222_vFinalPaulo Silva Pereira
The document discusses the role of crowdfunding in promoting entrepreneurship. It explores how crowdfunding can help with early model validation, pre-sales to test demand, avoiding equity dilution, involving users in the venture, enabling innovation, providing low-cost promotion and marketing, and defining optimal pricing strategies. The author concludes that crowdfunding has a critical role to play in financing startups and changing how people invest in new ideas and businesses. However, further research is still needed to fully understand crowdfunding and address risks.
The document discusses trends in sustainable innovation, specifically focusing on accelerators and crowdfunding. It provides definitions and case studies of different accelerator models and organizations. Additionally, it examines crowdfunding models and benefits for startups utilizing crowdfunding.
Corporate venturing is on the rise. The growing intensity of corporate venturing activities presents extraordinary opportunities for corporations to redefine their innovation and investment practices. While corporate venturing has received considerable research attention, previous studies have often insufficiently captured the evolution of corporate venturing activities. This article presents the key insights of a global study of leading corporate venture units and offers a benchmark against which to compare current and future corporate venturing initiatives. We discuss the state of corporate venturing activities and practices at leading global corporations and outline the distinctive features of today’s venture landscape.
The document provides an overview of a master's thesis on crowdfunding. It includes:
1) An executive summary that outlines the research question of what steps can bring crowdfunding to the masses and recommends educating, engaging, and entertaining users to amplify crowdfunding's impact.
2) Sections on crowdfunding definitions, categories, competitor analysis, and industry analysis that provide context on crowdfunding models and audiences.
3) Case studies and analysis of crowdfunding platforms and the role of social media in communication that show audience motivations are varied and social media's impact depends on the platform.
Crowd funding developing a strategy for crowd participationApostolos Gazepis
From the presentation given by me at the 12th International Conference of Economic Society of Thessaloniki.
https://www.academia.edu/5101596/CROWD-FUNDING_DEVELOPING_A_STRATEGY_FOR_CROWD_PARTICIPATION
Pick the Odd-ones Out! Conferring Legitimacy of Initial Coin Offerings by Dis...Nauman Shahid
This document outlines a study examining how distinctive entrepreneurial storytelling can confer legitimacy to initial coin offerings (ICOs) by venture firms. The researchers develop six hypotheses predicting that the distinctiveness and contribution claims of a venture's storytelling will positively impact judgments of legitimacy, and that online media sentiment can mediate this relationship. Distinctiveness is measured based on deviation from category prototypes, while contribution claims and online sentiment are measured using computer-aided text analysis. Underpricing is used as a proxy for legitimacy judgments. Data on 272 ICOs across 29 categories is collected from sources like Icobench, Coin Market Cap, Twitter, forums. Control variables include venture, creator and platform characteristics. The researchers will test these hypotheses and
The dynamics of crowdfunding: An exploratory studypchodge
This document analyzes crowdfunding dynamics using data from over 48,500 projects on Kickstarter totaling $237 million in funding. It finds that:
1) Personal networks and underlying project quality are associated with crowdfunding success, while geography relates to both project types proposed and fundraising success.
2) Most founders fulfill obligations to backers, but over 75% deliver products later than expected, with more delay predicted by higher funding levels.
3) Crowdfunding sheds light on entrepreneurial financing, the role of founder quality/networks, and how geography impacts new ventures. The dynamics suggest further study of crowdfunding is warranted.
Sarah Fahmy, of the Strategic Content Alliance, on the challenges faced by library, cultural heritage and other related sectors with the current financial situation.
Looks at the consequences for digital projects at this time, but also shows how these problems can be mitigated.
Suggested Citation: O Riordan, N. 2013. An initial exploration of Crowd Funding. NUIG Whitaker Institute Working Paper Series.
An overview of existing research on crowd funding platforms and the identification of key research questions that need to be addressed in future research
The document discusses using digital technology to address social challenges in new ways. It describes Nominet Trust's mission to support social-tech innovation through grants and assistance scaling impact. Examples are provided of projects that redesigned approaches to scientific research, history education, and mental health support using crowdsourcing, public participation, and co-design with users. The presentation encourages creative thinking about applying technologies like big data, networks, and mass computing to gain insights and improve resource allocation for social issues.
Social Approaches to Funding and Lending, Crowd FundingJay van Zyl
Social Approaches to Funding, Crowd Funding:
1. PFM and financial management tools
2. Open innovation models
3. P2P and other models to funding and lending
This landscape gives a perspective on the overlapping approaches to funding companies and projects in the social world.
Dr. Jay van Zyl
Leading in a Digital World_MCS_Overview.pptxRobin Teigland
Presentation made for Ocean Data Factory Sweden webinar series on our next innovation cycle - "Filling Coastal Data Gaps - Let's Do it Ourselves!". Collaboration with Chalmers, SMHI, Mooringo, Ocean Tech Hub Lda on a marine citizen science low-code, low-cost sensor live case for 2nd year Industrial Economics MSc students Chalmers University of Technology Spring 2023.
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This document summarizes research being conducted on crowdfunding in Sweden. The researchers are investigating why crowdfunding has not taken off in Sweden despite its success in other parts of the world. They interviewed entrepreneurs and institutional actors in Sweden who expressed that traditional sources of funding like venture capital are seen as more legitimate than crowdfunding. The researchers analyzed how crowdfunding platforms in Sweden attempted to position crowdfunding as either a substitute or complement to traditional funding to make it a more viable option, but that the institutional logics of actors in Sweden were slow to change. The researchers are continuing to study how crowdfunding platforms can better address and change prevailing institutional logics in Sweden.
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Crowdfunding has been embraced by entrepreneurs across the globe as an alternative, and well-publicized, source of start-up financing. In Sweden, despite the apparent benefits of crowdfunding, high levels of internet
connectivity and a reputation for producing global ICT entrepreneurs, crowdfunding has not (yet) been embraced among ICT entrepreneurs. This paper explores this empirical puzzle in light of technology affordances and
institutional entrepreneurship literatures, as well as their complementarity. After presenting the methodology and preliminary findings of this qualitative case study of the crowdfunding phenomenon in Sweden, it concludes with a few salient findings of this ongoing project. These findings suggest that both the design of the platform and existing institutional logics among entrepreneurs shape perceptions of affordances and thus the adoption of this new form of start-up financing.
Nominet Trust Social Tech Seed pre application workshopDannno
The Nominet Trust provides £5 million per year in social investments and grants. Their Social Tech Seed program provides up to £50,000 in funding and support to test ideas that use digital technology to address persistent social challenges. Applicants should have a tested team or MVP, commitment to testing their approach, and a plan to develop their product or activity within a year. The program aims to demonstrate how digital technology can redesign approaches to social issues.
The Nominet Trust uses technology to tackle social challenges through social investments and grants of £5 million per year. It aims to demonstrate how digital technology can redesign solutions to persistent social problems. Some of its grantees include Podnosh, which captures voices of disconnected people for policymakers, and Memory Box, which helps those with dementia through digital memories. The Trust also supports young people through programs like iDEA to develop digital and entrepreneurial skills.
The Nominet Trust is seeking proposals for its Open Innovation funding program to demonstrate how digital technology can be used to address persistent social challenges. The Trust will provide up to £50k in investment plus support to develop, test, and demonstrate ideas. Successful proposals will have a tested team with an idea applying digital solutions creatively to social issues. The goal is to galvanize new approaches to problem solving that can lead to social and economic impact.
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The document summarizes information about the Social Tech Seed pre-application workshop hosted by Nominet Trust. The Trust believes digital technology can transform how social challenges are addressed. The Social Tech Seed program will provide up to £50k in funding and support to help demonstrate new approaches using digital tech to create social impact. Applicants need an idea that has been tested and a commitment to developing their approach to address a social issue within a year.
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The document discusses the role of crowdfunding in promoting entrepreneurship. It explores how crowdfunding can help with early model validation, pre-sales to test demand, avoiding equity dilution, involving users in the venture, enabling innovation, providing low-cost promotion and marketing, and defining optimal pricing strategies. The author concludes that crowdfunding has a critical role to play in financing startups and changing how people invest in new ideas and businesses. However, further research is still needed to fully understand crowdfunding and address risks.
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The document provides an overview of a master's thesis on crowdfunding. It includes:
1) An executive summary that outlines the research question of what steps can bring crowdfunding to the masses and recommends educating, engaging, and entertaining users to amplify crowdfunding's impact.
2) Sections on crowdfunding definitions, categories, competitor analysis, and industry analysis that provide context on crowdfunding models and audiences.
3) Case studies and analysis of crowdfunding platforms and the role of social media in communication that show audience motivations are varied and social media's impact depends on the platform.
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From the presentation given by me at the 12th International Conference of Economic Society of Thessaloniki.
https://www.academia.edu/5101596/CROWD-FUNDING_DEVELOPING_A_STRATEGY_FOR_CROWD_PARTICIPATION
Pick the Odd-ones Out! Conferring Legitimacy of Initial Coin Offerings by Dis...Nauman Shahid
This document outlines a study examining how distinctive entrepreneurial storytelling can confer legitimacy to initial coin offerings (ICOs) by venture firms. The researchers develop six hypotheses predicting that the distinctiveness and contribution claims of a venture's storytelling will positively impact judgments of legitimacy, and that online media sentiment can mediate this relationship. Distinctiveness is measured based on deviation from category prototypes, while contribution claims and online sentiment are measured using computer-aided text analysis. Underpricing is used as a proxy for legitimacy judgments. Data on 272 ICOs across 29 categories is collected from sources like Icobench, Coin Market Cap, Twitter, forums. Control variables include venture, creator and platform characteristics. The researchers will test these hypotheses and
The dynamics of crowdfunding: An exploratory studypchodge
This document analyzes crowdfunding dynamics using data from over 48,500 projects on Kickstarter totaling $237 million in funding. It finds that:
1) Personal networks and underlying project quality are associated with crowdfunding success, while geography relates to both project types proposed and fundraising success.
2) Most founders fulfill obligations to backers, but over 75% deliver products later than expected, with more delay predicted by higher funding levels.
3) Crowdfunding sheds light on entrepreneurial financing, the role of founder quality/networks, and how geography impacts new ventures. The dynamics suggest further study of crowdfunding is warranted.
Sarah Fahmy, of the Strategic Content Alliance, on the challenges faced by library, cultural heritage and other related sectors with the current financial situation.
Looks at the consequences for digital projects at this time, but also shows how these problems can be mitigated.
Suggested Citation: O Riordan, N. 2013. An initial exploration of Crowd Funding. NUIG Whitaker Institute Working Paper Series.
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Social Approaches to Funding, Crowd Funding:
1. PFM and financial management tools
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Solving the Puzzle of Crowdfunding in Sweden_Teigland et al
1. Solving the Puzzle of
Crowdfunding
When institutional logics and
affordances collide, (re-)design
matters
RESEARCH-IN-PROGRESS
PRESENTED AT BOCCONI UNIVERSITY, MILAN, ITALY
CLAIRE INGRAM, ROBIN TEIGLAND, EMMA VAAST
OCTOBER 2013
2. Project researchers
Claire Ingram
◦ Research Assistant /PhD Student
◦ Stockholm School of Economics, Sweden
Robin Teigland
◦ Associate Professor
◦ Stockholm School of Economics, Sweden
Emmanuelle Vaast
◦ Associate Professor
◦ McGill University, Canada
4. Worldwide
800+ platforms,
$2.6bn raised
(Massolution, 2012)
Europe
$945m raised
(Massolution, 2012)
Sweden
$4m raised
(Sept 2013)
Image: Adapted from growvc.com
Crowdfunding
Accumulation of small investments in
individual projects by large number of
individuals (the “crowd”) via or with help of
Internet and social networks
(De Buysere et al., 2012)
5. Crowdfunding taking off in Sweden
March 2011-April 2013
• $1mln raised
• Around 300 projects
funded of over 700 total
• Avg $3300 per project
• Max raised $86 000
6. Success Story: Flippin’ Burgers on
FundedByMe
Money raised:
SEK 36,502 / €4,000
Number of
Investors: 186
Date Funded:
September 2011
Sector: Food
7. Flippin’ Burgers - Continued
http://travel.cnn.com/best-americana-restaurants-europe-023346
9. But here we found an interesting
puzzle….
“We haven’t had that many
projects, and the projects we’ve
had haven’t really held the kind
of quality we had hoped for...”
- Institutional Actor
“I don’t get the feeling that
crowdfunding is the new thing
and we can forget everything
else.”
- IT Entrepreneur
Why are Swedish IT entrepreneurs not
using local crowdfunding platforms?
11. Institutional theory
Actors embedded in
environment defined by
cognitive, normative and
structural considerations
Pressure towards stasis
Limited human agency
(Battilana et al. 2009)
Focus 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)
12. 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”
Institutional entrepreneur fulfills two conditions (Battilana et al. 2009)
1) Initiate divergent changes in institutions
2) Actively participate in implementation of changes
13. Technology affordances
AffordancesMaterial Social
“Action possibilities and opportunities that emerge from actors
engaging with a focal technology” (Faraj and Bijan, 2012: 238)
“As potential interactions between people and technology, rather
than as properties of either people or technology” ” (Majchzrak and
Markus, 2012: 1)
15. Research questions
Actors [Crowdfunding platforms] behave not only as designers of
technological system promoting technical features but also as
institutional entrepreneurs who actively try to impact institutional
logics to encourage emergence of affordances from system
RQ1: How does the prevalent startup funding institutional
logic affect entrepreneurs’ perceptions of the affordances of
crowdfunding platforms?
RQ2: What role does this institutional logic play in affecting
the narratives of the institutional entrepreneur?
17. Qualitative case study: Coding of 22
interviews
Startup ecosystem in
Sweden
• 16 entrepreneurs
• 2 institutional actors
• 2 repeat funders
• 2 platform creators
Investigating entrepreneur and
geographic communities and
organizational fields within which
entrepreneur is embedded (Marquis
and Battilana, 2007).
Enabling analysis of interplay between
existing institutional logic and
nascent, developing institutional logic
(DiMaggio, 1988; Garud, Hardy, and
Maguire, 2007; Maguire, Hardy, and
Lawrence, 2004).
19. Prevalent institutional logic regarding
financing
Money is only one of several reasons an
entrepreneur goes for funding:
“We were kind of in the mindset of getting like a good
investor in; someone who could add something. And that’s
still our perspective. The kind of guys who invested in us are
really good investors, impressive investors and they add a
lot to the company other than money.”
- Entrepreneur
20. First attempt at Institutional Entrepreneurship
Crowdfunding platforms focus on disrupting this funding
logic, i.e., as a substitute for existing sources of venture
funding, e.g., bank, VC, angel.
Physical design of crowdfunding site emphasizes this narrative –
amount of money raised in large font with progress bar and
percentage, emphasis on giving money and tracking how much
has already been received.
21. Colliding with funding logic
Big $$$
Startup
funding logic
Values
Platform features
and narrative
X
22. Second attempt at Institutional
Entrepreneurship
Little change in physical appearance of crowdfunding sites
BUT narrative around crowdfunding changed to be
complementary to other forms of startup financing
One platform argued crowdfunding could be used for publicity
and to test market
Another platform noted that its strategy was to involve large
investors in crowdfunding, not just “ordinary people”
Strategy shift: Introduction of and shifted focus from reward-
based to crowd equity
23. Aligning with funding logic
Platform features
and narrative
Big $$$
Startup
funding logic
Values
26. Discussion
◦Institutional entrepreneur attempts to use technology
affordances and accompanying narrative as tool to change
institutional logic
◦But direct “attack” on institutional logic not successful
◦Changed to indirect attack through alignment of narrative
and strategy with prevailing institutional logic
◦Research in progress - > outcome?
27. Ongoing research – comments
welcome!
Next steps – Interviews to be conducted
• Primary crowdfunding platforms
• Platform technology providers
• Other organizational field actors, eg traditional venture funders
• Crowd equity entrepreneurs and investors
Continued theoretical development
More information online
• Research Paper:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263965
• Industry Report: http://blog.fundedbyme.com/robin-teigland/
29. Q &A
Image: NewYorker.com
We would like to
acknowledge .SE – The
Internet Infrastructure
Foundation and VINNOVA
for their generous funding
of our research.
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).There are no public statistics for crowdfunding for Sweden as a whole but, as of May 2013, and based on the publicly available numbers, we have estimated the amount raised in Sweden to be around USD 4 million, with 1 million of this through reward-based crowdfunding and 3 million through equity-based crowdfunding. The primary platform that deals with entrepreneurs, FundedByMe, raised around USD 3.8 million of that across 744 successful projects. Excluding FundedByMe itself, 25 of these successes were Technology or Internet related (by the platform’s definition), but only three have been entrepreneurial ICT projects as opposed to the more common social projects. Two raised USD 38 000 through reward-based crowdfunding while the third raised USD 150 000 through equity crowdfunding.
Through reward- and donation-based crowdfunding, since its inception in March 2011 until April 2013, around 7 million SEK has been raised – 5.5 million SEK through FundedByMe, fully funding more than 300 of a total of 689 projects. Five of FundedByMe’s successful projects raised more than 110 000 SEK each, with one raising 550 000 SEK. The additional 1.4 million SEK of the total raised in Sweden was raised on Crowdculture, a platform primarily for culture and films, with two smaller platforms comprising the difference.Through equity crowdfunding around 19 million SEK has been raised for over 8 projects, including equity crowdfunding for FundedByMe itself.
Thus, it should be expected that an ICT-enabled phenomenon such as crowdfunding would hold particular appeal for ICT entrepreneurs. However, while crowdfunding’s appeal has increased elsewhere in the world, many in Swedish entrepreneurial circles suggest that the phenomenon may not be gaining momentum in Sweden, and specifically among ICT entrepreneurs, despite its potential for them. This presents an empirical puzzle: given that crowdfunding holds potential benefits for entrepreneurs and that the phenomenon is growing elsewhere in the world, what is it about ICT entrepreneurs in Sweden that makes them not want to use local crowdfunding platforms?Having produced Internet and Communications Technology (ICT) start-ups like Skype, Spotify and Klarna, Sweden has a reputation for producing world-class ICT entrepreneurs. The country is considered by the Global Economic Forum to be the world’s second most entrepreneurial country [17] and it has an internet penetration of 89% [14].Excluding FundedByMe itself, 25 of these successes were Technology or Internet related (by the platform’s definition), but only three have been entrepreneurial ICT projects as opposed to the more common social projects. Two raised USD 38 000 through reward-based crowdfunding while the third raised USD 150 000 through equity crowdfunding.
Excluding FundedByMe itself, 25 of these successes were Technology or Internet related (by the platform’s definition), but only three have been entrepreneurial ICT projects as opposed to the more common social projects. Two raised USD 38 000 through reward-based crowdfunding while the third raised USD 150 000 through equity crowdfunding.
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 logics provide broad sets of beliefs and norms that shape behavior, identities, practices and organizational forms in a given setting (see e.g., Thornton, Ocasio, & Lounsbury, forthcoming ).
Early studies tended to suggest that institutional entrepreneurs deliberately developed strategies aimed at changing the institutional environments within they were embedded (Colomy, 1998; Colomy and Rhoades, 1994). Other, more recent, studies have suggested that intentions and narratives evolve at different steps of the change process (Child, Lua, and Tsai, 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.
In the IS discipline, an affordance perspective has gained prominence as a useful analytical lens to studying the technology appropriation process and the intricate relationships between the technical and the social (e.g. [13] [22] [28] [39]). Technology affordances are “action possibilities and opportunities that emerge from actors engaging with a focal technology” [13 at 238] while technology constraints are the “ways in which an individual or organization can be held back from accomplishing a particular goal when using a technology or system” [27 at 1]. Affordances enable and constrain action with the technology [13], and they are relational, i.e., conceived “as potential interactions between people and technology, rather than as properties of either people or technology” [27 at 1]. One example is a computer game: for a student, the game may afford some fun, but due to a variety of social reasons such as the inappropriateness of playing games in class, the affordance may not be available [13]. By defining affordances and constraints as relational concepts, when investigating patterns of technology use, scholars can go beyond the sole investigation of human and organizational attributes or of the features of the technology to explore how the use of the technology differs between individuals due to the user’s relation with the technology [27]. While scholars may start by analyzing the features and functionalities of the technology or by analyzing the human and organizational purposes of using the technology, the investigation of the interactions among them underlies this approach [27]. One well-cited study is that by Leonardi [21] in which the twin notions of affordances and constraints were used to represent the twin dimensions of human and material agencies to study how routines and technology affect each other in automotive design. Leonardi used the concept of imbrication, i.e., the arrangement of distinct elements in overlapping patterns so that they function interdependently, to illustrate human and material agencies [13]. Most technology affordance studies are theoretical in nature and, although the field shows great promise in accounting for the socio-material interactions humans have with new technologies, few empirical studies have been conducted outside of an organizational context [27]. Moreover, it was recently noted that although there is a recognition that ICT-enabled change is a product of both social and material interactions [13] [34], the social interactions, particularly interactions between agency and institutional embeddedness, require further study.
In the IS discipline, an affordance perspective has gained prominence as a useful analytical lens to studying the technology appropriation process and the intricate relationships between the technical and the social (e.g. [13] [22] [28] [39]). Technology affordances are “action possibilities and opportunities that emerge from actors engaging with a focal technology” [13 at 238] while technology constraints are the “ways in which an individual or organization can be held back from accomplishing a particular goal when using a technology or system” [27 at 1]. Affordances enable and constrain action with the technology [13], and they are relational, i.e., conceived “as potential interactions between people and technology, rather than as properties of either people or technology” [27 at 1]. One example is a computer game: for a student, the game may afford some fun, but due to a variety of social reasons such as the inappropriateness of playing games in class, the affordance may not be available [13]. By defining affordances and constraints as relational concepts, when investigating patterns of technology use, scholars can go beyond the sole investigation of human and organizational attributes or of the features of the technology to explore how the use of the technology differs between individuals due to the user’s relation with the technology [27]. While scholars may start by analyzing the features and functionalities of the technology or by analyzing the human and organizational purposes of using the technology, the investigation of the interactions among them underlies this approach [27]. One well-cited study is that by Leonardi [21] in which the twin notions of affordances and constraints were used to represent the twin dimensions of human and material agencies to study how routines and technology affect each other in automotive design. Leonardi used the concept of imbrication, i.e., the arrangement of distinct elements in overlapping patterns so that they function interdependently, to illustrate human and material agencies [13]. Most technology affordance studies are theoretical in nature and, although the field shows great promise in accounting for the socio-material interactions humans have with new technologies, few empirical studies have been conducted outside of an organizational context [27]. Moreover, it was recently noted that although there is a recognition that ICT-enabled change is a product of both social and material interactions [13] [34], the social interactions, particularly interactions between agency and institutional embeddedness, require further study.
Integrating the above theoretical background with our empirical focus on crowdfunding, we arrive at the following research questions: How do the prevalent start-up funding institutional logics affect entrepreneurs’ perceptions of the affordances of crowdfunding platforms? Furthermore, what role do these institutional logics play in affecting the narratives of the institutional entrepreneur?Integration of technology affordance with institutional entrepreneurship as a promising angle to develop a more fine-grained understanding of an institutional change process, and in particular account for both agency and institutional embeddedness in assessing what is required for crowdfunding to become perceived as a viable funding model.
Firstly, investors should bring an appropriate amount of money to the table – enough that the start-up can afford to cover a significant amount of the venture’s existing costs, scale up the business by either hiring new employees, embark on a product expansion or pay for additional publicity. Secondly, the investor brings additional skills, experience and a professional network. Some entrepreneurs saw this as a key part of finding the “right” investor – they treated obtaining money from an investor, in exchange for equity, as standard; the thing that set investors apart was the network, skills and experience that they could add to the venture. Finally, entrepreneurs saw the relationship between an investor and start-up founders as being a partnership. Although some worried that an investor might expect to have more control over the venture than the founders, implicit in that was the idea that the investor would be involved in the running of the company, whether on a board level or an operational level, along with the existing members of the start-up team.
Interviewees mentioned venture capital, angel investment, state grants and so-called “soft loans” provided by state institutions as the primary sources of start-up funding. Although two entrepreneurs had actually tried crowdfunding, few volunteered it as a viable source of funding and when pressed expressed hesitancy to use the platforms.One entrepreneur explained his reluctance to go for crowdfunding as he viewed the funding options as a kind of hierarchy, with VC investment as the “cream of the crop” investment and crowdfunding at the bottom. Similarly, another entrepreneur noted that taking grants and soft loans did not give a business as much credibility as obtaining equity funding although she was not sure where crowdfunding fit into that assessment.
“…so it’s not always about the money, but I think for certain your money is a positive side effect, but there are certain other things that crowdfunding brings to the table, it could be crowdsourcing, it could be connecting with other people, it could be simple information – it’s basically feedback at an early stage that could make or break your idea.”[So you are seeing business angels with large amounts coming in and investing through crowdfunding platforms?] “Yes, you have innovative and early stage Business Angels who … want to invest 1 million in an early stage of this company, but [say] ‘if I do this, I want also to have a position at the table’, to have influence in the company.”