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Identity building for Social Investment

CorneliaCaseau BurgundySchoolofBusiness,Dijon/France BanquePopulaireChairinMicrofinance

SituationofCrowdfundinginAustria
1/ThelegislationconcerningcrowdfundingintheEuropean Uniondiffersdependingonthecountry 2/TheFMA(Finanzmarktaufsicht),theAustrianfinancialmarket agency,supervisesandcontrolsfinancialinstitutesandactors. 3/Formicrofinanceandmicrocredits,Austrianbankinglaw (BWG=Bankwesengesetz)isdecisive 4/Currently,theFMAinterpretscrowdfundinginaquite restrictiveway 5/But:increaseofthemaximumprojectamountfrom100,000 to250,000inJuly2013.

Crowdfundingplatformsin2013
1/oikocredit.at(*1990) 2/respekt.net(*2009) 3/startnext.at(*2011)(asubsidiaryofthe Germanplatform) 4/1000x1000.at(*2012)

5/conda.at(*2012,onlinesinceMarch2013)

Researchquestions
1/Whatistheperceptibleidentityconveyedthroughthe differenttypesofcommunicationofOikocreditAustria? 2/Whatistheidentityofmorerecentcrowdfundingplatforms givenbythemselves? 3/Oikocredit,aformofCrowdfunding?

LiteraturereviewI+II
Firm/brandidentity
thepersonalityofabrand,arelationalapproach(Aaker,1997) Identity=combinationofseveralcomponents(Meffert&Burmann,2002) accentuatedifferenceseveniftherearentany(Karmasin,2004) abrandhastoberecognizedatanyplaceandmoment(Chur&Schwarz,2004) Identity=theconceptofemissionbythefirm;image=theconceptofreceptionby theconsumer(Kapferer,1995/Gardes&Beguinet,2012) theidentityprism,composedofsixfacets(Kapferer,1995)

Socialinvestment
BigSocietyCapital:SI=theprovisionanduseofcapitaltogeneratesocialaswellas financialreturns Pike(2010):SI=auniquemixoffinancialinstrumentsandsupportservices Marples(2010):SIcancreatesocialvalue Anheier(2010):SI=narrowlylinkedtothecooperativemovement,whereproducers andconsumersengageincollectiveaction
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LiteraturereviewIII
III.Crowdfunding
thecollectivecooperation,attentionandtrustbypeoplewhonetworkandpooltheir moneytogether(Ramos(2004) thefinancingofaprojectthroughagroupofnonprofessionalindividualsinsteadof professionalparties (Hemeretal.,2011) theexchangeofinformationbasedonWeb2.0andsocialnetwork,andthe activationoftheinitiativeofcustomers (Hellmann,2010) canfinditsreasonsinaltruisticorcommercialmotivationorinamixtureofboth. (Schmitz(2012) thehedonisticaspectofmotivationfortheinvestor (Benedikt,2013)

Researchmethodology
Analysisofdifferenttypesofdiscourse 1/Corporate/Commercialdiscourse a)Logo,websites,advertisingcampaigns b)Firmdocuments(annualreports,internaldocuments) 2/Managerialdiscourse(semidirectedinterviews)and interviewsgiveninthemedia.

InterviewsundertakenbetweenDecember2012 andJuly2013inVienna
10semiconductedinterviewslasting1or1.5hours,recorded andtranscribed Oikocredit(coordinator&headofpublicrelations) Caritas(headoftheParishCaritas,Vienna) 1000x1000(founder&projectleader) Conda.at(2founders) Respekt.net(founder&projectscout)

OikocreditAustria
Foundedin1990inVienna Averageageofinvestors:50to59years Gender:equalnumberofmaleandfemaleinvestors Membershipfees:4(018),15(1827),20(overage27), or40(supportingmembers) Minimuminvestment:200 Averageinvestment:12,150 Dividend:2%

TheDevelopmentoftheLogo
Today:Colours:orangeandblue Anabstractedsymboloftheecumenicalmovement

Name: Oikos=(oldGreek)=house,community,world+ Credit=(Latin)credere=believe

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Results(1):thelogosontheAustrianWebsite

http://www.oikocredit.at/

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Results(2):theadvertisingcampaign

http://www.oikocredit.at/
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Results(3):theadvertisingcampaign

http://www.oikocredit.at/
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Results(4):Kapferersidentityprism(1995) appliedtooikocredit.at
Physical qualities
Colors :blue/orange Crucifix . Boat

Personality
Altruistic Honest Responsible Integrity

Relationship
Respect Transparency Confidence Sharing

Culture (values)
CSR Cooperative/solidarity Ecumenical spirit Work

Reflection
Social commitment Ethics Social investment

Self-image
Social business Increase somebodys value Non-profit

Kapferer,J.N.(1995)StrategicBrandManagement.CreatingandSustainingBrand Equity.

II.Theidentityofrespekt.net (*2009)
Logo:black,serious,sober,simple Crowdfunding=investmentincivilsociety Financingofindividualactions,politicalcampaigns,research workorjournalisticpublications. Values:humanrights,respect,openness,toleranceand solidarity Investment=donationoftimeormoneywithnoreturn(from 10upwards) Bestfundedproject(June2013):FnfneueSteineder Erinnerung(5newcomme morativestones)

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III.Theidentityofstartnext.at(*2011)
=asubsidiaryoftheGermanplatform Crowdfundingforcreators,inventorsand artists;encouragescreativityandinnovation andhelpsfinancefilms,music,theatre,photography Values:innovation,charity,democraticaimsandcommitment Eachinvestorreceivesanindividualpremiuminsteadof interest Bestfundedproject(June2013): SienanntenihnSpencer

http://www.startnext.at/
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IV.Theidentityof1000x1000.at (*2012)

Encouragementofinnovativeculture Investmentamountbetween250and5000perproject Profitparticipationcertificatesfortheinvestors Bestfundedproject=Neurovation.net=aplatformforideas,a combinationofcrowdsourcingandcrowdfunding

https://1000x1000.at/home
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V.Theidentityofconda.at (*2013)
Philosophy:basedontheCondaeffect,puttingforward innovativeideasandalternativeinvestment Name:fromtheLatinword'condo'meaning'tofound'. Investmentamount:from100upwards. FirstfinancedprojectinJuly2013:acaravanrepresentinga kindoflivingroomonwheels(25or14squaremetres) Vocationforlocalcommitmentandsustainability

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Results:4differenttypesofCrowdfunding
1/DebtCrowdfunding withafinancialreturn(PeertoPeer Lending)=oikocredit.at 2/CrowdDonating =noreturnoninvestment=respekt.net 3/CrowdSupporting asamethodforsponsorshipwithanon financialreturn=startnext.at 4/CrowdInvesting =EquitybasedCrowdfundingwitha potentialfinancialreturnandownership=1000x1000.atand conda.at
Zandvliet(2011)Equityordebt?ThenextstepinCrowdfunding. Resch(2013)InformationsasymmetrienbeimCrowdfunding.
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Results:useofWeb2.0bythe5Crowdfundingplatforms
Differences between Crowd-Funding Web 1.0 and 2.0

Crowdfunding Web1.0 *Modeof operation *Reach *Customer approach *Communication withthecustomer *Interactionwith theCustomer mainlyoffline limited traditional advertising methods byemailand newsletter passive

Crowdfunding Web2.0 online(Web) potentially worldwide SocialMedia

Marketingby platform active

TableadaptedfromKaltenbeck(2011,8)Translation
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Oikocredit,aformofCrowdfunding?*
Modeofoperation:bothofflineandonline Reach:worldwide Customerapproach:traditionaladvertisingmethodsaswell asSocialMediaMarketing Communicationwiththecustomer:byemailandonthe platform Interactionwiththecustomer:inapassiveandactivemanner =Oikocredit=amixtureofbothtypesofCrowdfunding.
*AccordingtothetableofKaltenbeck(2011)

Conclusion
1/all oftheplatformscombinesocialandeconomiccommitment 2/muchtransparencytowardstheactors 4/Commonvalues(asindicatedbytheplatforms): Respect,solidarityandhumanrights(oikocredit.at,respekt.net) Democraticcommitment(respekt.net andstartnext) Innovation(startnext.at,1000x1000.at,conda.at) Charity (startnext.atandoikocredit.at) Sustainability (conda.atandoikocredit.at) 5/mostimportantdifferencesofOikocredit: a/originsintheecumenicalmovement b/useofcrowdfundingWeb1.0andcrowdfundingWeb2.0 c/theinternationalactivity

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Furtherareasofstudy
1/Expandanddeveloptheresearchonthesemioticidentityof thedifferentcrowdfundingplatforms(accordingtoKapferers identityprismetc.) 2/Observefuturecrowdfundingprojectsandtheirconformity withtheidentityoftheplatforms 3/Analyzetheidentityoftheplatformsasperceivedbyproject creatorsandinvestors 4/Analyzetheroleofreligiousorculturalidentityofaplatform

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