Seite - 216 - in Digital Entrepreneurship - Impact on Business and Society

The campaign was made available in all EU countries, Norway, Switzerland, the USA, India,China,HongKong, andRussia. Jolla supported thecampaignwithPR, online advertising, and social media but also by seeking feedback on product features from the community. By 27 November, Jolla had pledges of nearly US$1.3million, exceeding its original targetbynearly3X(Jolla2014b).Riding themomentum,Dillondecided to use the feedback on product features to incentivise more investment. Jolla announced an extendedphase of their crowdfunding campaignwith the promise of newhardwareandsoftware features (3.5GHSDPA,extendedmemorycardsupport, andsplit screenUI), if anewtargetofUS$2.5millionwas reached, nearly6.5Xthe original campaign target (Jolla 2014b). Dillon announced: ‘We are really excited to announce these new stretch goals, which we’ve carefully iden- tifiedanddiscussed togetherwithourcommunity.Weaskedwhatourbackerswant, andwe hope we get to fulfil these promises. The highest stretch goal, adding the 3.5GHSDPA connectivity, has been in our hopes for awhile already, andnowwe’re looking forward to build further partnerships with cellular operators across themarkets’ (Jolla 2014b). Would they succeed?By the time, the Jolla IndieGoGo campaign ended on 10 December, Jolla raised over US$1.8million from over 13,000 contributors in 21 days (Jolla 2014c). Includingpost-campaign contributions, Jolla raisedoverUS $2.5million from21,633 contributors (IndieGoGo2019). The campaign’s original targetwas reached in twohours, andUS$1million in fundingwas raised in thefirst 24 hours. The campaign not only raised valuable funding but helped build a brand and international customer base in less than amonth. Antti Saarnio, Chairman of the Board of Jolla commented: ‘Involving fans and followers early through a crowdfunding campaign is a perfect way to launch a newproduct, and also to test the demand in advance.We are really pleasedwith the outcome, and are happy and thankful to see somany early contributors participating. Jolla has a strongworldwide communitywhobelieve in us and this campaign is one proof of that’ (Jolla 2014c). 3.2 TokenOfferings 3.2.1 Initial CoinOfferings Initial token offerings, often referred to as initial coin offerings (ICOs), are, atfirst glance, similar tocrowdfundingcampaignsas they representopencalls for funding. However, theyhavecriticaldifferences in that theyarecompletelydisintermediated, typically are of orders ofmagnitude larger in terms of participants and value, and are established on blockchain-based smart contracts. Although token offerings represent a recent phenomenon,more thanUS$27 billion has been raised through ICOs since 2013, with exponential growth over the last two years (PwC 2019). Figure 2 provides an overview of how ICOswork. The unencumbered nature of ICOs has attracted the attention of policymakers worldwide; in some countries (e.g. China), ICOs have even been deemed illegal 222 T. Lynn and P. Rosati