The Nordic Crowdfunding Alliance is a partnership of key players in the Nordic crowdfunding scene committed to developing an ever more crowdfunding friendly Nordic region, while empowering and facilitating entrepreneurial growth.
The alliance was officially established in March 2014 by the following founding members: Booomerang.dk (Denmark), Bidra.no (Norway), Invesdor.com (Finland), Karolina Fund (Iceland), Mesenaatti.me (Finland), and the University of Agder’s Center for Entrepreneurship (Norway).
The alliance members are jointly responsible for helping entrepreneurs, artists and social ventures raise EUR 9,6 Million in period between mid-2012 to mid-2015. EUR 7 Million in equity crowdfunding of 40 campaigns. And EUR 2,6 Million in reward based crowdfunding of 822 campaigns.
The alliance starts its journey as a university-industry partnership that was made possible through the support of Nordic Innovation’s High Growth Entrepreneurship Program.
Within the next three years, the alliance aims to enter independent mode through income generated from its activities, as well as member contributions.
Finally, the alliance warmly endorses a vision of a wider alliance in the future, with additional crowdfunding platforms and strategic partners joining our team.
Agenda: Supporting a Nordic Scope of Crowdfunding
- Provide entrepreneurs with an environment where they can both test their concepts and recruit early seed funding directly from the market.
- Provide international scale of professional support to entrepreneurs on how to make, launch and run successful crowdfunding campaigns.
- Provide superior backer/contributor/investor relations solutions to those pledging in campaigns via our alliance, both in terms of pre- and post-pledging services.
- Work at a regional level by opening up opportunities for backers/contributors/investors to back/contribute to/invest in entrepreneurs across the Nordic countries, as well as allow access for Nordic entrepreneurs into potential backers and investors from across the Nordic countries.
- Organizing a series of reach-out events across the Nordics for spreading knowledge and understanding of crowdfunding and its many benefits.
- Developing a thriving Nordic community of crowdfunders that can become one of the most vibrant in the world.
- Launching of an alliance website that will allow investors to identify interesting projects for backing across the Nordics.
- Opening an option on all platforms allowing project owners to choose between options of national as well as Nordic level campaigns.
- Maintaining intensive knowledge sharing between platforms, backed by professional research team that will later come out to the public in the form of reports on the state of crowdfunding in Nordic Europe, as well as academic research.
Code of Ethics
We the members of the Nordic Crowdfunding Alliance commit:
- to providing information in good time to crowdfunders or potential corwdfunders with regard to platform services and all costs and related charges.
- to a due diligence and authentication process when approving projects and individuals prior to campaign publication, in accordance with each platforms guidelines.
- to publish campaigns in accordance with nationals laws, and those that are not against or hurting human rights of third parties (individuals or groups).
- to use best filtering practices for avoiding publication of campaigns including false, inaccurate and misleading information.
- to accept campaigns where campaign owners are actively engaged and fully committed to campaign completion.
- to best security practices in IT systems and data protection.
Joining the Alliance
New platforms seeking to join the Nordic Crowdfunding Alliance must adhere to the following criteria and conditions:
- Provide written commitment to all previous obligations taken by existing members of the alliance vis-à-vis the alliance and relevant third party organizations.
- Provide written commitment to self-finance and cover own costs associated with joining the alliance and resulting activities (as derived from point 1 above).
- Provide written declaration by the platform lawyer that the platform operates legally within existing regulatory framework in home country at time of joining.
In terms of procedure, prospective new members that are willing to commit in writing to the above should take the following into action and consideration:
- Send formal request to join the alliance to the sitting project leader at time of request.
- The request will be discussed and voted upon in the nearest alliance meeting (held every 6 months).
- New members will be approved based on a unanimous vote by all existing alliance members. Each existing member has a veto right in an alliance expansion vote.
- For as long as the project is funded by Nordic Innovation, joining the alliance will also depend on approval from Nordic Innovation.
- Should new members not live up to their commitments within reasonable time, they can be voted out of the alliance in an alliance members’ meeting.