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Crowdfunding catches on in Finland

Crowdfunding is emerging as a viable way to realise culture and media projects. Based on the internet and social media networking, the fundraising method developed in the U.S. in the early 2000s is also increasingly used for advance marketing.

Tomi Salesvuo East Funk Attack.
Tomi Salesvuo East Funk Attack. Image: Patrik Stenström

Musician Tomi Salesvuo decided to make his dream come true - so he put together a ten-piece band and produced an album of his own music.

To help pay for the 10,000 euro album budget, Salesvuo raised around 3,000 euros from over a hundred Finnish patrons.

The musician notes that you don't have to be a millionaire to patronize a crowdfunding project. All it takes is some interest in the project, and a few euros. 

To help spread the word about his brand of funk, Salesvuo turned to Finland's first crowdfunding web platform 'mesenaatti.me'.

The website's producer Tanja Jänicke says that since the service was launched a year ago, it has helped raise around 350,000 euros for new projects and culture.

Dedication required

The six weeks that Salesvuo devoted to campaigning for his project were hard work.

According to Jänicke, it takes such dedicated marketing to raise funds, as some 40 percent of crowdfunding is typically gathered from the artist's or entrepreneur's circle of acquaintances.

Finnish legislation demands that crowd-funding be remunerative, meaning that funders must get something in return for their donation.

In Salesvuo's project they can get the album signed by the artists, concerts tickets - or even drum lessons.