Fundraising and investor relations in social enterprise: Marketing your way out of the pioneer gap in African off-grid renewable energy

Social enterprises apply the best of business for the pursuit of social or environmental mission while also generating revenues. Globally, nearly 1,3 billion people lack access to electricity, as well as another billion having access to only low quality and infrequent electricity. Off-grid renewable energy, like solar, will increasingly have a key role in the solution of the energy access issue. The pioneer gap in off-grid renewable energy consists of financing (or funding) gaps and capacity gaps, to do with both the early stage of the enterprises in question, as well as the early stage of the whole industry. The gaps are emphasised by specific characteristics of off-grid renewable energy business models and the requirements of operating in bottom-of-the-pyramid markets. The marketing perspective to fundraising is chosen to uncover the possible role enterprises themselves have in bridging the pioneer gap. The purpose of this thesis is to study how social enterprises operating in off-grid renewable energy in Africa utilise marketing activities in their investor relations in bridging the pioneer gap. This main research question is divided into the following sub-questions:  How does the pioneer gap affect fundraising for these enterprises?  How are the funding needs for these enterprises characterised?  How do these enterprises build trust in their investor relations? The theoretic framework is built on relationship marketing and investor relations, with an emphasis on creation of trust. The research is conducted as a thematical case study. Primary data is gathered via semi-structured interviews with six solar energy companies and two accelerators. According to the findings, the main components affecting trust-creation are diminished information asymmetry and perceived risk, mission alignment as well as a personal fit or relationship with the investor. Therefore, an enterprise can utilise e.g. the following marketing activities in their investor relations to bridge the pioneer gap: ensuring investor material, the enterprise story and presenting of them is clear, concise and complete to “package” the enterprise as an investment; taking investor needs and motivations into account as well as utilising existing investors as ambassadors.

Integrating corporate social responsibility into business in Finnish consumer goods companies

The motives for this study originated from the notion that surprisingly little academic literature is found on actually managing and putting corporate social responsibility (CSR) into practice, in comparison with the definitions and frameworks of the concept itself. Regardless of the author, CSR has been considered consisting of three dimensions: economic, social and environmental. The question behind the three dimensions has always been whether socially and environmentally responsible behavior can lead to increased economic performance and improve the competitiveness of a company. Most of the current CSR development has related to the quantification of environmental and social performance in order to review these along with the established financial key ratios, which are based on the law and the reporting obligation of the companies. However, the previous research has mainly focused on US companies whereas studies with a European viewpoint, let alone Nordic, have been mostly lacking. Furthermore, it has been discovered recently that the integration of corporate responsibility into business is identified as the greatest challenge in CSR management in Finnish large companies. Therefore the integration of CSR into business in Finnish consumer goods companies provided an interesting, topical and somewhat obscure purpose for this study. This was further divided into three research questions concerning the reasons for CSR engagement, the role of the stakeholders and the practice of corporate responsibility. This study did not aim to build a new theory; instead an explorative viewpoint was regarded more appropriate. Accordingly, qualitative research approach and case study design were adopted in the study. Semi-structured theme interviews were used as a primary data collection method and complemented with secondary data such as websites, responsibility reports and another recent CSR study. There were four Finnish managers as interviewees of whom three presented companies and one non-profit organization. The results were somewhat convergent but differences arose as a result of the companies being at different stages as regards corporate responsibility. However, this provided only more insight into the implementation of CSR. The voluntary CSR initiatives, responsibility reporting, stakeholders and CSR management were identified as the most important viewpoints on the practical side of CSR, besides a key requirement for the integration of CSR into business to be credible was found to be a favorable management attitude. Based on the findings of this study it was admitted that giving concrete advice on CSR management is really a challenge and there is no one generally accepted and right manner to integrate corporate responsibility successfully into business.

Apply of energy storages in electricity distribution networks and reserve capacity applications

The Thesis is dedicated to development of an operative tool to support decision making of battery energy storages implementation in distribution networks. The basics of various battery technologies, their perspectives and challenges are represented in the Thesis. Mathematical equations that describe economic effect from battery energy storage installation are offered. The main factors that influence profitability of battery settings have been explored and mathematically defined. Mathematical model and principal trends of battery storage profitability under an impact of the major factors are determined. The meaning of annual net value was introduced to show the difference between savings and required costs. The model gives a clear vision for dependencies between annual net value and main factors. Proposals for optimal network and battery characteristics are suggested.

Foreign companies’ strategies on the Russian market during the crisis

Concept of crisis is the subject of many studies and publications in specialized articles and in journalistic publications. The thesis includes next key objectives: concept of the crisis is defined, disclosed external and internal factors affected company’s strategy, shown specific characteristics of Russian market and their influence on the foreign companies. The Master’s Thesis identifies successful foreign companies’ strategies on the Russian market during crises in 2008 and 2014. The study is qualitative and it is based on integrative analysis of literature, secondary data and results of the interview, conducted among foreign companies that operates on the Russian market Findings of the thesis show an effect of the crisis on the company’s strategy. It provides information about specific external and internal factors that affects on company’s strategy during the crisis. Theoretical findings help to understand complex concept of crisis and its main aspects in context of strategy. Analysis of specific characteristics of Russian market provides a base for assessment of efficiency of chosen strategy. Comparison between Russian cresses and companies behaviors in these periods shows how different is strategy because of the nature of the crisis. Results of the thesis could be used as a guideline for foreign companies in Russian market during the crisis period

The impact of industrial context and institutional factors on innovation and internationalization of Russian companies

Innovation and internationalization nowadays play significant role in formation of the competitive advantage for the companies and it is important to explore these processes deeply and use their potential. Such parameters, as industrial context and institutional factors, are essential parts of the business life and their influence may be crucial for the company’s performance. The Master’s Thesis explores impact of industrial context and institutional factors on innovation and internationalization of Russian companies. This research is quantitative and based on the analysis of the relevant scientific literature and results of the survey, conducted among Russian manufacturing companies. Findings show positive influence of industrial context factor “international threat” and institutional environment factor “lack of resources and the market imperfections” on internationalization of innovative Russian companies.

The Determinants of Financial Leverage of Large Publicly Listed Companies - Evidence from Nordic Telecom Sector

This thesis examines the determinants of financial leverage ratio of large publicly listed companies within Nordic Telecom sector. The study is done as a case study and it covers 5 case companies headquartered in Nordic countries during period of 2002 - 2014 and by using restated values of quarterly observations from each case company’s interim reports. The chosen hypotheses are tested with multiple linear regressions firm by firm. The Findings of the study showed that uniqueness of Telecom sector and the region of our sample could not provide us unequivocal determinants of leverage ratio within the sector. However, e.g. Pecking order theory’s statement of Liquidity was widely confirmed by 3 out of 5 case companies which is worth to be taken into account in the big picture. The findings also showed that theories and earlier empirical evidence are confirmed by our case companies individually and non-systematically. Though Telecom sector is considered as quite unique industry and we did not discover absolute common relationships that would have held through all the Nordic case companies, we got unique and valuable evidence to conduct the research of this sector in future.

Evaluation of Major E-commerce Companies Business Model

Technological advances have enabled a large spread of online retailers. E-commerce business is challenging the nature of traditional foundation of trade, therefore trade is on transition. The Internet allows consumers to compare and examine online store offerings, regardless of place and time. Digitalization has created new opportunities for creating customer value. The growing trend towards online shopping world has taken place in a very short period of time. Businesses, either use e-commerce as an additional operation, or completely rely, on the Internet business opportunities. The aim of this Master`s thesis is to define and evaluate key business model factors of two major e-commerce companies, Alibaba.com and Amazon.com. These key business model factors have a positive effect on successful e-commerce business. In addition, Alibaba.com and Amazon.com are compared with the help of these identified factors. Moreover, e-commerce business factors provide opportunities to create greater customer value regardless of the industry. Customer value is the core of business and a competitive advantage. Customer value is defined as a ratio between sacrifices and benefits. E-commerce companies should effectively evaluate customer value, so they could customize their offerings to meet better desired customer needs. Even though e-commerce business is a relatively new phenomenon, it has been widely studied

Innovation Process and Organizational Adoption of Disruptive Innovation: Empirical Evidence from Finnish Bio-Economy Companies.

The thesis aims to build a coherent view and understanding of the innovation process and organizational technology adoption in Finnish bio-economy companies with a focus on innovations of a disruptive nature. Disruptive innovations are exceptional hence in order to create generalizations and a unified view of the subject the perspective is also on less radical innovations. Other interests of the thesis are how ideas are discovered and generated and how the nature of the innovation and size of the company affect the technology adoption and innovation process. The data was collected by interviewing six small and six large Finnish bio-economy companies. The results suggest companies regardless of size consider innovation as a core asset in the competitive markets. Organizations want to be considered innovators and early adopters yet these qualities are limited by certain, mainly resource-based factors. In addition the industry, scalability and Finland’s geographical location when seeking funding provide certain challenges. The innovation process may be considered relatively similar whether the idea or technology stems from an internal or external source suggesting the technology adoption process can in fact be linked to the innovation process theories. Thus the thesis introduces a new theoretical model which based on the results of the study and the theories of technology adoption and innovation process aims on characterizing how ideas and technology from both external and internal sources generate into innovations. The innovation process is in large bio-economy companies most often similar to or a modified version of the stage-gate model, while small companies generally have less structured processes. Nevertheless the more disruptive the innovation, the less it fits in the structured processes. This implies disruptive innovation cannot be put in a certain mould but it is rather processed case-by-case.

Cross-border transmission capacity development – Experiences from the Nordic electricity markets

The liberalisation of the wholesale electricity markets has been considered an efficient way to organise the markets. In Europe, the target is to liberalise and integrate the common European electricity markets. However, insufficient transmission capacity between the market areas hampers the integration, and therefore, new investments are required. Again, massive transmission capacity investments are not usually easy to carry through. This doctoral dissertation aims at elaborating on critical determinants required to deliver the necessary transmission capacity investments. The Nordic electricity market is used as an illustrative example. This study suggests that changes in the governance structure have affected the delivery of Nordic cross-border investments. In addition, the impacts of not fully delivered investments are studied in this doctoral dissertation. An insufficient transmission network can degrade the market uniformity and may also cause a need to split the market into smaller submarkets. This may have financial impacts on market actors when the targeted efficient sharing of resources is not met and even encourage gaming. The research methods applied in this doctoral dissertation are mainly empirical ranging from a Delphi study to case studies and numerical calculations.

Vahdon keskustan sähkönjakeluverkon saneeraussuunnitelma

Vuoden 2013 sähkömarkkinalain uudistuksen myötä verkonhaltijoiden tulee varautua suurhäiriötilanteisiin aiempaa tehokkaammin. Lain toimitusvarmuusvaatimusten täyttäminen vaatii sähköverkkoyhtiöiltä entistä suurempia investointimääriä nopeassa aikataulussa. Caruna Oy investoi vuosittain noin 100 miljoonaa euroa säävarman verkon kehittämiseen ja rakentamiseen. Eltel Networks Oy toimii Carunan pääurakoitsijana useissa saneerausprojekteissa muun muassa Satakunnan ja Lounais-Suomen alueilla. Diplomityö tehtiin Eltel Networks Oy:lle ja tavoitteena oli laatia saneeraussuunnitelma Carunan Vahdon keskustan sähkönjakeluverkkoon sekä kehittää Eltelin suunnitteluprosessia Vahdon case-projektin avulla. Nykyverkon ongelmakohdiksi osoittautuivat käyttöikänsä päähän tulleet tai lähivuosina tulevat verkkokomponentit, verkon alhainen nykykäyttöarvo sekä korkeat keskeytyskustannukset. Suunnitellun verkon nykykäyttöarvo yli kaksinkertaistui nykyverkon arvosta, verkon keski-ikä pieneni seitsemällä vuodella ja keskeytyskustannukset pienenivät yli puolella. Case-projektin aikana suunnitteluprosessissa ilmeni useita kehityskohteita. Esimerkiksi kartta-aineistoja ja ilmakuvia kannattaisi hyödyntää monipuolisemmin suunnittelussa ja ohjemuutosten täytäntöönpanoajankohta tulisi määrittää ohjeen tärkeyden mukaan. Vierekkäisille suunnitteluprojekteille kannattaa hakea jatkossa esimerkiksi yhteiset ELY- ja AVI-luvat erillisten lupahakemusten sijaan, koska se vähentää suunnittelijoiden työmäärää ja nopeuttaa hakuprosessia. Suunnittelijoiden yhteistyötä kannattaa laajentaa niin lupahakemusten, sopimusten laadinnan kuin koko prosessin kattavaksi, koska yhteistyö vähentää virheiden määrää ja nopeuttaa suunnitteluprosessia. Yhteistyöllä suunnittelu voidaan toteuttaa nopeammin laadusta tinkimättä.

Challenges of user-driven innovations on late stages of innovation process: evidence from ICT companies

The goal of this thesis is to study user-driven innovations and user involvement throughout the innovation process in context of B2B companies. Significant emphasis in the analysis put onto the late stages of innovation process and commercialization of innovations. Thesis includes detailed review of theoretical concepts and underlying frameworks of innovation process, lead users and user-driven innovations. The empirical part of the thesis consist of interviews of the four companies from ICT industry, followed by the comprehensive analysis and comparison of the results. The presented findings indicate common challenges, which ICT companies face, when shifting towards innovation by users paradigm. Linkages and connections among current situation and theoretical frameworks presented in the discussion part of the thesis allow to draw practical managerial implications. The results of the research emphasize valuable insights and challenges of user interactions within innovation process as well as output and participation related benefits for the companies and users. The research points out current state of the user involvement techniques and tools used for user interactions as well as suggests the possibilities for improvement in the future.

Guidelines for small embedded system companies aiming to enter the space industry

This guide summarizes useful information about the European Space Agency (ESA), the European space industry, the ECSS standards and product assurance for small and medium enterprises that are aiming to enter the industry. Additionally, the applicability of agile development in space projects is discussed.

Effects of internationalization on packaging decisions of manufacturing companies

The world has witnessed a great deal of globalization and a rise in international activities in recent years compared to decades ago. This has contributed to an upsurge in competition among manufacturing firms resulting in the use of different marketing strategies to survive. Packaging is one of the tools that has been used by marketers to make products different and appealing to both local and international customers. The purpose of this research work was to investigate more on packaging as a marketing tool and how internationalization affects the decisions management makes in relation to it. To this effect, a qualitative research was conducted using five manufacturing companies as case studies and data collected through semi-structured interviews and also personal observation. Secondary sources were also used in order to get deeper insight into the case companies under study. The study revealed that there are many advantages that internationalization provides firms. The general revelations made by the firms that were researched did not point to a negative impact of internationalization on their packaging decisions. Internationalization has provided positive improvements on their packaging and made them more competitive. This proves that for packaging decisions to improve better, one key enabler will be exposure to the international environment since it provides a wider array of options for package improvements for firms.