23-25 May 2017, Florianópolis, Brazil. Olga Kalinowska-Beszczynska

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1 Indicators and Metrics for Socially Inclusive Waste Management and Resource Efficiency in Supply Chains: Measuring and Reporting to Embed Sustainability in Policy and Practice May 2017, Florianópolis, Brazil Olga Kalinowska-Beszczynska

2 Dr Olga Kalinowska-Beszczynska Education: MSc in Finance Management Adam Mickiewicz University, Department of Law, Poznań, Poland Post-graduate program: European Union Administration/ Europäisches Vervaltungsmanagement Fachhochschule für Verwaltung and Rechtspflege in Berlin, Germany and Adam Mickiewicz University, Poznań, Poland (joint programme) PhD in Management (Entrepreneurship) Venture Capital industry emergence in transition economies Polish experience University of Exeter Business School, Exeter, UK Current positon: Lecturer in Entrepreneurship, University of Exeter Business School Member of: Business, Nature and Value Research Group Sustainability & Circular Economy Research Cluster

3 Previous research: Analysis of emergence and development of Venture Capital industry in Poland Key takeaways relevant for the workshop: The key role of institutional environment for financing innovative start-ups Formal institutions legal structures, good practices, supporting organisations Informal institutions trust (!) Traditional Venture Capital focus on high growth/high return ventures Public-private Venture Capital opportunity (?)

4 Current project: Financing eco-projects via crowdfunding (grant from Sustainability & Circular Economy Research Cluster) Research questions: What types of eco-investments have the best chances for raising the required funds? Which types of crowdfunding are the most suitable for eco-investment? Which platforms are the most eco-investment friendly? What factors (type of campaign; timing; scope; team; number/type of comments etc.) influence success? What type of rhetoric and visual communication is used in successful campaigns?

5 Current project: Preliminary findings: 16 platforms/109 campaigns classified as eco-investments The concept of eco-investment differs significantly among capital seekers. There are platforms dedicated for eco projects (18 identified in Europe so far) they remain inactive or with minimal number of project. The majority of active eco-investments happens on the large reward crowdfunding platforms (Kickstarter or Indiegogo). Yet, most of them have unrealistic funding goals, and are generally not supported well during the campaign by for example updating information on the project. The equity-based platforms are the least popular choice for searching for capital for eco-projects. Campaigns on equity-based platforms have much higher funding goals compared to those run on reward-based platforms (The mean funding goal calculated based on the initial data for the reward platforms is ,35 EURO, whereas for equity-based is ,26 EURO). These data seem to follow the industry trend (Zhang et al. 2015). The failure rate of the observed projects was 70%. This is higher than aggregated rates reported by leading platforms (success rates reported by Kickstarter 35.8%; Ulule 67%; Wemakeit 64%) The quality of posted pitches varies significantly although the equity-based platforms tend to have the most sophisticated pitches.

6 Current project: Longitudinal case study on start-up incubator Grounded theory approach to explore innovative methods to support development of start-ups; Case: a incubator for start-ups situated in Gdansk, Poland Main characteristics: offers offices & accommodation in the same place Tailored training Opportunity to transfer to a technology park and access to VC

7 Collaboration avenues: Research direc+ons: Entrepreneurial ecosystems Innova+on & knowledge transfer Commercialisa+on of innova+on Financing new ventures

8 Thank you