Bridging the Equity and Entrepreneurial Gaps in the Finnish Fashion Industry: a Comparative Case Study of the Swedish, Danish & Finnish Fashion Ecosystems

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Bridging the Equity and Entrepreneurial Gaps in the Finnish Fashion Industry: a Comparative Case Study of the Swedish, Danish & Finnish Fashion Ecosystems Bridging the Equity and Entrepreneurial Gaps in the Finnish Fashion Industry: A Comparative Case Study of the Swedish, Danish & Finnish Fashion Ecosystems International Design Business Management (IDBM) Master's thesis Noora Salonoja 2013 Department of Management and International Business Aalto University School of Business Powered by TCPDF (www.tcpdf.org) Bridging the Equity and Entrepreneurial Gaps in the Finnish Fashion Industry A Comparative Case Study of the Swedish, Danish & Finnish Fashion Ecosystems Master´s Thesis Noora Salonoja May 2013 International Design Business Management Approved by the head of the Department of Management and International Business __.__.20__ and awarded the grade ___________________ AALTO UNIVERSITY SCHOOL OF BUSINESS ABSTRACT International Design Business Management May 2013 Master’s Thesis Noora Salonoja Bridging the Equity and Entrepreneurial Gaps in the Finnish Fashion Industry - A comparative case study of the Swedish, Danish & Finnish Fashion Ecosystems Objectives: The Finnish fashion industry and especially the small and micro sized companies are facing challenges. It seems that there is strong design know-how, rising talents and a seemingly increasing interest for Finnish fashion, yet these companies fail to reach sufficient growth and expand into international markets. A hindrance for this development is the existence of equity and entrepreneurial gaps, which refer to the lack of business know-how and appropriate financing. However, in Sweden and Denmark these gaps have been successfully bridged in more occasions than one. This study is built on the assumption that the fashion industry ecosystem in these nations provides a better environment for emerging fashion companies to develop. The purpose of this study is to explore the current state of the Finnish fashion ecosystem and examine reasons for its underdevelopment from a financer’s approach. The Swedish and Danish fashion ecosystems are studied to explore the determinants of success that enable small fashion companies to prosper and succeed under very similar macro-economic conditions. Methodology: Qualitative case study research was selected as the research method. The empirical part explores three fashion ecosystems: the ecosystem cases of Sweden and Denmark provide a setting and background into the topic, whilst the case study on the Finnish fashion ecosystem is more analytical and from an investor viewpoint. The cases were examined by using the constructed fashion entrepreneurship ecosystem model. Primary data was collected by interviewing private and public investors, business consultants and professionals in Finland, Sweden and Denmark. Secondary data to support the empirical findings was collected from a number of different sources, including government reports and studies, previous research, private analyses, newspapers and websites. Results: The finance, culture, human capital and market domains were identified to have had a relatively higher impact on the development of the fashion ecosystem in Sweden– implying on a relevance of the private sector. In Denmark, the government’s strategic support and public policies have had a significant role in developing the nation’s fashion ecosystem. In Finland, the ecosystem is underdeveloped because there seems to be a lack of business skills and collaboration among the fashion companies and entrepreneurs. This reflects on the finance domain as investors do not perceive the industry as a viable business case, and thus individual companies face challenges in acquiring external capital and smart money into their companies. Furthermore, there is a very limited amount of understanding and prior knowledge about the industry dynamics among potential investors and a lack of public and policy level support. Key words: ecosystems, fashion firms, equity gap, entrepreneurial gap, small business financing AALTO-YLIOPISTON KAUPPAKORKEAKOULU TIIVISTELMÄ International Design Business Management Toukokuu 2013 Pro gradu –tutkielma Noora Salonoja Rahoitus- ja liiketoimintaosaamisen haasteet Suomen muotialalla - Vertaileva tutkimus Ruotsin, Tanskan ja Suomen muotialan ekosysteemeihin Tutkimuksen tavoitteet: Suomen muotiala ja erityisesti siellä toimivat pienet ja mikro -tason yritykset kohtaavat haasteita liiketoiminnan kehittämisessä. Vaikka alalla on vahvaa muotoiluosaamista, nousevia lupauksia ja kansainvälistä kiinnostusta, pienet kotimaiset muotialan yritykset eivät saavuta riittävää kasvua tai kansainvälisiä markkinoita. Nämä vaikeudet pohjautuvat puutteisiin yritysten rahoituksessa ja liiketoimintaosaamisessa. Ruotsissa ja Tanskassa vastaavat haasteet on kuitenkin onnistuttu selättämään useaan otteeseen. Tutkimuksen lähtökohtainen olettamus on, että näiden maiden paikalliset ekosysteemit tarjoavat paremmat kasvuedellytykset pienille ja kehittyville muotialan yrityksille. Tämän tutkimuksen tavoitteena on selvittää Suomen muotialan ekosysteemin nykytilaa ja syitä sen alikehittymiselle rahoittajan näkökulmasta. Tarkastelemalla Ruotsin ja Tanskan ekosysteemejä tutkimus pyrkii tarkastelemaan niitä tekijöitä ja käytäntöjä, jotka edesauttavat muotialan yrityksiä kehittymään Suomen makrotalouden kaltaisissa olosuhteissa. Tutkimusmenetelmät: Tutkimusmenetelmäksi valittiin laadullinen tapaustutkimus. Empiirinen tutkimusosio tarkastelee kolmea muotialan ekosysteemiä. Ruotsin ja Tanskan mallit toimivat tausta- aineistona aiheeseen, kun taas Suomen ekosysteemiä tarkastellaan analyyttisemmin ja ulkopuolisen rahoittajan näkökulmasta. Ekosysteemien tarkastelussa hyödynnettiin tutkimusta varten kehitettyä muotialan yrittäjyyden ekosysteemimallia. Ensisijaista tutkimusaineistoa varten haastateltiin yksityisiä ja julkisia rahoittajia, yrityskonsultteja ja alan ammattilaisia Suomessa, Ruotsissa ja Tanskassa. Lisäksi tukevaa aineistoa kerättiin useista lähteistä, mm. valtion raportit ja selvitykset, aiempi tutkimusaineisto, toimialan analyysit ja kartoitukset, lehtiartikkelit, nettisivustot. Tulokset ja yhteenveto: Tutkimuksen tuloksien mukaan Ruotsissa rahoitukseen, henkilöstöön ja markkinoihin vaikuttavat tekijät ovat olleet olennaisessa osassa paikallisen muotialan ekosysteemin kehityksessä – näin ollen yksityisen sektorin rooli on ollut merkittävä. Tanskassa valtion tuki ja muotialaa strategisesti tukevat julkiset hankkeet ovat keskeisesti edesauttaneet ekosysteemin kehitykseen. Suomessa muotialan alikehitys johtuu pitkälti yrittäjien liiketoimintaosaamisen puutteesta ja alan pirstaloituneisuudesta. Tämä heijastuu ulkopuolisen rahoituksen saatavuuteen, sillä rahoittajat eivät usko alan potentiaaliin. Näin ollen yksittäisen yrityksen on haastavaa saada ulkoista rahoitusta ja etenkin ”fiksua rahaa” liiketoiminnan kehittämiseen. Potentiaalisilla rahoittajilla on hyvin rajallinen tietämys muodista toimialana ja lisäksi valtion konkreettiset tukitoimet ovat vähäisiä. Avainsanat: ekosysteemit, muotialan yritykset, rahoitusaukko, liiketoimintaosaamisenaukko, pienyritysten rahoitus TABLE OF CONTENTS TABLE OF CONTENTS ................................................................................................ 1 1 INTRODUCTION ................................................................................................. 1 1.1 Background .................................................................................................... 1 1.2 Research gap .................................................................................................. 1 1.3 Research questions ......................................................................................... 2 1.4 Contribution to existing literature .................................................................. 4 1.5 Definitions ...................................................................................................... 4 1.6 Structure of the study ..................................................................................... 5 2 METHODOLOGY ................................................................................................ 6 2.1 Research methods ........................................................................................... 6 2.2 Research construct.......................................................................................... 8 2.3 Validity, generalizability and reliability of the research .............................. 10 2.4 Limitations of the study................................................................................ 11 3 CONTEXTUAL REVIEW ................................................................................. 12 3.1 Business ecosystems .................................................................................... 12 3.2 Characteristics of the fashion industry ......................................................... 15 3.3 Small business financing .............................................................................. 23 3.4 Equity and Entrepreneurial Gaps ................................................................. 28 4 EMPIRICAL RESEARCH ................................................................................. 34 5 THE SWEDISH FASHION ECOSYSTEM ...................................................... 35 5.1 Introduction to the Swedish Fashion Industry.............................................. 35 5.2 Development of the Fashion Industry in Sweden ........................................ 35 5.3 The Swedish Fashion Wonder ..................................................................... 36 5.4 The Swedish Fashion Ecosystem - Determining
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