![]() ![]() ![]() Furthermore, when local authorities match in civic crowdfunding projects, individual funders of local communities feel supported and empowered. Match-funding schemes have better success chances than crowdfunding because of the extra funding that comes available (Davies Citation2015 ECN Citation2018 Van Montfort, Siebers, and De Graaf Citation2021). In this sense, match-funding can be considered a ‘collaborative funding mechanism’ (Senabre and Morell Citation2018, 5), involving contributions by government and quasi-public institutions including independent foundations, funds, lotteries, and public-run organizations, next to money from crowd and private contributions. That is, contributing a part of the requested sum – at the beginning, midway, or the end of the crowdfunding campaign. In its most simple form, this happens through matching a part of a project’s target goal. Recently, local and regional policymakers have started to engage with the potential of crowdfunding by integrating crowdfunding practices into their funding toolbox. Second, crowdfunding projects in the civic realm are typically ‘crowdfunded projects that provide services to communities’ (Davies Citation2015, 343) in which the goods produced are expected to be goods to be consumed equally by all members of the community that funds them. Citation2022 Belleflamme, Lambert, and Schwienbacher Citation2014). First, crowdfunding (or crowd investment) may unlock entrepreneurial opportunities through its capacity to raise capital infusions from investors as well as the public without any geographical restrictions (Bargoni et al. Two types of crowdfunding are commonplace. Citation2017 Lazzaro and Noonan Citation2021). ![]() It is coordinated through two-sided platforms that permit cheap, fast, and easy financial transactions and the creation of global fanbases for products and services (Alexiou, Wiggins, and Preece Citation2020 Josefy et al. Citation2022 O’dair and Owen Citation2019). The cultural field is permeated by new funding models, benefiting from technological advancements and the potential to ameliorate the earning capacity of creative and cultural workers and organizations (Katz-Gerro Citation2015 Loots et al. Situated at the juncture of funding, policy, and technology, match-funding requires learning and experimentation with other than reward-based formats to unleash its democratizing potential. Aspects largely overlooked are match-funding’s capacity to leverage resources and install co-decisive processes of public funding allocation. Funders are attracted by match-funding’s potential to support relatively large numbers of hitherto underserved makers with relatively small amounts of money, complementary to other funding instruments. Drawing upon interviews with regional and local match-funding entities in the Netherlands, we explain how and why they engage in match-funding and what is needed for the collaborative funding mechanism to thrive. Yet, with joint contributions by friends, fans, governments, and quasi-public institutions, match-funding of arts and culture through crowdfunding platforms may have benefits: increased revenues for makers and cultural fields, transparency in funding allocation, and stronger community engagement. ![]() Despite its ubiquity in arts and culture, crowdfunding has limitedly been instrumentalized in policy settings. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |