Why are we doing this?
Rewards and donations based crowdfunding has grown exponentially over the last five years. As it has expanded as a market, institutions, local authorities and other funders have been exploring how they can match their grant funding with the crowd in order to find projects more efficiently, stretch the amount of money raised and reach organisations and individuals outside their normal funding programmes.
Despite this, very little formal research has been conducted on these match funds - and none of them have focused specifically in the arts and heritage space. We’re therefore piloting our own campaigns in order to try and learn about the impact that this new form of funding has on the crowdfunding landscape and the individual projects that try and raise funding.
This work stems from a specific recommendation set out in the Department for Culture, Media and Sport’s Culture White Paper.
What are we doing?
We have launched two campaigns on Crowdfunder to help fund projects from individual artists in England and Heritage Organisations in the North West, South West and Scotland.
Between £2,000 and 20,000 is available to match total of 50 per cent of a crowdfunded project, with the other 50 per cent coming from the crowd. In total, £125,000 is available in funding for both the arts and heritage sectors.
Once the funding has been distributed, we are going to analyse the impact of the mixed funding model and evaluate the programmes that successfully crowdfunded for their project.
To find out more about how to apply, visit the relevant pages on the Crowdfunder website:
Nesta has conducted a wide range of programmes and research in the field of crowdfunding and the sharing economy over previous years. In particular, this work builds on:
- the Innovation in Giving fund, which distributed £10 million in grant funding to ideas and projects that encouraged people to give more.
- the Crowdfunding Good Causes report, which sets out the landscape of opportunities and challenges for charities in relation to crowdfunding
- Pushing Boundaries: The 2015 Alternative Finance Report. This work tracks the size and shape of the wider crowdfunding sector over time, specifically pointing to trends and areas of expansion and contraction within the sector.