European Commission launches in-depth investigation on the impact of crowdfunding for the cultural and creative sector in Europe

European Commission launches in-depth investigation on the impact of crowdfunding for the cultural and creative sector in Europe

Wed, 01/06/2016 - 02:06

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What is Crowdfunding4Culture?

Crowdfunding4Culture is an EU-funded initiative that will investigate

  • how crowdfunding works for the cultural and creative sector
  • the type of projects and funds crowdfunding can be used
  • the number of platforms and how you can choose the right one
  • the do’s and don’ts of setting up a crowdfunding campaign
  • examples of matchfunding with public grants or private sponsorship

Recently four surveys have been launched on the online platform to gather much needed insights about the motivations and barriers with cultural and creative professionals, crowdfunding platforms, backers and policymakers to engage in (supporting) crowdfunding in cultural and creative organizations across Europe.

The research results and case studies will be available for anyone to search and read.

The crowdfunding4culture website has the ambition to become a European wide information hub for anyone who wants to learn more about crowdfunding specifically in the cultural and creative sectors, the different models and platforms, lessons to learn from (un)successful projects and tips and tricks on crowdfunding campaigns.

Why now?

The cultural and creative sectors are an essential driver of economic growth and employment , accounting for 4.2% of EU GDP and employing 7 million people.

However, the sector is faced with severe funding cuts and many freelancers and organisations face major challenges, especially with regard to access to finance or to grow.

It is in this context that the cultural and creative sectors are increasingly turning towards crowdfunding.

Today there are more than 600 platforms operating in Europe and according to a recent report, the alternative finance market raised 2,957 million in 2014.

Although frequently used by tech companies and entrepreneurs, crowdfunding is regularly used to fund cultural and creative projects as well.

Background

In 2015, the European Parliament approved funding for the 'Kick-starting the cultural economy (crowdfunding) ' project to identify and analyse best practices in Europe's crowdfunding market for cultural organisations".

Under this mission, Crowdfunding4Culture.eu was launched in March 2016 under a consortium led by IDEA Consult, and its partners European Crowdfunding Network and Ecorys.

This initiative will run until September 2017 and has the ambition to aggregate information for the benefit of everyone interested in crowdfunding for culture.