A £250k pilot project is testing whether match funding can be used to boost arts and heritage crowdfunding campaigns. Artists in England and heritage organisations in Scotland, and the North West and South West of England, are being invited to get involved in the scheme, which will grant a series of crowdfunded projects 25% of their total campaign target, up to a maximum of £10k.
The pilot is being delivered by Nesta and online platform Crowdfunder, with funding from Arts Council England and the Heritage Lottery Fund, backed by the DCMS. It realises a pledge made in the Government’s Culture White Paper earlier this year.
Two different types of match funding will be tested through the fund:
- A top up model, where 25% of match funding is released once a project has managed to achieve 75% of its funding target.
- A bridge model, where a project crowdfunds 25% of its target and then match funding is released to bring it to 50%. The funding is then conditional on the project attracting enough donations to make up the final 50%.
The pilot will examine whether match funding can make public funds stretch further, and what impact taking part in a crowdfunding campaign has on an organisation, such as increased access to networks and skills.
Crowdfund for the Arts: Extra funding between £1,000 and £10,000 is available for 25% of a project’s total if Crowdfunder projects are able to raise 75% of the target from the Crowd. This funding is available for individual artists based in England only. Arts projects could range from visual and performance art to spaces and events that allow creativity to flourish.
Crowdfund for Heritage: Extra funding between £1,000 and £10,000 is available for 25% of a project’s total if Crowdfunder projects are able to raise 75% of the target from the Crowd. This funding is available for organisations (not individuals) in the South West and North West of England and Scotland to support community assets and celebrate local culture.
Individuals and organisations with ideas for new projects are encouraged to register here after 14 September 2016.
Source: Arts Professional