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Crowdfunding for Culture: Challenges and Opportunities for a Paradigm

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Crowdfunding for Culture: Challenges and Opportunities for a Paradigm Crowdfunding for culture: challenges and opportunities for a paradigm shift?” ISW, University of Macerata 2-3 December 2019 Elena Borin Associate Professor, Director MSc Arts and Cultural Management, Coordinator Research Group ACM Seminar’s objectives 1. Understanding the phenomenon of crowdfunding in the broader fundraising paradigm 2. Knowledge of crowdfunding characteristics and main models 3. Development of critical thinking: challenges and opportunities of crowdfunding for the cultural and creative sector 4. Understanding of a basic crowdfunding plan EVALUATION • Participation during lessons • Group works and final presentation The phenomenon of crowdfunding in the broader fundraising paradigm Money and more important things There are so many things in life more important than money! But they cost so much! (Groucho Marx) Fundraising and the cultural and creative sector Organizations, industries and stakeholders in the cultural and creative sector have usually ethical, social and cultural priorities not making money or focus on raising funds … But in order to carry out their activities, reach their objectives and realize their mission and vision they need to have the necessary funds Connection between funding, strategy, management control, communication chain and knowledge build-up FUNDING; CONNECTION TO STRATEGY, MANAGEMENT CONTROL, COMMUNICATION CHANGE AND KNOWLEDGE BUILD-UP If we are able to guarantee stable funding streams, we can focus on knowledge building and development, involvement of audience, long-term strategies Source: A. Stockenstrand, Ander, IJAM, 2014 Some preliminary considerations….. Crisis 2007/2008: financial crisis – real economic (credit crunch) – governmental level – public expediture and impact on cultural and creative organizations and institutions ➢ Decreasing of public funding for culture (estimated 30% in some European countries) ➢ Small cultural organizations have been forced to close ➢ Big cultural organizations, while still getting the majority of public funding, have reduced financing from state and local authorities (Bonet and Donato, 2011) Some preliminary considerations….. Increasing debate on public funding for the arts….. • In 2012 published Kulturinfarkt (Dieter Haselbach, Armin Klein, Pius Knusel, Stephan Opitz) ➢ Totally cancel public funding for culture ➢ Darwinian approach: only strongest and "best" arts organizations will survive ……But also debate on implementation of ecosystem perspective for cultural financing (Donato, 2013; Borin and Donato, 2015) Funding for CCS: funding structure of the arts and cultural organizations (EU - USA) Earned income Governmental funding Individual Earned support income Foundations Corporate sponsorships Traditional sources of funding for cultural and Sources of funding for not-for-profit cultural creative organisations in EU (Source: St'ART SA, organisations in the USA (Source: Arts Funding, 2013) 2017) What does that mean for arts and culture? Especially in the European context, cultural organizations should learn how to deal with the effects of the reduction of public funding and look for other types of financing to reach sustainability What does that mean for arts and cultural organizations? • Ability to develop multiple funding sources increase resilience of cultural organizations in times of crisis • Fundraising as part of the funding differention of cultural organizations Individual giving Focus on Individual Giving in the USA 1975- 2015 Individual giving Fundraising: could it be a solution?? Fundraising: definition Emotional definition • Fundraising: "the gentle art of teaching the joy of giving" • (H. Rosso, Founder of the Fundraising School, San Francisco) Raising funds • Fundraising = to raise, to increase, to develop Fundraising: definition "Fundraising is the science of financial sustainability of a social cause. Fundraising is not an end in itself. When it becomes that, both the organization and the donor are diminished. Fundraising is the consequence of the mission, objectives and social benefits that the organization aims to reach" • (H. Rosso, Founder of the Fundraising School, San Francisco) Fundraising definition Greenfield (1999, 2004): Approach to fundraising as a strategic activity ➢ Part of the organization's strategy ➢ Getting financial resources is part of the strategy that aims at ensure financial sustainability over time and support its development ➢ Fundraising as a set of rules, theories, concepts that are necessary to identify and prevent financial risks ➢ Fundraising= strategic approach at designing and managing the development of an organization Fundraising definition "People give to people. People don't give to an institution. They give to the person who asks them" (James Gregory Lord, 1995) Burnett (1996, 2002) approach: relationship fundraising – importance of relationships with the surronding environment "Fundraising is not merely the moment in which you collect funds, it is the whole process of fund development". This process spans from the transformation of project ideas in real projects (strategic management), to the involvement of external stakeholders in the project (communication). This involvement could lead to the transferring of financial resources. Fundraising is at the same time: 1. a method: social relations as opportunities for financial support, involve people of the organization, meet the needs of the stakeholders outside the organization 2. a technique: ▪ to analize the "external world" with a marketing approach ▪ identify the potential supporters ▪ promote a fundraising campaign, effectively manage human resources, as well as technical and financial resources ▪ keep a good relations with the supporters Fundraising origins Long traditions in fundraising (especially for not- for-profit organizations)….. Charities and religious associations (social responsibility and community belonging) • First fundraising school and research center in the USA in 1970s by Henry Rosso • Since 1980s and 1990s – recognized figure of the fundraiser Fundraising: preliminary concepts Types of Fundraising organizations Fundraising for ➢ not-for-profit organizations (cultural organizations such as museums, performing arts companies, etc.) ➢ for-profit organizations (start-up, cultural and creative enterprises, etc.) However, fundraising is still often intended for non-profit organizations Fundraising: preliminary concepts Types of potential fundraising markets: ➢ Private subjects (including foundations, corporate giving and individuals) ➢ Public subjects (governmental and public grants) Fundraising: preliminary concepts Types of activities for which you can do fundraising Fundraising as a set of methods to ensure financial sustainability of organizations at different stages of development a)To start an organization b)To ensure the development of an organization c)To ensure the development of special projects Strategic planning and fundraising Fundraising is incorporated as a part of strategic planning for a cultural organization. ➢ It is usually included in the operational plans ➢ It applies strategic management and marketing principles Fundraising impact on the cultural organization on two levels: • External level Design and implementation of fund raising programs Networking with external subjects • Internal level Human resources, responsibilities and involvement in the fundraising process Decision-making mechanisms and internal communication Fundraising: preliminary concepts ➢ Fundraising is based on different relations (both internal and external) and its aim is to generate exchanges at different levels, possibly in the long-term ✓ Exchange between organizations doing the fundraising and the donors/sponsors ➢ Fundraising strategy: how can I enhance these relations and exchanges and continue them in the long-term? ➢ Match supply and demand, we need to answer to two fundamental questions: 1. What is our organization looking for in this exchange? 2. What are donors looking for in this exchange? 25 Fundraising: preliminary concepts Point of view of the organization Types of raised funds: ➢ Funds for recurrent donations (e.g. membership programs) ➢ Funds for specific projects (e.g. Sponsorship, crowdfunding for special projects) ➢ Funds for participation in the capital (e.g. capital investment/equity base crowdfunding) Financial support, but also: • In-kind: material, equipment, services, etc... • «In-skills»: «working» for the beneficiary, ESV – Employer Supported Volunteering programs Fundraising: preliminary concepts What are cultural organizations looking for in fundraising initiatives? ▪ Financial support ▪ Volunteering ▪ Increased networking and relations ▪ Human resources and skills ▪ Credibility ▪ In-kind donations (materials, equipments, softwares, etc) ▪ Increased attention ▪ "Supporters"/"ambassadors" (Source: F. Colbert, 2012) 27 Fundraising: preliminary concepts Point of view of the donor What are donors looking for when donating? ▪ "Feel better" ▪ Public acknowledgment ▪ See results in the initiative they have funded ▪ Enhance their community/territory ▪ Establish relationships they will use for work-related purposes ▪ Establish new social relations ▪ Advertising and branding opportunities for their activities and companies ▪ Gain votes and consensus (Source: F. Colbert, 2012) 28 The main fundraising tools Direct marketing (through variety of media including Donors/philanthropic text messaging, email, websites, database marketing, associations fliers, catalog distribution, promotional letters, etc..) Corporate
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