Digital crowdfunding: an alternative for culture?

In the following excerpt, Isabelle De Voldere (IDEA Consult) defines online crowdfunding and argues that it is more than just a source of finance for cultural organisations.

Online crowdfunding – the act of raising money through an online platform from a large group of donors – is an interesting, relatively recent, and innovative tool to provide cultural and creative actors with an alternative approach to access finance. By motivating the crowd to participate in cultural creation – either with donations, rewards, lending or equity – crowdfunding is not only generating finance for the sector. In fact, it is also providing new opportunities in audience development, promoting new types of stakeholder involvement and community engagement, as well as offering individuals and communities a direct understanding of cultural products.