Creative Entrepreneurship: News

Arts Funding with a Kick

Kickstarter recently launched in the UK and last week Stephanie Perreira, Director of Arts Program, visited the British Council in London to answer questions and tell us more about it.

@ Zelde*

Crowdfunding is becoming an increasingly attractive revenue option for individuals and organisations looking to get their creative ideas off the ground or propel their project to the next level.

Online funding platforms such as Kickstarter, Indiegogo and WeDidThis allow projects to be funded by small donations from a large number of people, inverting the traditional funding pattern that relies on large donations from a  small number of big funders. If you have a good idea that you want to share with the world, then there may well be people out there willing to chip in to make it happen!

As part of the deal, donors are generally rewarded for their support with exclusive perks relating to the project(s) they fund, such as preview tickets or exclusive downloads, depending on how much they contribute. Projects that don't reach their target amount receive none of the funds and all transactions are cancelled - an 'all or nothing' approach is to ensure 'less risk for everyone'.

On Kickstarter alone, over $400 million has been pledged and 30,000 projects have successfully reached their target amount. The site has proved enormously successful in the United States and is on course to fund more arts projects than the NEA (National Endowment for the Arts) this year. Last month the site officially launched in the UK and already there have been 21,000 pledges made and 208 successful projects.