The Role of Crowdfunding in Cultural Entrepreneurship: A Business Network Perspective

Bocconcelli, Roberta; Fortezza, Fulvio; Petrucci, Francesco; Pagano, Alessandro

doi:10.1007/978-3-030-46796-8_7

Cited by 1 publication

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“…Organizations and creative professionals experience large challenges in renewing their creative ideas and sustaining their competitiveness (Stang Våland et al, 2021). The ability of crowdfunding platforms to launch successful campaigns in CCIs is, therefore, influenced by “the presence of ‘unconventional’ features and processes that guide cultural enterprises towards different developmental journeys”, as well as by the collective nature of cultural initiatives, which are “usually supported by large informal communities of passionate contributors providing technical and knowledge resources, competencies, professional services, as well as network contacts and relationships” (Bocconcelli et al, 2020, p. 116). The fact that cultural crowdfunding is a growing subset of the online alternative finance market together with the important contribution it is making in reducing the funding gap for cultural and creative firms in Europe (De Voldere & Zeqo, 2017) confers a particular interest in studying the level of development and the boundaries of this market.…”

Section: Introductionmentioning

confidence: 99%

Mapping crowdfunding in cultural and creative industries: A conceptual and empirical overview

Cicchiello

Gallo

Monferrà

2022

European Management Review

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The landscape of cultural and creative industries (CCIs) has been changing strongly because of new players who have entered the arena by reshaping financing strategies. This work represents a first attempt to describe and compare the European population of crowdfunding platforms used by firms and creatives to launch cultural and creative projects. Specifically, we provide an assessment of how and where cultural crowdfunding platforms emerge. We also explore the extent to which government expenditures on cultural services in the EU affect crowdfunding platform origin and development, finding evidence that cultural crowdfunding is more developed when public engagement in promoting CCIs is high. In contrast, we find evidence of a strong substitution effect when the attractiveness of a country for other alternative funding sources is low. The results reveal that the number of successfully funded projects is higher when the platform is not dedicated exclusively to cultural and creative projects. Finally, higher information transparency and the use of social networks foster the platform's operational performance.

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Section: Introductionmentioning

confidence: 99%