Summary

Crowdfunding, the practice of funding a project by raising monetary contributions from a large pool of donors, typically via Internet platforms.

Background and Objective

This model emerged in the developed world as a direct response to the difficulties for entrepreneurs to raise funding as a result of the 2008 financial crisis. Civic crowdfunding, the crowdfunding practice applied to civic project, is an emerging field that has already helped to achieve a wide range of public interest projects, from social and environmental innovation to urban commons. To date, crowdfunding for urban commons has produced a number of urban communities' projects such as distressed areas turned into public parks, local facilities, community centers.

Outcomes and Impacts

Civic crowdfunding is still an emerging field but it already represents a significant opportunity to create new collaborations between citizens, civil society organizations and sub-national governments in order to promote sustainable and inclusive local development. Projects have been implemented in France, the UK and USA.

Innovative Initiative

Promotion of social capital / Sharing and pooling / Financing

Resources devoted to delivery

Know more: https://co-city.fr https://www.spacehive.com https://www.ioby.org http://www.citizinvestor.com Articles about collaborations between municipalities and civic crowd-funding platforms: http://curbed.com/archives/2015/09/22/why-londons-mayor-is-turning-to-crowdfunding-to-support-public-projects.php