Crowdfunding for the Public Sector
Simon Carman and Keven West, are delighted to have been involved in a research project concerned with assessing the suitability of using crowdfunding to deliver new public sector facilities and services. The research was carried out by the Bauman Institute of the University of Leeds, funded by the Department for Digital, Culture, Media and Sport and the results of this study have recently been published.
We were involved in supporting Royal Devon and Exeter NHS Foundation Trust in their project to develop elderly care residential accommodation focused on people with conditions associated with dementia. We explored the use of crowdfunding as part of a mix of funding to cover the capital costs of the development.
The research identified a range of financial and non-financial benefits of using crowdfunding as the principle means of financing a public sector development or for using it as part of a mixed funding solution. The research also suggested that there is great untapped potential in this area and that the public sector would benefit from exploring its use in more of its projects.
The report suggested a range of recommendations aimed at government (policy, legislation and regulation), and aimed locally (including this financing type in early project evaluations) and it suggested the commencement of a communications campaign to raise awareness.
The Bauman Institute has published its findings in full and has written up case studies – three in local government and three in the NHS.
If you would like to talk to us about this developing initiative in relation to your public sector projects, please get in contact.