WEBVTT

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Matchfunding is actually the act
of matching money that has been

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collected through crowdfunding
campaign with another type

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of funding, be it from
money that has been provided

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by a private organisation,
a fund, but also,

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it can also be a loan,
or it can be matched,

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or the crowdfunded money can
also be matched by public funds

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paid from local governments,
regional governments, whatever.

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So that is actually what
we mean with crowdfunding.

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It's a very interesting
mechanism that a lot

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of organisations,
platforms, but also,

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governments are currently
exploring across Europe.

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Because it's a way, when we look
specifically at public actors,

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it is a way to leverage their
public funds in a different way

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than we used to by
just giving a grant.

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How the mechanism works is
there are different models when

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you look at matchfunding.

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Some work as every euro that a
backer gives in a crowdfunding

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campaign is
automatically matchfunded

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with the same amount
of public funding.

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And then you can try to raise
the amount that was targeted.

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In other models, it works like
you have to raise at least 50%

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of the target amount
through crowdfunding.

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And then the public
authority tops up, or passes,

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or collects the additional 50%.

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Or other models, 20% is given
by the public government.

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Then you have to raise a certain
amount through crowdfunding.

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And then the last part can
be, again, matchfunded.

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So these are different models,
but the idea is the same.

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So you match, actually,
with another type of fund

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what you have raised through
a crowdfunding campaign.

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The interesting thing
with this matchfunding

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is that you combine--

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well, specifically, when we talk
about a setting of crowdfunding

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combined with public
money is where

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the distribution of
public money without a--

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so traditionally, is you
have a certain framework

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and conditions.

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And then if you comply with
these criteria and an expert

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group has gone
through your dossier

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and you can be elected
to receive the grant.

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But it's a rather
top-down decision

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to decide in which projects
the governments will invest.

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In a matchfunding
system, you actually

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combine bottom-up
input from the crowd.

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So you actually align
your public funds

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with decisions that
are made by the crowd.

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And in that sense, it's
an interesting tool

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for public governments to
make alliances with the public

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in deciding where to
invest public money

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in cultural sphere.

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It also creates
much more engagement

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of communities in the projects
that they have supported.

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And where matchfunding
has originated from

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is really more at a local
level, regional level,

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where, for instance, there is
a goal by public authorities

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to actually propose
different projects that

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are for the benefit of a
specific area, specific city.

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And then when different
projects are being proposed,

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they are open to
the crowd, or they

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are presented to the crowd.

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And the crowd can then
decide, of all these projects,

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what do I think is the
best for my region,

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for my neighbourhood, fitting
those specific objectives?

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And then by expressing their
choices though the matchfunding

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actually, the public
governments then

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decides to follow that
decision in their funding.

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So the governments
set the framework

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and makes the goal
for specific projects

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that they are looking for
that have specific criteria.

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But then it's up to
the crowd to decide,

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within those frameworks,
these are the things,

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within that framework, we
like most and that we think

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are most valuable for our
city or us as a community.

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And so in that sense, the
matchfunding instrument

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is a very interesting element.

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In addition to
traditional grants,

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because I would not say that
one should streamline completely

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to totality of cultural budgets
through matchfunding systems,

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but it's an interesting, again,
enrichment of financing culture

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in a region.

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[MUSIC PLAYING]

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