{"id":3886,"date":"2017-10-31T16:47:13","date_gmt":"2017-10-31T15:47:13","guid":{"rendered":"http:\/\/www.gpsj.co.uk\/?p=3886"},"modified":"2017-10-31T16:47:50","modified_gmt":"2017-10-31T15:47:50","slug":"nesta-report-paves-way-for-grant-funding-revolution-with-the-crowd","status":"publish","type":"post","link":"https:\/\/www.gpsj.co.uk\/?p=3886","title":{"rendered":"Nesta report paves way for grant funding revolution with the crowd"},"content":{"rendered":"<div id=\"attachment_3887\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"http:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2017\/10\/headshot.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3887\" class=\"wp-image-3887 size-medium\" src=\"http:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2017\/10\/headshot-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2017\/10\/headshot-300x200.jpg 300w, https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2017\/10\/headshot-150x100.jpg 150w, https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2017\/10\/headshot-400x267.jpg 400w, https:\/\/www.gpsj.co.uk\/wp-content\/uploads\/2017\/10\/headshot.jpg 487w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-3887\" class=\"wp-caption-text\">Phil Geraghty, MD of Crowdfunder<\/p><\/div>\n<p>Report shows:<\/p>\n<p>Grant funds were amplified by 161% in crowdfunding pilot<\/p>\n<ul>\n<li>78% of people who pledged gave money they wouldn&#8217;t ordinarily give to charity or philanthropic causes<\/li>\n<li>33% saw an uplift in volunteering after the fundraise, with 2 in 3 projects seeing an increase in skills<\/li>\n<\/ul>\n<p>The \u00a35.6bn grant funding sector is set for major disruption as new research reveals the significant impact crowdfunding can make when used alongside grant funding.<\/p>\n<p>Led by global innovation charity, <u>Nesta<\/u>, delivered in partnership with\u00a0<a href=\"http:\/\/www.crowdfunder.co.uk\">Crowdfunder<\/a>, the UK&#8217;s #1 rewards based crowdfunding platform, the <a href=\"http:\/\/www.nesta.org.uk\/sites\/default\/files\/matching_the_crowd_main_report_0.pdf\">Matched Crowdfunding Report 2017<\/a> shows crowd-matched grant funding could offer 161% more for community, charity and business projects across the UK. The publication highlights a pilot programme where \u00a3251,500 from Arts Council England and Heritage Lottery Fund inspired the crowd to donate \u00a3405,941.<\/p>\n<p>During the nine-month pilot, Crowdfunder marketed the funds and provided the online platform for projects to launch their ideas. The \u00a3251,500 in matched funding was provided to 59 projects on\u00a0<a href=\"http:\/\/www.crowdfunder.co.uk\/\">Crowdfunder.co.uk<\/a>. These schemes also benefitted from ongoing support, coaching and workshops from the site and the support of 4,970 crowd backers.<\/p>\n<p>The\u00a0report is the result of a collaboration between the Department for Digital, Culture, Media and Sport,\u00a0<a href=\"https:\/\/www.hlf.org.uk\/\">Heritage Lottery Fund<\/a>,<a href=\"http:\/\/www.artscouncil.org.uk\/\">\u00a0Arts Council England<\/a>, <a href=\"http:\/\/www.crowdfunder.co.uk\">Crowdfunder<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.nesta.org.uk\/\">Nesta<\/a>. For the first time, it provides a powerful insight into the impact of matched crowdfunding. Until now, despite its rapid growth, the practice has remained largely unexplored.<\/p>\n<p>The way in which UK grant money is distributed has\u00a0been slowly evolving.\u00a0However platforms like <a href=\"http:\/\/www.crowdfunder.co.uk\">Crowdfunder<\/a> have been pioneering ways to match smaller donations raised from the public with larger institutional funding from 20\u00a0<a href=\"http:\/\/www.crowdfunder.co.uk\/crowdfund-plymouth\">local authorities\u00a0<\/a>and companies like\u00a0<a href=\"http:\/\/www.crowdfunder.co.uk\/funds\/changemaker\">Santander<\/a>.<\/p>\n<p>Phil Geraghty, MD of Crowdfunder said: \u201cThe report makes a strong case for local authorities and other grant funding organisations to work with Crowdfunder. We can match the UK\u2019s \u00a35.6bn grant money with crowd-raised funds. Importantly, the report outlines strong evidence for doing so.<\/p>\n<p>\u201cPreviously, lack of evidence on the impact of crowd-matched funding meant some potential funders struggled to assess how it could be used within their current funding programmes. The\u00a0release\u00a0of the\u00a0<a href=\"http:\/\/www.nesta.org.uk\/publications\/matching-crowd-combining-crowdfunding-and-institutional-funding-get-great-ideas-ground\">Matched Crowdfunding Report 2017<\/a> changes all that. We now have strong data that could change the grant sector forever. The firm recommendation shining through the report is that funding organisations need to give crowdfunding a go.<\/p>\n<p>&#8220;Crowdfunder is now looking for more funders who have a\u00a0collaborative approach, deep valuable knowledge of their sectors and a shared mission to tackle societal change by helping make ideas happen.\u201d<\/p>\n<p>The report also recommended that Crowdfunder needs to invest more in sharing its knowledge with the sector and develop more technology to do it at scale. This would unlock greater funds for more grass-roots projects while allowing funders to use their expert knowledge to the benefit of communities.<\/p>\n<p>Crowdfunder is currently raising funds to on\u00a0<a href=\"http:\/\/www.crowdcube.com\/crowdfunder?utm_source=crowdfunder&amp;utm_medium=blog&amp;utm_content=nesta&amp;utm_campaign=fundraise\">Crowdcube<\/a>, in order to scale its business, invest in technology to ensure that crowdfunding projects can tap into the \u00a35.6bn grant sector and ultimately help more charity, community and business projects across the UK.<\/p>\n","protected":false},"excerpt":{"rendered":"<p id=\"caption-attachment-3887\" class=\"wp-caption-text\">Phil Geraghty, MD of Crowdfunder<\/p>\n<p>Report shows:<\/p>\n<p>Grant funds were amplified by 161% in crowdfunding pilot<\/p>\n<p> 78% of people who pledged gave money they wouldn&#8217;t ordinarily give to charity or philanthropic causes 33% saw an uplift in volunteering after the fundraise, with 2 in 3 projects seeing an increase in skills <\/p>\n<p>The \u00a35.6bn <\/p>\n<p>Continue reading <a href=\"https:\/\/www.gpsj.co.uk\/?p=3886\">Nesta report paves way for grant funding revolution with the crowd<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[842,838,840,839,25,417,26,264,841,416,422],"class_list":["post-3886","post","type-post","status-publish","format-standard","hentry","category-government-agencies","tag-crowd-funding","tag-crowdfunder","tag-culture","tag-department-for-digital","tag-government-public-sector-journal","tag-government-journal","tag-gpsj","tag-gpsj-magazine","tag-media-and-sport","tag-public-sector-journal","tag-public-sector-magazine","odd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nesta report paves way for grant funding revolution with the crowd - Government &amp; 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