MATCHED CROWDFUNDING AS AN ALTERNATIVE FUNDRAISING TOOL FOR THE CULTURAL SECTOR THE CASE OF MATCHED CROWDFUNDING IN TWO NATIONAL CONTEXTS: THE NETHERLANDS & GREECE

The aim of this research is to explore the potential of matched crowdfunding as an effective alternative fundraising tool for the cultural sector. In the light of the severe budget cuts of public funds for the cultural sector, along with the reduced funds and grants from foundations and companies, the necessity of alternative fundraising tools for the support of the cultural sector seems of significant importance. Focusing on the reasons and factors that contributed in the emergence and prominence of crowdfunding, this research arrives to the adoption of matched crowdfunding by platforms as a novel method. Through the lenses of cultural economics this study intends to explore how matched crowdfunding can contribute to crowdfunding schemes and resolve some of the barriers of participation to the schemes. To achieve that, the motivations that drive the involved actors to promote matched crowdfunding will be investigated in Greece and the Netherlands. Thus, this research provides insights from the perspective of actors from the supply side of matched crowdfunding, through qualitative research with in-depth interviews and document analysis in two national contexts: Greece and the Netherlands. Moreover, complementary data will be used from the matched crowdfunding scene in the United Kingdom. The integration of the limited literature review along with the primary data from the interviews and the document analysis, show that matched crowdfunding can offer higher success rates for cultural crowdfunding campaigns by combining different sources of funding. Moreover, matched crowdfunding raises awareness regarding crowdfunding schemes and projects and engages more people to the support of the cultural sector. Last but not least, this research showed that partnerships in terms of match-funding bring credibility, trust and signals of quality and success to crowdfunding platforms and campaigns. Consequently, through matched crowdfunding the whole crowdfunding system has the potential of becoming more reliable and engage more backers, fundraisers and funding institutions as partners.