Kickstarting Cultural Entrepreneurship via Crowdfunding

Szeles, Nora (2024) Kickstarting Cultural Entrepreneurship via Crowdfunding. In: P/References of Design. Cumulus conference proceedings series, 1 . Cumulus Association, Moholy-Nagy University of Art and Design Budapest, Budapest, pp. 983-1003. ISBN 978-952-7549-02-5

Text 6274cd10-93f9-4fd0-929c-988dbe966ef5 - Published Version Download (3MB)

Abstract

Crowdfunding is most probably the best go-to-market strategy for the entrepreneurs or creators in the cultural and creative industries (CCIs), as it unfolds, leverages and innovates the network effect easily by unlocking fan-, trust-, and social capital to establish the new brand. As often emphasized, it democratizes access to resources, innovates processes, reinvents, and pivots business models. The somewhat unusual "Prologue" is motivated by personal experiences, but it extracts 25+ years across capital markets and findings from academia and industry. Illustrating Hungarian and international cases, this study adds further depth to the phenomenon of how creative power that implies innovation and spillovers can unlock economic growth by measurably building an interconnected ecosystem for small- and medium-sized enterprises (SMEs) to overtake shortcomings of monetary policy. This study is built on three propositions: on the micro level, it presents crowdfunding as a simple, innovative service pivotal for validating, fundraising, marketing, and community building for creators, on the meso level, as a marketplace or project webshop, on a macro level, the uprise of ecosystems versus economies. Considering recent regulations that render crowdfunded equity a secure, cross border, disintermediated investment asset class, this study adds further to how crowdfunding can function for CCI entrepreneurs, ecosystem participants, and policymakers.

Actions (login required)

Edit Item