Crowdfunding in the Cultural System: innovative techniques and funder behavior

Abstract

Considering the current cuts in public spending and the role of digitalization, today it emerges a tangible need to reshape the cultural sector. In this regard, this thesis investigates the phenomenon of Cultural Crowdfunding as an innovative financial tool, emphasizing new challenges and existing gaps. Its growth, in fact, combined with the typical experimental approach of the cultural industry, stands as a great research opportunity. To begin with, this contribution proposes a theoretical overview mainly focused on the innovative aspects of Cultural Crowdfunding (chapter 1) and on the central role of crowd-funders, highlighting motivations, decision-making processes, communication strategies and potential threats (chapter 2). To continue, it introduces the concept of Business Models (BMs) and Business Model Innovation (BMI). Specifically, this section compares the innovative techniques and, thus, Business Model Innovations, adopted by three Italian Cultural Crowdfunding platforms in order to generate value and competitive advantages (chapter 3). Here, the nine components featured on the Business Model Canvas (BMC) by Osterwalder and Pigneur and its recent implementations serve as a theoretical framework for the case study.