The Crowd Wisdom in Financing Cultural Projects

Culture is an important determinant in assessing the development and growth of the individual economies and societies. The culture sector is financed from public and private (patrons of art, sponsors) sources. However the funds for this sector are not enough to cover all the needs. Finding new possibilities of funding culture becomes particularly important. One of the possibilities is to encourage the society to co-finance cultural initiatives that are important and valuable for them. This kind of crowd wisdom can be implemented through crowdfunding. Crowdfunding has enabled large crowds to fund innovative cultural projects. This type of support might tap into the wisdom of crowds who were previously disconnected from the funding process. The aim of this article is to analyze the idea of crowdfunding in the cultural projects. Some successful examples of crowd wisdom in financing cultural projects in Europe are discussed in the article.