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New arts crowdfunding site

New arts crowdfunding site

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Published by: Crowdsourcing.org on Apr 11, 2012
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New arts crowdfunding site
12 April 2012
The Arts Foundation is launching a newcrowdfunding website to help raise new fundsfor the arts in New Zealand.With the support of the Lion Foundation, theArts Foundation is building a website that itpredicts will raise millions in new funds for thearts every year. The siteboosted.org.nz,is the first new major initiative to fund the arts in decades.Boosted will use a form of fundraising called crowdfunding. Thisphenomenon, for funding creative projects, has been developing in theUnited States over the past four years. Crowdfunding websites enableprojects to receive many, often small, private donations towards afunding goal. The projects are promoted using e-mail and social medianetworks.The leading crowdfunding website in the United States, kickstarter.com, 
estimates it will raise USD$150million for projects this year, that’s $6
million more than will be distributed by US Government Fundingagency; the United States National Endowment for the Arts. Kickstarteris one of many crowdfunding sites in the United States and was recentlyused by New Zealand film maker Taika Waititi to raise over $100,000 todistribute his film Boy in the USA.
The Arts Foundation, whose Principal Partner is Macquarie PrivateWealth New Zealand, launched in 2000 as a vehicle for growing privategiving to the arts.The Foundation has an endowment of $6 million and is expectinglegacies of $15 million. It is two years short of donating $5million to thearts. The Arts Foundation produces the annual Macquarie PrivateWealth New Zealand Arts Awards where it distributes around $400,000to artists through awards such as its $50,000 Laureate Award.
“The Arts Foundation is opening its doors to all arts projects, from
grass roots to New Zealand’s most established companies and artists,”
said Arts Foundation Executive Director Simon Bowden.
“We are pouring our knowledge of private giving into Boosted in order 
to grow a new generation of donors for the arts. We expect to createliterally thousands of philanthropists for the arts, albeit mostly at modestlevels. In the world of crowdfunding every dollar counts. We believethat many donors who initially give small amounts to projects onBoosted will be able to give more in the future."Any arts project can go through the simple steps of applying to the ArtsFoundation to be listed on Boosted. Donations for projects on Boostedare made to the Arts Foundation and will be tax deductible. If the projectattracts enough pledges to meet its target by a deadline, the ArtsFoundation will grant funds donated for the project to the project, less anadministration amount. The administration amount helps with runningthe website. Boosted will have other philanthropic mechanisms such asthe ability to run a matched funding campaign. Matched funding iswhere a donor pledges a sum of funds that will only be donated if othersmatch the amount pledged.
Simon Bowden first learned of crowdfunding while on a United StatesGovernment-funded International Visitor Leadership programme inAmerica in August 2010. He met with United States Artists in LosAngeles, one of the only other agencies to create an arts crowdfundingwebsite that offers tax deduction to donors. A recent article in the NewYork Times compared the success rate of projects being funded on theUnited States Artists site of 75% with 44% on Kickstarter, sighting tax
deduction as the likely reason for United States Artists’ success. “The
tax deductible status of donations to projects on Boosted will improve
the confidence of donors and may encourage them to give more,” said
Simon Bowden.
“Perhaps the most exciting outcome of crowdfunding is its potential to
create cultural change. Artists who are successful in using crowdfundingwill have new encouragement to articulate their vision based on theirpersonal aspirations. Audiences will have a new means of participatingin the arts as investors in the creative process. Crowdfunding is arevolution. It is about empowering artists to inspire people to join their
endeavours,” said Simon Bowden.
 Artists, administrators and producers shouldregister.The Arts Foundation will provide information to projects on how to prepare forparticipation in Boosted. The website is expected to be up and running inSeptember this year.
How will it work?
 Artists, arts groups and organisations (artists) will submit a projectfor pre-approval to the Arts Foundation. Considered on a case-by-case basis, the Arts Foundation will approve all legitimate artsproject through a simple and quick process;

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