Report: Towards more efficient financial ecosystems
News, Cultural Creativity, European funding for museums, Museum Management, EU Culture Policy | 14.03.2016
The European Commission and DG EAC published a report examing instruments to facilitate access to finance for the Cultural and Creative Sectors.
In Towards more efficient financial ecosystems: Innovative instruments to facilitate access to finance for the Cultural and Creative Sectors the authors addressed the challenges the Cultural and Creative Sector (CCS) faces when it comes to access to finance and discusses the reasoning behind it.
It also introduces a typology of funding schemes available to CCS on the basis of previous EENC studies and shares European-wide examples for each of the presented models, among them being grants, microfinance concepts and crowdfunding. Recommendations on how to apply and overcome bottlenecks of the different schemes are provided specifically for the CCS in the fourth chapter.
The report highlights the economic value of CCS and the importance to emphasise their strengths, as well as for the financiers to adjust their requirement to the structure and also the partially intangible value of CCS that is so far more of an obstacle than an appreciated value. It recommends different steps to improve financing for CCS, such as testing and implementing new financing models, supporting partnerships between different sectors and providing more data concerning the impact of CCS and particularly the role of Intellectual Property Rights in and for CCS.