Once the reserve of tech and creative start-ups, crowdfunding is increasingly being used to unlock funding for civic projects that boost the quality of life and the local economy for Londoners. This new way of financing projects is supported by the Mayor and has created everything from street markets to a nature reserve on an island in the Thames. Over 300 civic projects worth £7.5m have already been crowdfunded in the capital.
With London’s boroughs experiencing a 63% reduction to core government funding between 2010 and 2020, what opportunities does civic crowdfunding offer to create places that boost quality of life and the local economy, and how can business support locally-led regeneration and community projects?
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