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Crowdfunding

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In recent months there has been a new buzzword in town: crowdfunding. Many regeneration and development projects are getting in on the action, but what is it?

The crowdfunding concept has been around for quite some time but recently the use of websites and social media has meant it has become more easily accessible. It is essentially a way of providing financial funding for a project or venture but rather than seek large sums of money from a few people, crowdfunding asks for smaller sums of money from a large number of contributors. Typically, a project is set up on a website with a monetary target. The key to achieving that target is down to promotion and marketing, primarily through social media.

There are three different types of crowdfunding: donation, debt and equity.

Donation

People often believe in a cause through social or personal motivation, but expect no return.

Debt (peer-to-peer)

Investors receive their money back with interest. This has the benefit of contributing to a project or venture they believe in whilst receiving a financial return themselves.

Equity

Investors receive equity in the form of shares or a small stake in the project, venture or business, but are subject to the usual value increases and decreases based on its success.

Many community projects are now seeking crowdfunding. One such example is the Peckham Coal Line, Peckham, London. The aim of the project is to create: “an elevated urban park built on disused railway coal sidings to form a natural, physical and social link between two high streets.”

PCL01The Peckham Coal Line route

PCL02Visualisation of public space opportunities

Peckham is a vibrant and busy neighbourhood but lacks green space and has many physical boundaries. Dividing the town centre is an overgrown viaduct, once used to supply coal by rail. The project aims to harness this space by creating a green link just under a kilometre long, connecting two communities with each other and the potential to link two parts of the national cycle network.

PCL03Visualisation of the elevated linear park

PCL04Community event

The community is getting on board. With over 800 pledges, almost reaching its £64,000 goal, local people are embracing the power of crowdfunding. Through meetings and events the people of Peckham are getting directly involved in improving their community and creating a space to be proud of.

More information can be found at http://peckhamcoalline.strikingly.com and https://www.spacehive.com/peckhamcoalline
Images courtesy of http://peckhamcoalline.strikingly.com

Article by Chris Machin, Senior Graphic Designer
cmachin@nodeurbandesign.com
Telephone 0121 667 9259


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