Since 2009, I have conducted independent research on the potential of collective capital management and investment in culture-driven development efforts. This research includes an assessment of ways alternative financial mechanisms such as nonprofit banks, credit unions, social impact bonds, community development financial institutions, and impact investing might be adopted and adapted to support the long-term financial resilience of place-based cultural activities. This research includes an analysis of historic models of cooperative working in the creative sector, as well as current legislation around local currencies, and exploration of ways ATMs might be prototyped as ‘social currency machines.’ The primary aim of this work is to identify new ways to leverage the economics of scale found in the cultural sector, manage collective capital more effectively, unlock and redeploy the latent value embedded in things like museum collections, and lessen the field’s general reliance on traditional forms of contributed income.
Cultural Strategies Council 