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Crowdfunding Public Projects Collaborative Governance for Achieving Citizen Co-funding of Public Goods

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Document pages: 36 pages

Abstract: This study explores the potential of crowdfunding as a tool for achievingcitizen co-funding of public projects. Focusing on philanthropic crowdfunding,we examine whether collaborative projects between public and privateorganizations are more successful in fundraising than projects initiated solelyby private organizations. We argue that government involvement in crowdfundingprovides some type of accreditation or certification that attests to a projectaim to achieve public rather than private goals, thereby mitigating informationasymmetry and improving mutual trust between creators (i.e., private sectororganizations) and funders (i.e., crowd). To support this argument, we showthat crowdfunding projects with government involvement achieved a greatersuccess rate and attracted a greater amount of funding than comparable projectswithout government involvement. This evidence shows that governments may takeadvantage of crowdfunding to co-fund public projects with the citizenry foraddressing the complex challenges that we face in the twenty-first century.

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