The Mayor of London, Sadiq Khan, is helping to crowdfund 20 ‘citizen-led’ projects aimed at improving local communities across the capital.
Crowdfunding is a method of financing projects through the small donations of a large number of people.
For the third round of the scheme, 60 projects applied to receive up to £20,000 of the mayor’s backing. 20 of these projects, all run by local organisations, were chosen for their potential to bolster the economic and cultural life of their local area, with a special emphasis this round on health and sustainable food.
The projects include: ‘Kitchenette Karts’ in Tower Hamlets, a healthy, sustainable fish and chip truck, ‘Old Kent Road Studios’ in Southwark, a project which aims at transforming 60 vacant garages into workshops and studios, and ‘Pengelicious’ in Bromley, a food festival.
The Mayor’s pledge will cover no more than 75% of the total project cost, so at least 25% of each projects funding must be raised through donations of the public. As crowdfunding is an ‘all or nothing’ model, the projects must reach their target and gain backing from Londoners, if they are to access the mayors funds and come to fruition.
Sadiq Khan has commented: “Our crowdfunding initiative is a chance for all Londoners to take part in the regeneration of their neighbourhoods from the grassroots up. Today I’m pledging support to an extraordinary range of local groups, for projects that will help strengthen their local communities and make London an even greater city.”
All twenty of the backed projects can be found at: http://www.spacehive.com/initiatives/mayoroflondon
So far the Mayoralty has pledged £840,000 towards 58 projects across all three rounds, with 800k pledged by 2200 Londoners. Another round of the crowdfunding programme will take place in autumn 2016. For further information please visit www.london.gov.uk/crowdfunding.
In February 2016, the experimental incentive was recognised at World Government Summit as one of the top 11 innovations in global government thinking.
Image credit: the mayors crowdfunding programme