local authority budgets taking hold, early years providers are beginning
to turn to crowdfunding as a way of raising cash. Katy Morton
reports.
Disaster relief, consumer-focused 3D printers and Hollywood movies may not seem to have much in common, but all have been financed using the relatively recent trend of crowdfunding. When it comes to early years provision, crowdfunding has paid for free meals where local authority money has been cut, raised funds for free schools, and helped deliver more provision (Mobile play project Hackney Playbus, which operates out of converted double decker playbuses, covered the costs of delivering sessions in Millfields Park in Clapton). Crowdfunding is simply a means of raising money for a project via a large number of public donations.
According to the UK Crowdfunding Association (UKCFA), the use of crowdfunding has 'exploded' since 2009, with more than £6.5bn raised. It claims that the UK market is growing at roughly 10-20 per cent a month.
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