Monday, 15 October 2012

Monday Ice: Crowdfunding in Iceland

If you are a regular reader of this blog, you will know that I am a fan of crowd funding websites if you type in crowdfunding into the search bar on the right all associated posts will pop up. I think they are a fantastic way to support the arts around the world, an area which usually is the first sector to suffer whenever governments tighten their belts.  It does not take much money to show your support for a project and a dollar each from 100 people is just as good as $100 from one person.  You never know where that support will lead...I met an Australian artist Emma Lindsay through her Pozible campaign Iceland Dreams Project where she was raising money to support her art residency at Bær in Hofsós, since then Emma and I have continued to develop a friendship via email.  Emma is once again visiting Iceland and she will stay with me for a few days next week as she chases the Northern Lights around the country.

Now Iceland have started their own crowdfunding website called the Karolina Fund.

As the above video explains quite well, Karolina Fund intends to provide not just a platform for funding but a more extensive project management where the funds are released gradually to the creator as certain tasks or stages of the project are completed.  This, they suggest will address issues of lack of trust, transparency and security in online transactions.  In the past I have been burned by some crowdfunding projects where after the funding was a success, my money taken, I never receive the promised reward for my pledge or heard from the creator again, even after direct emails...I figure this is a calculated risk you take when pledging and certainly don't let it discourage me as the majority of creators do hold up their end of the bargain and keep you well informed with updates about the progress of the project.

The creators of the Karolina Fund are starting out slowly with the alpha version of the platform where via feedback from creators and backers they can learn from their users and improve and fine tune the model. You can follow their progress via their Facebook page,  all you Icelandophiles out there may want to take a look.

I love crowdfunding, it is possible with only a few dollars to give back to the community and support some fabulous creative projects that without this type of funding would never have the opportunity to move from an idea to reality.  I wish the Karolina Fund every success!

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