Crowdfunding for the development of smart cities

Carè, Stella;Trotta, Annarita;Carè, Rosella

Penultimate

;Rizzello, Alessandro

2018-01-01

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Abstract

In recent years, many cities have experienced new forms of collaboration that have an impact on citizens and entrepreneurs. The integration of this field of study with civic crowdfunding can influence economic growth and community building, which may be beneficial for both policymakers and practitioners alike. Civic crowdfunding is a financial model through which citizens, in collaboration with government and local authorities, fund projects to provide a community service. The development of smart cities is related to civic engagement, empowerment, and participation intended to be part of crowdsourcing or entrepreneurial activities. In this sense, cities play a vital role as drivers of (open) innovation and entrepreneurship. Based on these considerations, this study proposes an explorative and qualitative approach to investigate the civic crowdfunding phenomenon and its ability to promote community development. Our exploratory analysis of six projects highlights the challenges and opportunities of civic crowdfunding for the creation, development, and improvement of more inclusive cities. (C) 2017 Kelley School of Business, Indiana University. Published by Elsevier Inc. All rights reserved.