Harvard Business School assesses whether ‘democratising’ arts funding is more successful than relying on experts for distribution.
Philosophers have talked by turns about both the "wisdom" and "madness" of crowds. But when it comes to assessing and funding the arts, just how wise are crowds — and how does their wisdom compare to that of art experts?
HBS Associate Professor Ramana Nanda sought to answer those questions in a recent study, which compared funding decisions of startup theater productions made by art-loving masses on crowdfunding website Kickstarter with evaluations by experts in the field.
Crowdfunding platforms represent a major shift in the way art projects seek support and find success. Since its founding in 2009, Kickstarter has raised more than $1.5 billion for over 80,000 art projects, opening doors and lifting curtains for many projects that couldn't or wouldn't otherwise have gotten off the ground and onto the stage. In fact, Kickstarter now raises more money for artistic projects each year than the National Endowment for the Arts (NEA), an independent federal agency established in 1966, which also funds artistic endeavors, albeit through very different means... Keep reading on Harvard Business School
Philosophers have talked by turns about both the "wisdom" and "madness" of crowds. But when it comes to assessing and funding the arts, just how wise are crowds — and how does their wisdom compare to that of art experts?
HBS Associate Professor Ramana Nanda sought to answer those questions in a recent study, which compared funding decisions of startup theater productions made by art-loving masses on crowdfunding website Kickstarter with evaluations by experts in the field.
Crowdfunding platforms represent a major shift in the way art projects seek support and find success. Since its founding in 2009, Kickstarter has raised more than $1.5 billion for over 80,000 art projects, opening doors and lifting curtains for many projects that couldn't or wouldn't otherwise have gotten off the ground and onto the stage. In fact, Kickstarter now raises more money for artistic projects each year than the National Endowment for the Arts (NEA), an independent federal agency established in 1966, which also funds artistic endeavors, albeit through very different means... Keep reading on Harvard Business School