Bank Austria Art Award

In 2016, Bank Austria partnered with the reward crowdfunding platform wemakeit.at to support arts and culture initiatives. Bank Austria co-financed through this initiative 64 projects in the field of arts and culture, for a total of €100,000, making it a good case of public-private co-financing.

Name of project: Bank Austria Art Award

Funds allocated: €110,000

Number of projects backers: 64

Sector: arts and culture

Country: Austria

Platform: wemakeit.at (AT)

Type of crowdfunding: reward crowdfunding

DETAILS:

In May 2016, Bank Austria announced a partnership with the reward crowdfunding platform wemakeit.at, to support arts and culture initiatives.

- It budgeted €100,000 to be allocated through the platform to projects (in the field of architecture, exhibition, theatre, comics, design, film, photography, games, art, literature, music, dance. ) participating into the so called Bank Austria Art Award.
- They prepared a crowdfunding campaign on wemakeit to verify that the projects filled the requirements – and launch it.
- Bank Austria corresponded 33% of the funds targeted to each campaign who succeeded in raising the first third of the total amount from minimum 20 backers.

Campaign:

Furthermore, Bank Austria offered additional €10,000 as a prize to the project which, among the successfully crowdfunded ones, distinguished itself for social commitment as judged by a jury of professionals.

Conclusion:

Bank Austria co-financed through this initiative 64 projects in the field of arts and culture, for a total of €100,000, making it a good case of public-private co-financing. The partnership with the crowdfunding platform wemakeit.at allowed the CSR department of the bank to source projects in an efficient and transparent way. At the same time, not only it directly benefited the projects, but also it channelled several projects to the platform.