Compelling framework of action to reboot and rewire the mixed arts funding economy.
The Private Sector Policy for the Arts launched today (Tuesday 23rd March) by Arts & Business, the national voice for private sector engagement in the arts - calls for urgent new initiatives that will quickly boost the fundraising performance of the whole sector, ensuring a greater return on public spend and see a target of £1 billion in private sector investment reached.
The five priority recommendations of Arts & Business' Private Sector Policy for the Arts are:
1. A Matching Grant Programme to stimulate business sponsorship of the Arts
2. A new Challenge Fund Scheme to stimulate individual philanthropy for the Arts
3. A Legacy Campaign for the Arts
4. A Campaign to increase Cultural Philanthropy from the financial sector and wider business community
5. Tax reforms to underpin a vibrant arts mixed economy
Arts & Business says ... "Our priority recommendations will encourage greater innovation, enterprise and creativity in fundraising and donor-relations. They will yield a decisive return on investment for public funds over one parliamentary term. Time is not on our side. The overriding aim for cultural policy must be to impact more quickly on the ability of the whole arts sector to transform their capacity to generate and sustain private funds.
The artistic successes of the last decade have been driven by the deeply interdependent nature of the arts economy. The healthy levels of public funding secured quality for the sector, allowing arts organisations to attract increasing visitor numbers (and earned income), which in turn has encouraged further private investment (sponsorship and philanthropy) thus enabling further growth and consolidation. This three-legged tripod mixed economy model is under threat. This policy is designed to reboot and rewire it.
This private sector policy is also a call to action for businesses, their employees and individuals alike - for sponsorship and philanthropy to work hand-in-hand for the benefit of the arts and wider society. We all need their skills and finance, but also their hearts and minds."
Colin Tweedy, Chief Executive, Arts & Business
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