8 financing ideas for culture. Special approach for entrepreneurs

Cultural patronage is a legislated practice consisting of donations, grants and contributions to cultural associations or entities. To benefit from this option, your company must focus on museum activities and/or promoting and disseminating artistic cultural heritage. There are numerous examples of cultural patronage in Spain, such as the Iberdrola and Telefónica Foundation.

The Iberdrola Foundation focuses on research projects on art and culture, the restoration of works of art, and the organisation of exhibitions. Fundación Telefónica participates in cultural projects worldwide and collaborates with museums such as the Prado, the Thyssen, and the Guggenheim.

Citizens can participate in preserving culture and fostering innovation through cultural crowdfunding. People will likely want to contribute and collaborate on your helpful product or service. The most essential things in this type of initiative are transparency in the process and a sense of trust. People who support a project want to feel part of it.

There are different crowdfunding models: donation, participation, loan or reward. Choose the option that best suits the type of product you offer. This practice is different from fundraising. Fundraising must have a charitable purpose and be focused on a charitable cause.
Some platforms that allow you to make this type of proposal and that you can explore are:

• Verkami
• Kickstarter
• Patreon
• Indiegogo
• Ulule

If entrepreneurship in the cultural sector is proving more complicated than you thought, don't worry; there are also "guardian angels". These private investors, called "Business Angels", aim to support those business or cultural projects with a high growth potential. In Spain, there is an Association that focuses on this practice and helps to disseminate and promote the work of these small companies.

Although the public administration does not finance projects directly, it does offer entrepreneurs grants that allow start-ups to be funded. Most of them focus on technological projects and innovation, but it is worth keeping an eye out for a call for proposals that might interest your business. They also offer advice on how to get your company off the ground.
Beyond entrepreneurship, grants for cultural, scientific, and research projects are published continuously. One website where they are published is that of the Ministry of Culture and Sport.

However, many other public bodies also dedicate part of their budgets to culture as grants or scholarships. Look at your local government, your local council, and other types of institutions, such as the Chamber of Commerce or the European Union.

This practice consists of exchanging services between small businesses at no cost. It is a kind of bartering in which both parties should benefit. It is a positive practice because it improves business relations in the sector and reduces fixed costs. The downside: it can create dependency on the other company.

Numerous competitions reward entrepreneurship and creativity. From the Santander Scholarships, BBVA Talent or the CaixaBank awards, the talent of small companies that are still growing is promoted.

The so-called "bootstrapping" consists of creating your company through the founders' savings and income from turnover, without depending on external financing. The positive aspect is that you don't take unnecessary risks and control the whole process.
Incubators and accelerators
These specialised institutions support all cultural projects with a good innovation plan. This practice is focused on ensuring the success of small companies by renting physical space, coaching, or networking.

There are many options in Spain,, such as ABANCA Innova in Galicia or Conteneo in the Basque Country. At the local level, there are also very interesting organisations, such as Barcelona Activa, which offers a wide range of services, including face-to-face and online training.
To get funding and start-up in culture, you need an economic cushion, as the speed of maturity of this sector could be faster.

However, there are many options to get your cultural project off the ground and maintain it over time, especially if you combine more than one source of funding and build a well-structured project from the beginning. Go for it!