(FINALIST 2017) Appealing to faraway investors: raising capital for a remote location
Angus is located on the east coast of Scotland with a population of 116,200. In this remote setting it is difficult to attract funding for any project. In 2014 Angus Council started looking into alternative solutions and developed Crowdfund Angus. This platform is for individuals, communities and businesses to raise the funding they require. Showcasing local projects using video, blogs and social media tie-ins, it is the first platform of its kind in the UK delivered by a local authority. Since the launch £145,000 has been raised, levering in an additional £460,000 from investors, funders and communities. The Council provides advice and support, promoting business development and job creation in a practical, cost-efficient way. In addition to new funding, the portal develops its users’ marketing skills. Furthermore, it puts a remote region on the map and enables it to build international links. The crowdfunding process also gives project plans validation – when projects can get crowdfunding they also gain the credibility to unlock traditional funding methods.