Chan, Jin ORCID: https://orcid.org/0000-0002-6275-9763, Sciacca, Angelo, Gao, Xiaowen ORCID: https://orcid.org/0000-0002-6682-6193, Coles, Anne-Marie ORCID: https://orcid.org/0000-0002-0383-9253, Roskam, Helen, Debruyne, Dries, van Maldegem, Ageeth, Zavala, Jacqueline, Métreau, Eliane, Brutyn, Eline and Brinkman, Marijke (2023) Financing the circular economy in the tourism sector: how can tourism SMEs use reward-based crowdfunding to finance circular solutions? Report. Interreg 2 Seas project FACET, Vlissingen, The Netherlands.

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Abstract

The Interreg 2 Seas project FACET focuses on implementing circular solutions in the tourism and leisure sector. This white paper proposes reward-based crowdfunding as a valuable option to raise initial capital investments for a circular initiative, especially when accessing more conventional funding, such as government grants or loans, is challenging. The C-I-R-C-U-L-A-R steps are proposed to tourism entrepreneurs as guidance to develop and launch a reward-based crowdfunding campaign for their circular initiative. Reward-based crowdfunding entitles the fundraiser to presell a product or service to raise funds for a business project without creating debts or sacrificing shares. The fundraiser could offer various types of rewards for backers, creatively, depending on the amount of contribution they made. There are only a few successful pioneering examples of using reward-based crowdfunding in the tourism and hospitality sector for circular solutions. For examples, The Warden’s House in Cardiff (UK) raised £43,147 from 684 backers to refurbish an old bungalow to create an independent restaurant respecting the principles of the circular economy; and the Boentje Café, in Belgium, raised €14,235 from 199 backers to improve its facilities to become even more sustainable. The rewards that they offer to backers are such as engraving their name on the "funders wall", branded reusable cup; an invitation to the pre-opening event, and an evening party with a special dinner.

Item Type:	Monograph (Report)
Uncontrolled Keywords:	circular economy; tourism; crowdfunding; sustainable financing
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Faculty / School / Research Centre / Research Group:	Faculty of Business Greenwich Business School > Networks and Urban Systems Centre (NUSC) Greenwich Business School > Political Economy, Governance, Finance and Accountability (PEGFA)
Related URLs:	Publisher
Last Modified:	02 Dec 2024 16:09
URI:	http://gala.gre.ac.uk/id/eprint/37082

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