Funding Your Creative & Cultural Ideas
As the young folks in The Bahamas say, “You could have anything you want in dis life once ya get ya corn”. For my more seasoned and non-Bahamian readers: Corn = money, dollars, dinero, moolah, cheddar, etc.
A topic I often encounter in my work with creative and cultural practitioners surrounds the existence, or lack of, viable funding avenues. Regardless of the specific creative endeavour, the question is usually the same: “How can cultural practitioners and creative entrepreneurs like artistes, craft makers, fashion designers, photographers, etc. get funding?” As an entrepreneur, I understand how challenging it is to obtain capital to bring your vision to life. As a daily business practice, I pay special attention to funding opportunities for creatives and cultural practitioners. While opportunities for funding in The Bahamas and the wider Caribbean do exist, they are certainly few and far between.
At the level of regional governments, greater efforts are needed to help Caribbean creative industries transition from gig economies to sustainable industries. Ministries of Culture, quasi-governmental organisations, and NGOs can seek international grant funding to create local incubators, micro-grants, and capacity-building programs that help players in the industry. They can also provide incentives to the private sector that encourage companies to invest in the creative and cultural industries.
A silver lining is that as more importance is placed on the Creative/ Orange Economy globally, there are increasing opportunities for funding, capacity building, and partnerships in the region and abroad. The Caribbean Development Bank introduced the Cultural and Creative Industries Innovation Fund (CIIF) in 2017. Earlier last year, the Bahamas Development Bank introduced a micro technology grant specifically for the Orange Economy. A UNESCO regional “Creative Caribbean” grant was also introduced in 2022.
Here are a few additional funding modes or opportunities available to stakeholders in the Orange Economy.
Grants: These are funds (or sometimes in-kind support) that you do not have to repay. You are, however, typically required to provide reports and evidence of how you’re using the funds. There are local, regional, and international opportunities for grants in the orange economy.
Crowdfunding: Have a project that you’d love to get off the ground? Tap into your communities for funds to bring that vision to fruition. Make a special effort to clearly explain how your product or service brings value to your community- how it is beneficial to people outside of your organisation.
Business Investment: Do you already have a business and need funds to scale? Do you have an idea that would make a great business? The Access Accelerator (The Bahamas), your local development bank, and even international businesses and investors are places you can go to pitch your business ideas. If you plan to use this model, ensure you are investment-ready. Your business should be sustainable and scalable. You also need a well-written business plan that builds confidence in the mind of an investor that your vision can be brought to life, and more importantly, that your business will yield dividends.
Sponsorship: Despite a decline in direct private-sector funding opportunities due to the pandemic and other economic factors, numerous companies continue to sponsor entrepreneurs, creatives, and cultural practitioners. When seeking sponsorship, it’s essential to research the company to understand its vision, mandates and goals. Choose companies that align with your own. This will make the pitch authentic, and it will be much easier to convince them that the business relationship will be mutually beneficial.
Get Creative! After all, you are a Creative. Use your skills and talents to provide a service or product that others can invest in to help you build capital. For example, if you are a painter seeking funding for a larger project, a relevant product would be “at home” paint-by-number kits that you create to showcase the beauty of your island, featuring memorable landmarks. Another idea is to host a series of Sip & Paint or Sip & Paste (Junkanoo creatives) workshops.
While not an exhaustive list, the above gives an overview of how creative entrepreneurs and cultural practitioners can obtain funding. Before seeking funds, I encourage you to formulate a sustainability plan. Once you secure the funding, you’ll need to have a plan in place for sustaining your operation, program, or project beyond the initial cash injection. Find the best method(s) that suit you and don't be afraid to ask for help. Remember, you can have anything you want in life once ya get ya corn.
This article originally appeared on the author’s LinkedIn.
