That Crowdfunding Torbay be approved set out in the submitted report.

The aim of this approach is to support local projects that make communities stronger, more connected and more empowered by supporting those projects that matter to them.

Some of the key benefits that have been observed from the adoption of the crowdfunding approach across Devon have been:

·         That it stretches public sector funding further than would otherwise have been the case.

·         Transparency and pace, public body match funding has been found to accelerate funding pledges from the crowd.  Devon County Council have noted an exponential increase in pledges from supporters once the Council pledged money.  Such that the typical project realises full funding two to four weeks from going live on the crowdfunding site.

·         Added value such as non-financial contributions and awareness raising of the initiative or group.

Alternative options were set out in the submitted report.

This decision will come into force and may be implemented on 14 February unless the call-in procedure is triggered (as set out in the Standing Orders in relation to Overview and Scrutiny).

Crowdfunding is a way of raising money for an initiative or venture by getting contributions from a large and potentially diverse pool of people, who often contribute relatively small sums of money.  This is primarily, but not exclusively, done online through social media and crowdfunding platforms.  This provides greater reach than would otherwise be possible.  While this model of fundraising has been commonly used for funding commercial projects and products, more recently it is being used by an increasing number of local authorities as a way of financing community initiatives.

An opportunity has arisen whereby Torbay Council has joined the remainder of a two year Devon Crowdfund pilot (until 30/04/2020) run by Devon County Council and Devon and Cornwall Constabulary.  This affords Torbay Council the opportunity to pilot a crowdfunding approach in a cost-effective way.  The Council would be able to benefit from the structural and foundation work of the crowdfunding site that is already established, and sharing the cost of the crowdfunding site.

Councillor Stockman proposed and Councillor Carter seconded a motion which was agreed unanimously by the Cabinet as set out above.

None.