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The role of the private sector in regeneration projects

This research provides a framework and it acts as an analytical tool for discussing the role of the private sector in cultural-led regeneration projects.

The first part offers an overview of the subject. After a brief introduction of the topic and the definition of the main terms of the research and the correlation between them (e.g. cultural-led regeneration project and the private sector), the emphasis goes on the reasons behind the participation of the private sector in the regeneration of a place through cultural activities. Several examples illustrate the motivations that lead a private company to participate in these kind of activities (e.g. place marketing, corporate social responsibility – CSR, searching for a profit, etc.). Moreover, the chapter presents different ways in which a company can participate in a regeneration project. Each way (e.g. sponsorship, gift-in-kind, volunteering, collaborative working, etc) can be seen as a step in the ladder of commitment and involvement of the private sector in the regeneration of an area.

The second part is more critical. It discusses what the limits and drawbacks are for private businesses that are involved in the process of public regeneration. This will be followed by some recommendations (i.e. the best practice) to address these limits and drawbacks so as to turn private involvement into a more effective and sustainable partnership. The key factors for successful private involvement are: working in partnership with the public sector, awareness of issues relating to regeneration (i.e. physical, social, and economical), including and implementing a regeneration policy as part of the business’ strategy, taking the risk, and adopting long-term strategy. In addition, it is argued that the cultural sector is still an underestimated area of investment for the private sector; and that cultural-led actions could not only benefit the overall regeneration, but also contribute to the prosperity of the business itself.

In conclusion, some contentious issues are debated, such as democracy, privatisation of the cultural sector, and globalisation, in relation to the future role of the private sector in regeneration.

Mostra/Nascondi contenuto.
1. INTRODUCTION The culture of cities is essentially the culture of intellectual, artistic and material. The alternative is increasing formless, attenuation, exhaustion of variety and, in Italo Calvino’s words, the end of the cities 1 . 1.1 Overview of the topic In some areas, problems of economic, social and environmental dereliction combine to lock local communities into a grave cycle of exclusion. Area-based regeneration initiatives encourage a range of partners to work together, targeting their resources to improve the quality of life in these areas. Among these are private companies working alongside local authorities, community groups, and central agencies to achieve objectives set out or promoted by governments. The private sector has a very important role to play in this kind of process, because lasting regeneration is not possible without a healthy local economy. If businesses, large and small, are not the first to invest in the renewal of an area, then the progress to a healthy economy is not achievable in the same place, since private companies are the major movers of the economy. Moreover, the involvement of the private sector in processes of urban regeneration is vital to implement successful regeneration strategies, not only for the important financial contribution that they bring into those projects, but also for their business approach, which is usually highly skilled in management, marketing, and financial disciplines. This is particularly relevant for culture-led projects, which are usually left with poor funds and lack of leadership and skills to manage them. There are numerous ways and tactics in which the private sector can get involved in regeneration projects. The involvement can be direct or indirect, in the short or in the long-term. Sometimes the private sector can be the promoter of the regeneration while other times it is only a nominal supporter of it. 1 Italo Calvino, Invisible Cities 7

Tesi di Master

Autore: Laura Pierantoni Contatta »

Composta da 62 pagine.

 

Questa tesi ha raggiunto 431 click dal 13/11/2006.

 

Consultata integralmente una volta.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.