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.