What are Participatory Business Models for Cultural Heritage

Experimental approaches to value-creation, value-capturing, and value-delivery that include a broad spectrum of stakeholders. They reflect the process that makes the operations by businesses, organisations, and institutions more desirable, feasible, and financially viable, by leveraging their stakeholder networks. Through such an engaged contribution, participatory business models devise sustainable solutions that strengthen the resilience of the businesses, organisations, institutions, and their networks.

Integrating a Business Model

Why think about a business model? It can help to develop sustainable financing. A business model can support you and your organisation in identifying how to monetise or fund what your audience finds valuable and how to develop relationships, services, or even products that deliver that value.

In simple terms, a business model is all about the "why" and "how" of an organisation's success – how it creates, delivers, and grabs hold of the value it offers to the world.

Imagine a business model as the "big picture" plan. It is the backbone defining who the organisation serves, what its customers, users, visitors, or participants find valuable, and how the organisation and beneficiary community or communities make money by providing that value.

When thinking about a business model, consider three aspects:

• Value creation (What is being offered?) refers to the development of products or services that an organisation offers based on its participants' or stakeholders' needs

• Value delivery (Can the offer be delivered?) refers to the necessary processes that are set in place to bring products or services to customers.

• Value capturing (Is the offer worthy?) refers to the results of the value delivery process. These can be understood in the form of revenues (monetary), reach (the number of people who benefit from the offered products and services), and reputation (the improvement of the organisation’s image).