Corporate patronage is an economic or in-kind support in services, products and competencies, provided by a business as a voluntary commitment, showing its wish to play an active role beyond its economic activity. Corporate sponsorship on the other hand is carried out with a commercial objective: the company expects a return on the support provided, usually in promotion of its products and services, visibility and corporate image.
These two traditional forms of relationship between arts and business have developed into different formats, such as corporate sponsorship and patronage of prizes and rewards for outstanding artistic activity, establishment of corporate art collections or establishment of funds and foundations intended to promote the arts and culture sector.
Why does Business Sponsor the Arts? Artists are known for their imaginative, innovative ideas. Sponsors want to connect with people who can bring new and exciting ways of thinking to their business life…
What is sponsorship? How a sponsorship contract is made?
This text by Amila Delimustafić, published in the Bosnian Art & Business web magazine, elaborates on what a sponsorship is, how to make a sponsorship contract, what the tax aspects of sponsorship are and other important facts about the relationship between sponsors and beneficiaries.