But applying business start-up financing models - including community microfinance, venture capital and development bonds - could help preserve and protect the country's more than 30,000 identified archaeological sites while also providing local and national economic growth. Among the proposed financing solutions:
Community microfinance, building on the example of Lawrence Coben's Sustainable Preservation Initiative, could help local communities leverage loans, philanthropic donations and direct equity to finance targeted development.
- Israel's tremendously successful venture capital market is a valuable source of potential funding for culture heritage cluster development, linking archaeological preservation with the tourism, small business, retail and even technology sectors.
- Relatively low-risk archaeological development bonds provide long-term project financing for preservation and can be funded by a variety of revenue streams, including antiquity leasing, media content and intellectual property and even artisan craft and replica merchandise.
The report is the result of a Financial Innovations LabTM that pulled together a diverse group of researchers, policymakers, and business, financial and professional practitioners. It also represents the ongoing work of our Israel Center.
This report is also available in English.