Exploring Crowdfunding-Based Regional Regeneration Models as a Public–Private Partnership Strategy: Evidence from Local Government in South Korea

This study investigates alternative public–private partnership (PPP) approaches to overcome the increasing fiscal burdens and financing constraints faced by local governments in the context of rapid demographic decline, economic stagnation, and technological change. Focusing on North Gyeongsang Province, South Korea, the research seeks to propose a customized regional regeneration framework that integrates crowdfunding as a sustainable and inclusive financing mechanism. Through theoretical review and comparative case analysis, the study introduces three strategic models of crowdfunding-based regional regeneration: (1) the Intermediary Enterprise Establishment Model, in which local governments directly create and manage a crowdfunding intermediary; (2) the Intermediary Enterprise Incubation Model, where local social enterprises are nurtured to operate as intermediaries; and (3) the Intermediary Enterprise Contracting Model, which utilizes existing private-sector crowdfunding firms through formal agreements. These models offer differentiated pathways to enhance citizen participation, mobilize resources, and stimulate regional revitalization. Ultimately, the study aims to provide a policy foundation for local governments to address long-term risks of regional decline and depopulation by embedding crowdfunding within a collaborative governance structure.