When developing new schemes Transport for London assesses their benefit to cost ratio and those which fail the test are shelved.
However London Assembly member Keith Prince says TfL should look to replicate the success of crowdfunding sites such as Kickstarter and allow local groups to top up a scheme’s finances.
He suggests that, in return for helping to get projects off of the drawing board, funders could be rewarded with discounted tickets or publicity.
Mr Prince said: “This modern financing technique puts Londoners in the driving seat of the city’s infrastructure projects and could help even out the balance sheet to kick stalled projects into gear.
“Businesses across the capital have used crowdfunding to grow and expand their businesses – there is no reason TfL cannot do the same to top up funding for important infrastructure projects.”
