Entrepreneurship in the Creative Industries

Entrepreneurship in the Creative Industries

An International Perspective

Edited by Colette Henry

The creative industries represent a vital, exciting and rapidly changing field of activity; one that is now recognised as a key growth sector in the knowledge-based economy. However, there is still a general lack of understanding of what is meant by the term ‘creative industry’, and thxe creative sector has not, to date, been the subject of concerted academic research. This book redresses the balance by providing valuable insights into the creative entrepreneurial process and platforming some of the key challenges yet to be addressed.

Chapter 1: Introduction

Colette Henry

Subjects: business and management, entrepreneurship

Extract

Colette Henry The creative industries represent one of the most important areas of the twenty-first century’s global economy. Since the 1990s, they have been heralded as one of the fastest growing industry sectors, and are now seen as central to the success of most developing and advanced economies. The potential of the creative industries to capture both national and international markets and boost exports has been recognized in countries such as Australia (Poole, 2005), Hong Kong (CCPR, 2003), Singapore (MITA, 2002), New Zealand (NZIER, 2002) and the UK (DCMS, 2003; NESTA, 2006), among others. Often referred to as the ‘creative economy’, the creative industries represent a set of interlocking, knowledge-intensive industry sectors focusing on the creation and exploitation of intellectual property (DCMS, 2001). Such industries include, but not exclusively so, the following sectors: arts and crafts; designer fashion; film, theatre and the performing arts; advertising; architecture and design; publishing; broadcast media and recorded music. Interestingly, software development, computer services, digital media, communications and a range of activities within the heritage sector also feature strongly within the creative industries, resulting in an extremely broad economic spectrum which potentially overlaps with the culture, lifestyle and non-profit sectors (British Council, 2003; Wikipedia, 2006). While in the UK, the creative industries are currently valued at £56.5 billion, accounting for 8 per cent of the British economy, in the global market their value has increased dramatically from US$831 billion in 2000 to US$1.3 trillion in 2005 (NESTA, 2006, p. 2). Notwithstanding...