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 7: Investment and Funding for Creative Enterprises in the UK

Tom Fleming

Subjects: business and management, entrepreneurship

Extract

Tom Fleming INTRODUCTION This chapter introduces the challenges faced by a public sector that is seeking ways forward for supporting, undertaking and levering investment for start-up and early-stage creative industries businesses. It builds on research undertaken by the UK’s National Endowment for Science, Technology and the Arts (NESTA, 2005) as it seeks to lead strategic approaches to creative industries investment for a range of English Regional Development Agencies as they seek to introduce targeted investment and support initiatives for the sector. The research was based upon a mixed methodology that included over 50 interviews with policymakers, intermediaries, investors and creative businesses. The chapter introduces the multiple barriers to creative industries investment and provides an overview of the range of intervention opportunities for overcoming these barriers – including dedicated creative industries funds and investment readiness initiatives. The chapter shows that, rather than create a landscape of initiatives, the public sector too often adopts a piecemeal approach to creative industries investment that lacks clarity and partnership in both focus and form. In addition, the public sector often adopts ‘catch-all’ approaches to creative industries investment, without attending to the multiple opportunities and barriers faced by creative businesses that occupy different parts of a complex value-chain (Pratt, 1997, 2004a). Five intervention dilemmas are introduced in the chapter as essential points of engagement for the public sector as it conceptualizes how to establish a landscape of investment initiatives that support different parts of the creative industries value chain in a coordinated way. Thus, the...

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