Chapter 7: Investment and Funding for Creative Enterprises in the UK
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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