Creating growth
Author:
NESTA
Year published:
April 2006
Download:
Creating Growth 500KB
Description/aims
The UK's creative industries — from advertising practices to video games developers — are a significant source of innovation for the UK economy, and have generated millions of pounds in revenue and thousands of new jobs. 'Creating growth: How the UK can develop world-class creative businesses' is an in-depth analysis of the current challenges facing these industries, as well as a source of insight for future tactics.
Recommendations
This report identifies a significant change in climate that may impact on many businesses: “The UK’s creative industries are facing increasing international competition. In particular, creative businesses and policymakers need to appreciate the scale of the competitive challenges now facing these sectors in the UK.”
As well as advocating a “renewed policy approach,” this report suggests that many businesses also need to re-think their priorities. It states that “the purpose of creative business is to harness and exploit creativity in a commercial context and for commercial ends. Creative businesses in the UK need a greater awareness of business strategy skills and related core skills such as financial planning.”
Impact / Benefit
This report makes clear that: “A growing international market is there to be won by UK creative businesses that are able to innovate and do not see any inherent conflict between creative excellence and commercial success. The ambition to win a greater share of this market will help to ensure that the UK becomes a creative hub for the world.