Posted on: 18/12/2018
The creative industries are the fastest growing part of the UK economy, now contributing £101.5 billion in GVA (Gross Value Added).
The potential for future growth in this industry is clear, but creative organisations, which make up 1 in 8 of all UK businesses, face major challenges.
A recent survey by The Creative Industries Federation found that creative businesses face four main challenges:
Many of these challenges are shared with other UK industries, although they are particularly felt by those working in creative businesses due to the high volume of freelancers, the micro sizes of the companies and the importance of Intellectual Property.
To help overcome these barriers more than £20 million is being invested into the UK’s creative industries. This is aimed to help inspire and attract new talent, scale up existing businesses, boost skills and provide education.
As part of the UK’s modern Industrial Strategy, this new funding includes:
Alongside skills, the government is also prioritising access to finance for creative businesses. Mentors will be working with participating regions to identify appropriate sources of finance, as well as overcoming specific barriers to growth such as marketing, strategy planning or improving their digital footprint.