Research Overview: Innovation and Development in the Arts and Entertainment Sectors
In the UK, the creative industries have emerged as one of the fastest growing sectors, contributing almost £115.9 billion in GVA in 2019 [1]. However, a significant challenge lies in securing Research and Development (R&D) funding, a crucial aspect for businesses in fast-moving, technologically driven markets.
The Policy and Evidence Centre (PEC) is delving into this issue, publishing research on barriers to achieving R&D funding in the creative industries. The research, led by Professor Hasan Bakhshi MBE, Director of Creative PEC, and Eliza Easton, founder of Erskine Analysis, highlights key challenges such as a significant unmet finance demand, structural barriers in the investment ecosystem, and a complex funding landscape that often fails to understand or accommodate the sector’s specific needs [1].
Creative businesses frequently feel underfunded despite their ambition and innovation, with many discouraged from applying for finance or unable to secure sufficient amounts. Additionally, cultural funding processes can be burdened by excessive bureaucracy and reporting requirements that disproportionately affect smaller organisations [5].
To address these issues, the researchers at CREATe have set out areas for possible policy action. These include improving investment readiness and skills development, structuring funding mechanisms to support applied, scalable innovation, targeted, time-bound grants with clear performance benchmarks, reforming funding governance and reducing bureaucratic overhead, and leveraging government commitments to increase R&D investment overall [1][2][3][4][5].
The creative industries, including the UK television production sector, one of Britain's leading creative export sectors, are facing pressures to consolidate [4]. Recognising their importance, the government has identified the Creative industries as one of four key sectors in the Plan for Growth to encourage recovery following the pandemic [6].
Benjamin Kulka is a contributor to the policy briefs, discussing the pressures in the theatre sector and the recommendations for transitioning to sustainable production. The policy briefing also discusses creative industries innovation in seaside resorts and country towns [2].
In summary, addressing the challenges requires tailoring funding to the sector’s unique profile, improving business preparedness, reforming administrative processes, and sustaining government investment growth with clear strategic priorities [1][2][3][4][5]. By doing so, the UK can continue to foster innovation and growth in its thriving creative industries.
[1] Policy and Evidence Centre (PEC). (2021). Barriers to Achieving R&D Funding in the Creative Industries. [2] PEC. (2021). Creative Industries Innovation in Seaside Resorts and Country Towns. [3] Government Office for Science. (2018). Future of the Creative Industries. [4] PEC. (2021). Growth in the Creative Industries. [5] PEC. (2021). The Creative Industries in the Plan for Growth. [6] Department for Digital, Culture, Media and Sport (DCMS). (2021). Plan for Growth.
- The creative industries, a fast-growing sector in the UK, contributed nearly £115.9 billion in GVA in 2019, yet securing Research and Development (R&D) funding remains a challenge due to its importance in technologically driven markets.
- The Policy and Evidence Centre (PEC) is conducting research to understand the barriers to achieving R&D funding in the creative industries, with Professor Hasan Bakhshi MBE and Eliza Easton leading the effort.
- Creative businesses often feel underfunded, with many discouraged from applying for finance or unable to secure sufficient amounts, due to factors like significant unmet finance demand, structural barriers in the investment ecosystem, and a complex funding landscape.
- To address these issues, PEC research suggests improving investment readiness and skills development, structuring funding mechanisms to support scalable innovation, offering targeted, time-bound grants with clear performance benchmarks, reforming funding governance, reducing bureaucratic overhead, and leveraging government commitments to increase R&D investment.
- The creative industries, including the UK television production sector, one of Britain's leading creative export sectors, are facing pressures to consolidate, but the government has identified them as one of four key sectors in the Plan for Growth to encourage recovery following the pandemic.
- Benjamin Kulka contributes to policy briefs addressing pressures in the theatre sector and recommendations for transitioning to sustainable production, while also discussing creative industries innovation in seaside resorts and country towns.
- To continue fostering innovation and growth in the creative industries, it's crucial to tailor funding to the sector’s unique profile, improve business preparedness, reform administrative processes, and sustain government investment growth with clear strategic priorities.
- The Creative industries' development, innovation, and policy are interconnected with data, arts, finance, business, internationalisation, education, research, analysis, politics, policy-and-legislation, and general news.
- The consolidation of the creative industries, particularly in the television production sector, puts pressure on the cultural heritage these industries preserve and the employment opportunities they offer.
- By understanding and addressing the challenges facing the creative industries, the UK can remain at the forefront of innovation and growth, continuing to contribute significantly to the national economy.
- The success of the creative industries depends not only on government support and funding strategies but also on the collaboration between businesses, educational institutions, and research organizations to nurture talent and foste innovation.
