Funding & Investment for Arts, Cultural & Creative Organisations: Report publishedcreative44
‘Creative industries – routes to finance’ is the product of unique research by the Institute of Chartered Accountants in England and Wales (ICAEW) and features contributions from more than 90 people across the worlds of arts and finance.
The publication includes information on public investment, philanthropic support and corporate partnerships, plus private capital and advice on preparing for finance including working with professional advisors.
The report was launched at an event in mid-November with Ed Vaizey, Minister of State for Culture and the Digital Economy, as Edge Investments unveiled a £40m fund to help the creative industries. The £40m Edge Creative Enterprise Fund, backed by the Government’s British Business Bank, will be available to fast growing small and medium sized creative industries, which have access to core intellectual property assets. As well as capital, Edge Investments will provide mentors to help stimulate growth and innovation at these businesses.
“This guide was devised and co-authored by Shaun Beaney of the ICAEW’s Corporate Finance Faculty because we want to encourage creative businesses and organisations to consider a variety of sources of finance,” said Michael Izza, Chief Executive ICAEW. “The creative industries sector needs a way of combining public, philanthropic and private investment even more effectively if it is going to continue to thrive.”
Within the report, Creative England’s Chief Executive Caroline Norbury MBE points out the value of the creative industries to the country’s economy – which are worth an incredible £76.9bn a year. “Their growth rate surpasses any other UK sector,” commented Caroline. “It’s more important than ever that the government builds on this UK success story by helping companies to navigate the complex financial landscape – and to compete in the global marketplace.”
David Glick, Founder and CEO Edge Investments added, “The creative industries are one of the UK’s great success stories, an area where Britain excels. Our view is that a high degree of sector knowledge mitigates risk and also allows us to assess the most promising opportunities and most talented executives. There are nearly 160,000 creative industries businesses in Britain yet despite being in this high growth sector, many of them find it difficult to attract adequate capital to maximise their potential. Our new Edge Creative Enterprise Fund aims to fill that funding gap.”