Newcastle University Business School (http://www.ncl.ac.uk/nubs) in conjunction with Culture Lab (http://www.ncl.ac.uk/culturelab) and LifeWorkArt(http://www.ncl.ac.uk/lifeworkart) is currently investigating sustainable business models in the Creative Industries.
Compared with other sectors, the business dimension of the creative industries as a whole is inadequately understood despite the growing significance of the creative industries in the UK economy. According to the National Endowment for Science, Technology and the Arts, these industries are highly innovative, but productivity growth has been very slow. In particular, the UK has no problem in starting creative businesses, but it struggles to grow them. Many such businesses lack the necessary skills and commercial awareness for sustained growth, or the ability to respond to increasing foreign competition. Stronger entrepreneurship education is crucial but current provision is not adequately preparing people for growing their businesses beyond the start-up phase
Building on a wide range of our current activities and initiatives in business and social science research and enterprise education at Newcastle University, this project brings together researchers from three distinctive areas to identify and evaluate sustainable business models in creative industries, and promotes their adoptions through close engagement with members of the Northern Cultural Skills Partnership and other suitable businesses in the creative industries. In particular, this project will:
- Define the key criteria for ‘value’ and ‘success’ in the context of the creative industries. The tension between creating and capturing financial and other (e.g. social and cultural) values will be explored.
- Systematically map out current business models in the creative industries. Those models that capture the financial value of the creations in a sustainable fashion while nurturing the creativity of talents will be highlighted.
- Based on our current research in business models across different industries and in collaboration with Northern Cultural Skills Partnership and other representatives of the creative industries, the viability of different business models in the creative industries will be explored through two way placements and interactive workshops.
- Identify areas for further research and collaboration.
This project will contribute to the development of the UK creative economy by addressing some of the fundamental issues the creative industries currently face, and further strengthen the relationship between Newcastle University and the creative industries. It will also contribute to the further development of relevant theories in sustainable business models in the context of the creative industries; inform practice through close engagements with relevant businesses; and add to the policy debates on regional and industrial developments, and enterprise and entrepreneurship education at the higher education and post-experience levels.