Summary 2

In this publication “Ensuring economic growth of the UK’s creative industries” by NESTA, outlines several key issues that is addressed through out: Growth, New Business Models, access to capital and public policy. The key point that is being addressed is how NESTA can help keep UK businesses on their toes.

Although NESTA is biased and trying to give publicity to the company, there is many valid points that businesses would find very useful and uses first hand resources from NESTA it’s self and other authorities. A question which is raised is “What can be done… so the UK can continue to host one of the world’s most dynamic and inspiring sectors?” In response, an example of Warner Bros is used along with several different areas of the market including: film, gaming, design, software and television, to emphasis - when trying to achieve a goal you need to take risks. Push the boundaries even if you don’t know what the outcome will be, then something greater can come out of it “combination of creative vision and business innovation, ultimately the key to huge commercial success”.

Access to capital explains how creative businesses are seen to be the ones which fail, because they are usually managed by those with creative passion but not with those with skills in managing the company (NESTA 2009). This is based on research as shown in the figures, “Bank lending to businesses fell by £8.4 billion and Venture Capital is down 70% in 2008”. Although previously stated the best way to create something unique is to try a different formula from previous attempts and take a step into the unknown (NESTA 2009), this current climate new businesses don’t have the money to do but this is where “early-stage risk finance is available for the UK's most promising creative businesses” (NESTA 2009) giving a helping hand to create a dream.

Public Policy needs to be as flexible and update with the rapid changes on the industry (NESTA 2009). Due to the continuous fall in the previous figure, “bank lending has fallen…” if creative businesses don’t contintue to rise or stay at a stable figure, other business sector’s will be affected because, “creative businesses stimulate and support innovation in the wider economy through their B2B relationships with other sectors” showing creativity has an impact on different areas proving design can cross-discipline into non discipline roles.

There is already a conclusion stated by NESTA - “The creative industries have the potential to grow the UK out of recession. But the rules of the game are changing fast. What made the UK's creative businesses successful in the past will not keep them at the top in the future” in my opinion to conclude yes I think we need to take risks where possible but I think designs need to continue to create new and intriguing inventions/designs to keep a business at the top.


NESTA, 2009. Ensuring economic growth of the UK’s creative industries [online] London: NESTA. Available at: < http://www.nesta.org.uk/publications/guest_articles/assets/features/ensuring_economic_growth_of_the_uks_creative_industries> [accessed 26 Nov 2010]