Encouraging Creative Entrepreneurship

14 February 2011

The think-tank New Deal of the Mind (NDotM) has published a new report, Make a Job, Don't Take a Job, looking at ways of encouraging entrepreneurship in the creative industries. As NDotM points out, freelancers make up 40 per cent of creative industry workers (compared with 12 per cent in the wider economy), so the culture of self-starting is strong already. NDotM believes: 

The research in this report demonstrates that young people are not asking for much: small start–up grants or loans, mentoring and business support and the space in which to develop their ideas.

The report goes on to make 11 recommendations. The three which fall under the heading of enterprise are:

  • Build on the New Enterprise Allowance to target those hoping to start creative businesses. Incorporate the NAO’s recommendations for the 1983–91 EAS, namely to increase the availability of business advice and reduce the “waiting period” of unemployment to eight weeks or the minimum practicable.
  • Encourage freelancers, sole traders and micro–businesses in the creative sector to take on additional staff by making available loans, grants and tax relief for that purpose.
  • Establish a venture capital fund to encourage creative start–ups.
BOP Consulting