Investment in creative businesses ‘grows the national economy’

Creative businesses can play a “key role” in growing the economy, according to Creative UK, which has recently delivered a nine-month Creative Growth programme in the South West of England.

First launched in June 2022, the Create Growth programme is a UK government scheme designed to support creative businesses and unlock economic growth outside London.

Divided into three rounds and initially covering six regions, the scheme sees the Department for Culture, Media and Sport distribute £17.51m to applicants for the three financial years up to 2025.

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Participants in the scheme undertake nine months of initiatives to help them clarify their vision, gain sector-specific knowledge, obtain tools for making the business sustainable, meet like-minded peers and receive tailored mentoring to prepare for investment.

Following the conclusion of the second round of the programme in Cornwall, Creative UK, which led the scheme, said the successes of the 18 participants, many of which have been granted investment, “underscores the growing importance of the creative sector in diversifying Cornwall's economy” and “challenge traditional perceptions” of the region's industries.

The Cornish cohort of businesses included The Ladder, which secured levelling up capital investment to convert Redruth's Passmore Edwards Library into an arts centre. Another arts centre, The Creation Works, also secured levelling up funding, as did Miracle Theatre.

Independent film and TV production company Bosena was another participant and went on to secure significant investment. Bosena CEO Denzil Monk said the programme had been “uniquely responsive, supportive, and extremely beneficial to focussing and following our growth ambitions.”

'Growing the national economy'

Suzie West, Lead Programme Manager for Cornwall and Devon at Creative UK, said: "We truly believe in the role creative businesses have in growing the national economy, shaping places, and sharing their well-versed sustainability and social impact practices for community benefit.

"When you invest in a creative business, you get the full package: purpose, value, and innovation interwoven to build an authentic and successful business.

"Through the Create Growth Programme, Creative UK is providing businesses with social capital and investment readiness through a creative industry-specific lens.

"Every business in our Cornwall programme has journeyed through the programme differently; our tailored, localised approach enabling the breadth and depth of each business to reach their potential. These businesses are proud to be Cornish and are playing an important role in redefining what it means to be a rural economy, shaping a sustainable, regenerative, creative future."

The programme's third round in Cornwall commenced with five creative businesses in April 2024.