"Time a ya life, huh kid?"
Tuesday, October 11
For lovers of eighties cinema, the phrase ‘Risky Business’ is synonymous with Tom Cruise, teenage tomfoolery and a trashed Porsche.
This week it was given a new twist as the title of a report by political think-tank Demos, launched by Culture Minister Ed Vaizey MP, that asks why creative businesses have difficulty in securing funding compared with other industries.
The report debunks the myth that creative industries are a riskier investment proposition than other businesses. In fact, the report argues that the creative industries are actually a safer investment vehicle than the average business.
As a sector, it contributes about 6 per cent to the UK’s GDP - twice the European average - and it is growing at twice the rate of the rest of the UK economy. But this success is in the face of the unfounded criticism that it is made up of companies that are too risky for investors.
With the finance sector stuttering and manufacturing needing government support, creative industries are seen as the jewel in the crown of the British economy. But, what is government doing to support the creatives? We have threats of changes to the copyright law; flatlining skills, especially in digital; and research showing that standards in reading, writing and maths are poor and getting worse.
Clearly cash is important. But people and their ideas, passion and skills are the creative industries’ biggest assets and we are in danger of stifling innovation and growth not just through a lack of money, but through a lack of investment in talent.