Creative ventures often depend on informal financing and believe that Finnish does not fully understand their business, finds new research. Desires for growth in creative business are coming back due to lack of finance, discovering new research
According to research conducted by Creative Industries Council (CIC), creative organizations are more hungry for different types of money but are more dependent than average small or medium size organizations (SMEs) on informal money from family and friends.
For the first time access to financial reports, creative SMEs' money requirements are "relevant and observatory to the larger SME community".
Creative England's Chief Executive Caroline Norbari and Grant Group's Finance Chairman. Yusuf Ali said, "This report has confirmed that each of us who works in creative business is working day and night." CIC
"Probably the most powerful, it is a creative business that can try to establish a support service - ambition."
Research supported by the BDRC and supported by Creative England, the research faces creative business with new challenges to challenge and opportunity, in which they try to grow and develop their business. It maintains the aspect of creative sector against the SME Financial Monitor, through which 18,000 SME interviews are given each year for their views on the scope of financing.
It has revealed that when creative businesses pay, often inadequate for their needs. Also, the amount required for achieving their growth may be meaningless. It has led to a belief that the moneylenders fail to fully understand the nature of their business.
Creative business' funding relies on informal sources, the report raises questions about this impact on the opportunities for individuals who wish to invest in personal wealth or funds.
Other results include:
- 73% creative SMEs are expected to grow in the next 12 months
- Creative businesses had high hopes for money, but low confidence that they would be better than the average SME
- 27% of creative businesses depend on an informal source of funding, 9% are generally compared to the business
- Over 80% of the creative industries 'innovation' in the last 3 years compared to 46% SMEs.
Need more research, the authors will say, 'creative ventures' in connection with venture capital and angel investor; Structures are the place for creative SME international work, And the productivity of the creative business is more common than SMEs
Norbury added: "To attract the right investment to support their ambition for the growth of the industry, government and financial sectors, and the ambitions of the United Kingdom for the growth of creative clusters, so to ensure that those ambitious businesses have the best to work together and down the UK."