Creative support pilot has £600k up for grabs

A £600,000 pilot initiative is today launching in Manchester, which aims to encourage businesses to seek support from the creative sector to boost profits.

The Creative Credits scheme, being run by innovation body NESTA (National Endowment for Science, Technology and the Arts), will give SMEs £4,000 to spend on developing creative ideas that will impact on the bottom line. Those companies that receive the funding are expected to match that with at least £1,000 of their own cash.

NESTA said it is putting up the funding because it believes that the creative industries can improve the performance of other businesses. Its research found that businesses that invest double the amount the average firm spends on creative services are 25% more likely to introduce product innovations.

Examples of relevant projects include the development of new products and services and devising platforms to help businesses reach new audiences.

Manchester was the obvious choice to lead the pilot project as it is a “leading hub” for the creative industries in the UK, according to the organisation. It added that the project will stimulate both the SMEs taking part, and the creative businesses they work with.

Hasan Bakhshi, director for creative industries in NESTA’s policy and research unit said: “We will be tracking the development of all the businesses taking part so that we can measure conclusively the additional impact this has on stimulating innovation and growth”.

Jonathan Kestenbaum, chief executive of NESTA, said:  “UK firms under-invest in important creative services, such as design, compared to other EU businesses.  We have the largest creative sector in the world relative to GDP and as we emerge from a difficult economic climate we want to show that the creative industries can be of even more value to our economy. This programme aims to put businesses on a path to growth”.

A total of 150 companies will be chosen to take part in the project; half in October with a second wave in February.

Interested businesses need to answer a short online questionnaire and those that are eligible will be entered into a draw.  Successful applicants will be able to spend the credits with a creative business from Greater Manchester, a list of which will be registered as a list on the NESTA website.

For more information visit:  www.creative-credits.org.uk