In Sunday’s (10/9) Independent (London), Matt Chorley writes, “British fashion designers, music producers and gaming firms risk going bust or being poached overseas because of a myth that they are a risky financial investment. A report will suggest start-up companies in the creative industries are no more likely to fail than the economy as a whole, and are statistically more successful than hotels and restaurants. The study, ‘Risky Business’, by the think-tank Demos will claim that creative industries might even be less risky ‘as a result of the passion, dedication and skill of the individuals involved’. By mapping survival rates of new businesses, Demos found that 49.7 per cent of creative new firms in the creative industries were still trading after five years, compared with 46.9 per cent in the economy overall. … Helen Burrows, co-author of the report, said: ‘Banks need to stop saying no to everyone who says they run a music company even before they have finished the sentence. And the Government needs to understand and take into account the sector.’ ”
Posted October 13, 2011
