Connect with us

Business

Three Tips to Unleash the Creative Entrepreneurs in Your Community

Published

on

Three Tips to Unleash the Creative Entrepreneurs in Your Community

By Alice Loy, PhD, CEO and Co-Founder, Creative Startups

The Fourth Industrial Revolution is upon us. If you are wondering how to take on the challenges of a shifting global economy, investing in creative industries entrepreneurs tackles economic, civic, and social challenges and is found in every community in every corner of the globe. From Boston to Bangladesh, creative entrepreneurs are building companies at the cutting edge of digital fabrication, augmented reality, design and entertainment.

Alice Loy

Alice Loy

The creative economy is huge. And growing. It generates close to $3 trillion in economic output annually. That’s more than the global telecommunications industry. What’s more, creative economy revenues are expanding 8-12% annually, varying by country. In the USA, the creative economy grew straight through the Great Recession, as opposed to all other sectors. Growth will continue as a global middle class rises, expanding demand for entertainment, digital media, and original content and experiences. Consider this: Cirque du Soleil was founded by two street performers who grew it into a global phenomenon and sold it for $1.5 billion to investment firm TPG in 2015. Lynda.com, acquired by LinkedIn in 2015, was started by Lynda Weinman, a graphic designer turned educator. Fashionistas, filmmakers, and foodies are launching creative companies that drive value for investors and create high-wage jobs.

However, the creative economy is a sleeping giant because leaders and investors, community and economic developers have mostly left the creative economy on the side lines, its full potential sitting dormant. Many leaders think only of “the arts” when they hear the word creative. However, today’s creative companies are anchored in technologies and digital innovations. Take for example Embodied Labs, a VR film company whose films help medical providers understand patient experiences, reducing costs and improving health outcomes. Or Beacon Hill VR, a software firm with artists and gamers on staff who create and bring to life animated AR characters. We suspect leaders overlook the creative economy because they are unfamiliar with its numbers.

Creative entrepreneurs are market disruptors building a better and more inclusive future. The innovators behind creative companies are designers, coders, gamers, musicians, and engineers. Akin to tech founders, creative founders are driven by a desire to disrupt a market. Unlike many tech founders, most creative entrepreneurs are also inspired by social outcomes such as engaging disenfranchised communities, providing a living wage, and building culturally connected communities. The creative economy is being built by visionaries who strengthen regional identity, increase livelihoods, and build connected communities.

So how can you unleash the creative entrepreneurs and talent in your community? Here are three tips to get you started:

1.) Find ambitious creative entrepreneurs who have been overlooked. They might be building the next Cirque du Soleil but everyone else sees them as clowns. With fresh eyes, you might see a billion-dollar business in the making. I have worked with startups who became extremely successful entrepreneurs who have told us that early on “no one took them seriously” because they were designers, or filmmakers, or musicians.

2.) Host a small gathering with innovative creative founders and investors and ask them to share where they believe your regional creative economy could be more competitive. What assets and competitive advantages do you have that entrepreneurs and investors have already discovered? When we do this, we find investors who are already working with creative companies. They are usually interested in further building out their portfolio along these lines. And the founders are excited to meet investors who share their vision for the region’s future.

3.) Assume you just don’t get it–yet. Creatives are disrupting markets and they see a future the rest of us don’t see. Take for example the story of Meow Wolf, an “artist collective” based in Santa Fe, New Mexico. When Meow Wolf started out, they sought business support but were told more than once their venture should be a non-profit. They are artists, after all. Today, with over 1 million visitors and $15 million in revenues in less than two years, Meow Wolf’s out-of-this-world exhibit helped multiply their first investors’ funds within three years. They recently close $17 million with a lead investment by Alsop Louie Partners from Silicon Valley. Meow Wolf is not alone in their ability to see a market before it has fully convened. Lee Francis, Founder of Native Realities, launched the world’s first Indigenous Comic Con to give indigenous youth a chance to see themselves as superheroes. Today Indigenous Comic Con and Lee’s publishing company Native Realities, are leading a global movement to reframe how indigenous youth see themselves in pop culture. 300,000,000 indigenous people are eager to move with them. Ivonette Albuquerque, Founder of Galpão Aplauso, in São Paulo, Brazil, believed she could build a world class theatre company employing youth living in São Paulo’s favelas. Today, she has trained over 10,000 youth, nearly all of whom go on to find well-paying jobs after the program.

The Fourth Industrial Revolution, like all good revolutions, is disrupting social and economic structures, forcing leaders to rethink old strategies and adapt to new realities. Relentless creativity and imagination will win the day. Fortunately, a giant ally is waiting in the wings. All you need to do is wake it up.

Business

Sunak to raise business tax to pay for COVID-19 support – The Sunday Times

Published

on

Sunak to raise business tax to pay for COVID-19 support - The Sunday Times 1

(Reuters) – British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension to COVID-19 support schemes in the budget next month, The Sunday Times reported https://bit.ly/3ujaBcU.

Sunak, in his speech on March 3, will announce he is increasing corporation tax from 19 pence in the pound and will outline a pathway where it rises to 23 pence in the pound by the time of the next general election, the report said. The move will raise an expected 12 billion pounds ($16.8 billion) a year, the report added.

According to the report, at least 1 pence is set to be added to the bill for business from this autumn, at a cost to business of 3 billion pounds, with further rises in subsequent years.

Allies of Sunak clarified he would not increase corporation tax higher than 23%.

These measures will be helpful in paying for an extension to the furlough scheme, VAT cuts and business support loans until at least August.

Unlike the 2010 Conservative-led government, which pursued spending cuts to rebalance the economy after the global financial crisis, Sunak is expected to defer most of the toughest decisions about how to pay for that support in his budget speech.

“The corporation tax hike will be higher than expected and the extension of the support schemes will be longer than most people expect,” the newspaper quoted a source as saying.

Insiders indicated the stamp duty holiday on property purchases would also be extended in line with the other coronavirus support measures, the report said.

Britain’s economy had its biggest slump in 300 years in 2020, when it contracted by 10%, and will shrink by 4% in the first three months of 2021, the Bank of England predicts.

($1 = 0.7136 pounds)

 

(Reporting by Vishal Vivek in Bengaluru; Editing by Lincoln Feast.)

 

Continue Reading

Business

Foxconn chairman says expects “limited impact” from chip shortage on clients

Published

on

Foxconn chairman says expects "limited impact" from chip shortage on clients 2

TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients will face only “limited impact” from a chip shortage that has rattled the global automotive and semiconductor industries.

“Since most of the customers we serve are large customers, they all have proper precautionary planning,” said Liu Young-way, chairman of the manufacturing conglomerate formally known as Hon Hai Precision Industry Co Ltd

“Therefore, the impact on these large customers is there, but limited,” he told reporters.

Liu said he expected the company to do well in the first half of 2021, “especially as the pandemic is easing and demand is still being sustained.”

The global spread of COVID-19 has increased demand for laptops, gaming consoles, and other electronics. This caused chip manufacturers to reallocate capacity away from the automotive sector, which was expecting a steep downturn.

Now, car manufacturers such as Volkswagen AG, General Motors Co and Ford Motor Co have cut output as chip capacity has shrunk.

Counterpoint Research says the shortage has extended to the smartphone sector, with application processors, display driver chips, and power management chips all facing a crunch.

However, the research firm predicts Apple will face a minimal impact, due to its large size and its suppliers’ tendency to prioritise it. Apple is Foxconn’s largest customer.

Foxconn is looking at other areas for growth, including in electric vehicles (EVs), and Liu said their EV development platform MIH now had 736 partner companies participating.

He expected it would have two or three models to show by the fourth quarter, though did not expect EVs to make an obvious contribution to company earnings until 2023.

Liu also said the company was still looking for semiconductor fab purchase opportunities in Southeast Asia after not winning a bid to take over a stake in Malaysia-based 8-inch foundry house Silterra.

(Reporting by Ben Blanchard and Jeanny Kao; Writing by Josh Horwitz; Editing by William Mallard and Ana Nicolaci da Costa)

Continue Reading

Business

EU seeks alliance with U.S. on climate change, tech rules

Published

on

EU seeks alliance with U.S. on climate change, tech rules 3

By Sabine Siebold and Kate Abnett

BERLIN (Reuters) – Europe and the United States should join forces in the fight against climate change and agree on a new framework for the digital market, limiting the power of big tech companies, European Union chief executive Ursula von der Leyen said.

“I am sure: A shared transatlantic commitment to a net-zero emissions pathway by 2050 would make climate neutrality a new global benchmark,” the president of the European Commission said in a speech at the virtual Munich Security Conference on Friday.

“Together, we could create a digital economy rulebook that is valid worldwide: a set of rules based on our values, human rights and pluralism, inclusion and the protection of privacy.”

The EU has pledged to cut its net greenhouse gas emissions to zero by 2050, while President Joe Biden has committed the United States to become a “net zero economy” by 2050.

Scientists say the world must reach net zero emissions by 2050 to limit global temperature increases to 1.5 degrees above pre-industrial times and avert the most catastrophic impacts of climate change.

The hope is that a transatlantic alliance could help persuade large emitters who have yet to commit to this timeline – including China, which is aiming for carbon neutrality by 2060, and India.

“The United States is our natural partner for global leadership on climate change,” von der Leyen said.

She called the Jan. 6 storming of the U.S. Capitol a turning point for the discussion on the impact social media has on democracies.

“Of course, imposing democratic limits on the uncontrolled power of big tech companies alone will not stop political violence,” von der Leyen said. “But it is an important step.”

She was referring to a draft set of rules unveiled in December which aims to rein in tech companies that control troves of data and online platforms relied on by thousands of companies and millions of Europeans for work and social interactions.

They show the European Commission’s frustration with its antitrust cases against the tech giants, notably Alphabet Inc’s Google, which critics say have not addressed the problem.

But they also risk inflaming tensions with Washington, already irked by Brussels’ attempts to tax U.S. tech firms more.

Von der Leyen said Facebook’s decision on a news blackout on Thursday in response to a forthcoming Australian law requiring it and Google to share revenue from news underscored the importance of a global approach to dealing with tech giants.

(Additional reporting by Foo Yun Chee; editing by Robin Emmott and Nick Macfie; editing by Jonathan Oatis)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Former Bank of England Governor Carney joins board of digital payments company Stripe 4 Former Bank of England Governor Carney joins board of digital payments company Stripe 5
Finance10 hours ago

Former Bank of England Governor Carney joins board of digital payments company Stripe

By Kanishka Singh (Reuters) – Mark Carney, former head of the UK and Canadian central banks, has joined the board...

Airbus CEO urges trade war ceasefire, easing of COVID travel bans 6 Airbus CEO urges trade war ceasefire, easing of COVID travel bans 7
Top Stories10 hours ago

Airbus CEO urges trade war ceasefire, easing of COVID travel bans

By Tim Hepher PARIS (Reuters) – The head of European planemaker Airbus called on Saturday for a “ceasefire” in a...

Why a predictable cold snap crippled the Texas power grid 8 Why a predictable cold snap crippled the Texas power grid 9
Top Stories10 hours ago

Why a predictable cold snap crippled the Texas power grid

By Tim McLaughlin and Stephanie Kelly (Reuters) – As Texans cranked up their heaters early Monday to combat plunging temperatures,...

UK could declare Brexit 'water wars' - The Telegraph 10 UK could declare Brexit 'water wars' - The Telegraph 11
Top Stories10 hours ago

UK could declare Brexit ‘water wars’ – The Telegraph

(Reuters) – Britain could restrict imports of European mineral water and several food products under retaliatory measures being considered by...

Commerzbank to lose 1.7 million clients by 2024 - Welt am Sonntag 12 Commerzbank to lose 1.7 million clients by 2024 - Welt am Sonntag 13
Banking10 hours ago

Commerzbank to lose 1.7 million clients by 2024 – Welt am Sonntag

FRANKFURT (Reuters) – Commerzbank expects to lose 1.7 million customers by 2024 as part of its current restructuring, resulting in...

Bitcoin and ethereum prices 'seem high,' says Musk 14 Bitcoin and ethereum prices 'seem high,' says Musk 15
Top Stories10 hours ago

Bitcoin and ethereum prices ‘seem high,’ says Musk

(Reuters) – Billionaire CEO Elon Musk said on Saturday the price of bitcoin and ethereum seemed high, at a time...

Sunak to raise business tax to pay for COVID-19 support - The Sunday Times 16 Sunak to raise business tax to pay for COVID-19 support - The Sunday Times 17
Business10 hours ago

Sunak to raise business tax to pay for COVID-19 support – The Sunday Times

(Reuters) – British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension...

FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 18 FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 19
Trading1 day ago

FTSE Russell to include 11 stocks from China’s STAR Market in global benchmarks

SHANGHAI (Reuters) – Index provider FTSE Russell will add 11 stocks from China’s STAR Market to its global benchmarks, according...

Foxconn chairman says expects "limited impact" from chip shortage on clients 20 Foxconn chairman says expects "limited impact" from chip shortage on clients 21
Business1 day ago

Foxconn chairman says expects “limited impact” from chip shortage on clients

TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients...

Bitcoin, ether hit fresh highs 22 Bitcoin, ether hit fresh highs 23
Top Stories1 day ago

Bitcoin, ether hit fresh highs

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its...

Newsletters with Secrets & Analysis. Subscribe Now