Professor David Rae drae@lincoln.ac.uk CREATIVE ENTREPRENEURSHIP: Methodologies & strategies to support the creative industries sector Professor David Rae drae@lincoln.ac.uk Creative Entrepreneurship

Messages from young creative entrepreneurs ‘Being young is a challenge in itself – not being taken seriously as business people by banks and accountants’ ‘Focusing on progress and achievement with supportive peer review really helps’ ‘Collaborative action and networking builds confidence’ ‘Enterprise bursaries help reduce risk and fund start-up costs’ Creative Entrepreneurship

Creative Entrepreneurship Questions to address: Why is there a need for creative entrepreneurship by young people? Why the creative industries sector? What do we aim to achieve? What do young entrepreneurs want and need? How can we achieve our goals? What approaches do we know that work? Who needs to work together? What resources and initiatives are required? Creative Entrepreneurship

Creative Entrepreneurship Our challenge As enterprise educators we face the biggest challenge and opportunity of our generation in the post 2008 era: How to provide the confidence, skills and tools which will inspire and enable young people to start their working lives and to achieve economic and social regeneration through enterprise. Creative Entrepreneurship

Why is there a need for creative entrepreneurship by young people? Worklessness is a major social & economic problem for the next decade Corporate & public sectors cannot provide the jobs required Creative thinking is required to create the new jobs Investing in young people & creativity will show economic & social returns Creative Entrepreneurship

Creativity & creative industries Are the ‘creative industries’ too narrow or an artificial definition? Creativity is required in all organisations: Creative problem-solving Creating opportunities Designing & innovating new products, services, experiences Creative communications & marketing channels Creative uses of new technology Creative social enterprises & social spaces Creative Entrepreneurship

What do we aim to achieve? Increase entrepreneurial potential & aspirations of young people? Enhance creativity in society? Increase in ventures created? Provide socially & economically useful services for communities? Provide useful jobs? All of these? Choices affect the actions we take. Creative Entrepreneurship

What do young entrepreneurs want & need? Many have: Ideas & imagination Energy & passion New technology know-how Perceive opportunities we do not Do not know what cannot be done Many require: € Resources Experience Self belief Business skills & knowledge Access to business & social networks Ability to convince the bank manager Creative Entrepreneurship

How? Entrepreneurial learning – a vital capability for the new era Learning to work as an entrepreneur by acting opportunistically & creatively Experiential discovery-led learning by doing from primary to Higher Education Applied creativity Engage business people and communities in the learning process – outside the classroom Creative Entrepreneurship

Every one of us is a creative person! We can have ideas and do things with them! Creative Entrepreneurship

Turning winning ideas > opportunities 3. Innovations & solutions 2. Who is it for? 1. Problems & needs 4. How to make it happen Creative Entrepreneurship

What can students gain from enterprising learning? Purposeful, stimulating & engaging learning Relevant to their lives & careers Investigating ‘real’ problems and exploring opportunities Personal growth & social confidence, energises them to succeed Experiential, practical, work and community situated learning Provides supporting business skills & know-how Alumni, practitioners and entrepreneurs contribute to learning Risk, uncertainty and ambiguity to develop students’ judgement ‘Feel the enterprise experience’ – emotional engagement Creative Entrepreneurship

Opportunity centred entrepreneurship What do I want? Personal goals Skills & strengths Confidence & self efficacy Values & motivations Networking Creating & using contacts Communicating effectively Self marketing Learning from experience Planning: Goals What is success? How-to? Who with? Resources Creative thinking Exploring ideas Seeing needs as opportunities Taking initiative Creative Entrepreneurship

A new paradigm for entrepreneurship? Old e-ship (US/UK?) Individualist Neo-liberal capitalism Opportunity pursuit regardless of consequences Business driven: short term profitability & growth Value creation solely financial Exploits & wastes resources Exclusive role models Masculine attributes: aggression, power, conflict New e-ship (European?) Individual-team leadership Networked & collectivist Socially connected & inclusive Ethically responsible Sensitive to resource conservation & re-use Multiple forms of value creation Economically & environmentally sustainable Feminine values: relational, collaborative, intuitive Grassroots enterprise This change can be achieved though education, practice & leadership Creative Entrepreneurship

New connections for creative entrepreneurship Educators Students Communities Entrepreneurs & business networks Connect People Government agencies Purpose & commitment Problems & opportunities Generate Confidence to act Ideas Resources Ventures Support Teams Results Creative Entrepreneurship

Latent resource entrepreneurship Find new uses for resources being wasted - e.g. by big organisations in recession: Resources (people, property, IP, technology, capacity, finance, knowledge) + Opportunities (creative problem-solving) Facilitation support (people learning in teams) = Venture projects (create value, jobs & solve problems) Creative Entrepreneurship

Creative Entrepreneurship Examples of what works Enterprising learning: Enterprise in the 12-16 curriculum Junior Achievement/Young Enterprise in schools Prince’s Trust supporting disadvantaged young entrepreneurs (18-30) Creative Entrepreneurship

Student business start-up SPEED: 750 students started businesses 2006-8 Enterprise Inc. student & graduate start-ups (ERDF) Based on bursaries + support http://www.emincubation.co.uk/main/Enterprise_Inc Student enterprise clubs & societies – NACUE www.nacue.com National Council for Graduate Entrepreneurship www.ncge.com Creative Entrepreneurship

Creative Entrepreneurship

Creative Entrepreneurship

Creative Entrepreneurship

Creative Entrepreneurship

What is Access Innovation? The aim: To assist business improvement through innovation How: Company-specific development projects with students and graduates Introduce & exploit new opportunities, markets, products, services Increase productivity & efficient use of resources Improve competitive edge: survival and growth Make money Enhance graduate employability and retention. Create and safeguard jobs Creative Entrepreneurship

Creative Entrepreneurship Summary Our leadership is essential to connect people & organisations Support young people’s & student enterprise clubs & societies Applied creativity & learning by doing Use the new technology Invest resources & support Collaborative innovation by young people, education, business, communities & public sector is the way forward. Creative Entrepreneurship

Featured book: Opportunity Centred Entrepreneurship ‘Entrepreneurship: from Opportunity to Action’ © Professor David Rae: Palgrave MacMillan 2007 www.palgrave.com/business/rae/ Chapter 1 & tools downloadable free on website Lowest price: www.bookdepository.co.uk drae@lincoln.ac.uk Creative Entrepreneurship