The Creative Economy's Hidden Potential
What 420 Applications for 50 spaces Taught us at Impact Brixton.
When we launched IBCreate at Impact Brixton, our coworking space, we were taken aback by the response. We received a staggering 420 applications for just 50 spots—nearly eight times what we had anticipated. This unexpected success underscored a crucial aspect of the creative economy that I had long suspected but hadn't seen quantified: there's a massive, unmet demand for specialised business support among creative entrepreneurs. This unmet demand is a clear call for understanding and empathy from the industry.
A Gap in the Market The startup world has perfected the art of supporting high-growth tech ventures. Accelerators, incubators, and VC funds have created a well-oiled machine for scaling tech businesses. However, the creative sector, despite its annual contribution of £115 billion to the UK economy, has not received the same level of structured support. Recent research by the Creative Industries Policy and Evidence Centre highlights this gap, particularly for early-stage creative businesses, underscoring the need for structured support in the creative sector.
The New Creative Entrepreneur What's particularly interesting is how today's creative entrepreneurs are different. Through our applications, we've seen photographers, fashion designers, musicians, and digital artists who aren't just focused on their craft – actively seeking ways to build sustainable small to large businesses. They're ready to embrace new technologies, particularly AI, but need guidance on how to do so effectively.
Why AI Matters for Creatives
Our data indicates that creative entrepreneurs typically spend 40–50% of their time on administrative tasks rather than their craft. This aligns with findings from Sage's "Sweating the Small Stuff" report, which demonstrates how administrative burdens can consume nearly half of a small business owner's working year.
To address this, we've introduced a structured approach to AI adoption in our program—focusing first on practical applications that can immediately impact a creative business's bottom line, such as automating repetitive tasks and analysing data.
Looking ahead, we see a clear progression for how creatives can engage with AI:
AI as a Helper – Offloading administrative tasks to free up time for creative work.
AI as a Collaborator – Integrating AI-driven insights and tools to enhance the creative process.
AI as a Strategic Tool – Scaling operations and driving long-term growth with advanced AI solutions.
A Broader Shift This initiative has unveiled a transformative evolution in the very definition of a 'creative entrepreneur'. The diversity in our pool is striking. Music, Performing and Visual Arts lead at 25%, followed by Film, TV, Radio and Photography at 17.3%, with Crafts and Design/Fashion each representing about 16% of applications. Traditional sectors like Architecture and Publishing account for smaller but significant portions.
These numbers tell a complex and often challenging story. While today's creative entrepreneurs build increasingly sophisticated enterprises that combine artistic vision with business acumen, many still struggle to make ends meet. The stereotype of the 'starving artist' isn't a stereotype at all – it's a systemic reality that persists despite incredible talent.
Take the fashion designers in our community – they're building sustainable supply chains, leveraging social media marketing, and using AI to streamline their operations. Yet, many still struggle to pay rent or afford basic materials. Musicians in our network are masterfully creating content strategies, managing digital distributions, and building multiple revenue streams but often can't cover their basic living expenses. This isn't due to a lack of skill or business acumen – it's a direct result of systemic underfunding in the creative sector and the erosion of support systems that previously helped artists survive while building their practices. Their resilience in the face of these challenges is truly admirable.
According to the [Creative Industries Federation's latest research], over 60% of creative professionals have needed additional work outside their practice to survive despite running sophisticated businesses. This reality is precisely why structured business support, like IB Create, is so crucial – not because it's a complete solution to systemic issues, but because it helps creative entrepreneurs build more sustainable models in an increasingly challenging environment.".
The traditional 'starving artist' model is being replaced by a new archetype – the creative entrepreneur who understands that success requires both artistic excellence and business sophistication. These aren't just creatives who've learned business; they're business leaders who happen to work in creative industries. They're using technology not just as a tool but as a cornerstone of their business strategy, proving that the future of creative entrepreneurship is as much about innovation and scalability as it is about artistic expression. This new archetype is reshaping the creative economy and paving the way for a more enlightened and forward-thinking approach.
What's particularly exciting is seeing how these entrepreneurs break down traditional barriers between creative sectors. A photographer might also be a content strategist, while a performing artist might run a successful online education platform. This multi-disciplinary approach, combined with technological fluency, is redefining what it means to be a creative entrepreneur in 2024 and beyond.
Looking Ahead For those interested in following this evolution, we'll make portions of our program available online. Creative entrepreneurs worldwide can register to access our AI and other workshops to learn how to integrate these tools into their innovative practices.
The message from the creative sector is clear: They're ready for business support that speaks their language. As we move forward, the question isn't whether creative entrepreneurs need support but how quickly we can scale these programs to meet the overwhelming demand.
What we're building at Impact Brixton is more than a local initiative—it's a model for how we might better support creative entrepreneurs globally.
Innovative businesses aren't just valuable in a world increasingly dominated by automation—they're vital.
Join Us Online: Your Creative Journey Starts Here
While our in-person program is now full, we believe knowledge should be accessible to all creative entrepreneurs. We're excited to offer live online access to our workshops. Join us from anywhere in the world:
Digital Marketing That Delivers: Strategies That Cut Through the Noise Register here
AI and Automation 101: Work Smarter, Scale Faster Register here
The Sustainable Edge: How Green Thinking Drives Creative Business Growth Register here
From Tax Burden to Tax Advantage: Strengthening Financial Resilience Register here
Each session includes live Q&A and interactive elements, ensuring you get the most value from our expert-led workshops. While nothing beats being there in person, our online sessions offer the same valuable insights and practical strategies to help you grow your creative business.
Don't miss out on this opportunity to be part of our growing community of creative entrepreneurs. Register now – spaces for online sessions are limited to ensure quality interaction.
Stay connected with us on LinkedIn and subscribe to our newsletter for future programs and opportunities. The creative revolution is just beginning, and we want you to be part of it.
#CreativeEntrepreneurs #IBCreate #CreativeEconomy #BusinessGrowth #Innovation
P.S Thank you to Lambeth Council and the people within the UK Government, who are supporting this initiative.