Starving the golden goose? Access to finance for innovators in the creative industries
Starving the golden goose? Access to finance for innovators in the creative industries
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DOI：
10.1007/s10824-022-09448-5
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发表时间：
2022-04-06
影响因子：
2.7
通讯作者：
Siepel, Josh
中科院分区：
文献类型：
--
作者：
Di Novo, Salvatore;Fazio, Giorgio;Siepel, Josh
本文扩展了对创意产业中创新企业融资渠道的研究。虽然我们知道创业公司在申请资金方面遇到了障碍，在获得积极成果方面也遇到了困难，但之前的研究表明，公司可能会利用专利向潜在投资者发出创新质量的信号。然而，这些研究通常集中在“传统”技术部门的研发导向型创新。创意产业公司具有不同的创新特征，这些特征可能会影响融资过程，包括基于内容的产品市场的不确定性，创意企业家和保守投资者之间高度不平衡的信息不对称，以及创新的象征性和无形性。利用英国创意产业理事会对575家公司的独特横断面调查数据，我们分析了创新公司寻求申请并从广泛的潜在来源获得资金的程度。我们发现很少有证据表明，以前的创新活动提供了一个有意义的信号，积极或消极的，潜在的创意产业公司的资助者。这表明，创意产业企业创新的高度无形性和象征性作为质量指标是不可靠的。所有者对个人资本的依赖与最近关于创意产业工人的高水平社会和个人资本的文献是一致的。我们建议，创意公司面临的具体挑战可以通过新的金融和政策工具来解决，以养活和维持这些高增长，创新的行业。
This paper extends research on innovating firms' access to finance in the creative industries. While we know that entrepreneurial firms experience barriers to applying for funding and difficulties in securing positive outcomes, prior studies have shown that firms may use patents to signal innovative quality to potential investors. Yet these studies typically focus on R&D-oriented innovation in 'traditional' technological sectors. Creative industries firms have different innovation characteristics that may influence the funding process, including the uncertainty of content-based product markets, the highly-imbalanced information asymmetries between creative entrepreneurs and conservative investors, and the symbolic and intangible nature of their innovations. Using the UK's Creative Industries Council's unique cross-sectional survey data of 575 firms we analyse the extent to which innovating firms seek to apply to and achieve funding from a wide range of potential sources. We find little evidence that prior innovative activities provide a meaningful signal, positive or negative, to potential funders for creative industries firms. This suggests that the highly intangible and symbolic nature of innovation in creative industries businesses is unreliable as an indicator of quality. The reliance of owners on personal capital is congruent with recent literature on the high levels of social and personal capital among workers in the creative industries. We suggest that the specific challenges creative firms face may be addressed through new financial and policy instruments to feed and sustain these high-growth, innovating industries.