Creative UK welcomes the opportunity to respond to the Communications and Digital Committee’s call for evidence as part of its inquiry into Scaling up: AI and creative tech.
At Creative UK, we have tried to address many of the challenges referenced in this response through our Creative Growth Finance Fund – a landmark fund providing vital scale-up finance to a portfolio comprising some of the UK’s most promising creative businesses. As of October 2023, our Creative Growth Finance investment portfolio has recorded a 108% improvement in average monthly revenues, raised £19 million in third party funding, and created 233 jobs – an average headcount growth of 41% across the whole portfolio. It is through innovative solutions like this that we can unlock the economic and social potential of the UK’s creative tech SMEs, and avoid losing them to regions with environments more conducive to scaling.
We need a suite of mission-focused, purpose-led interventions from UK Government and an ambitious vision led by industry to move us from short-term initiatives to long-term patient investment.
To read the full submission, click below.