Creative businesses in Cornwall & Isles of Scilly to benefit from £7 million funding

Creative businesses in Cornwall & Isles of Scilly are to benefit from a new £7 million funding pot to help expand their operations, attract additional investment and create jobs.  

The South West Create Growth Programme is designed to support high-growth potential businesses, with the skills, knowledge and investment they need to grow and turn their innovative ideas into the leading creative businesses of the future.  

This exciting opportunity has been made possible through £1.25m funding from the Department for Digital, Culture, Media & Sport (DCMS) to Cornwall and Isles of Scilly Local Enterprise Partnership (CIoS LEP) and the West of England Combined Authority (WECA), and acknowledges the highly entrepreneurial pool of high-growth potential creative businesses in these areas not yet at the scaling stage.  

The Create Growth Programme will provide a bespoke business development and growth package, with the aim of building management skills and an understanding of different finance mechanisms. This will be delivered through a blend of workshops and masterclasses, led by Creative UK in partnership with regional sector experts Screen Cornwall and Falmouth University. In addition, the programme will provide one-to-one mentoring from investors and sector experts, and peer-learning. Content will focus on areas where Creative Industries specific advice is needed – for example intellectual property, revenue and distribution models and access to new markets.  

This targeted business support also gives companies the opportunity to access a share of £7m in targeted finance, managed by Innovate UK. This financial support will be provided to selected businesses who have demonstrated through a diagnostic assessment that it will act as a stimulus for growth and further investment.  

As initial guidance, businesses will qualify as ‘high-growth potential’ if they are able to demonstrate some of the following characteristics:   

• Turnover growth of 10% year-on-year over approximately 3 years (including either prior to or during the pandemic)   
• Employing a minimum of 2 people over the last two years (full-time, part-time or freelance) 
• Created a revenue generating product, launched a new platform or service or reached a market of scale  
• Generated a sales revenue in the last 2 years  

Create Growth Programme in Cornwall & Isles of Scilly is available to registered businesses operating within the creative industries, and particularly the following sectors:  

• IT/Software and computer services (with a focus on CreaTech; Gaming, AR/VR and E-sports)   
• Film, TV, Radio and Photography  
• Music, Performing and Visual Arts  

We aim to support 50 creative businesses across the next three years, and will be opening applications to 3 cohort groups of between 15 and 20 businesses.  

Caroline Norbury, chief executive of Creative UK, said:  

“The South West Create Growth Programme exists to support creative talent across the SouthWest with crucial investment and development opportunities. We are excited to be partnering with the West of England Combined Authority, Cornwall & Isles of Scilly LEP, NorthSomerset Council and true innovators and thought leaders in the region Watershed Arts Trustto help champion growing businesses, channel investment into the region and make a realimpact to support the South West’s leading creative businesses of the future.”

Mark Duddridge, Chair of the Cornwall and Isles of Scilly Local Enterprise Partnership, said:

“This award will bring targeted support and investment into our high growth potential creative industries and I’m delighted the region’s bid has been successful. By bringing together the distinct industry landscapes of Cornwall and the Isles of Scilly and the West of England, we can share best practice and drive growth in this strategically important sector.”

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