One in eight UK businesses falls within the creative industry category, collectively responsible for generating £92 billion to the UK economy. The economic contribution of these businesses has a greater impact than the UK’s automotive, aerospace, life sciences and oil and gas industries combined. This makes the creative industry the fastest growing pillar of the UK economy. However, its economic momentum is definitely not reflected by way of investor sentiment and confidence.
Jenny Tooth, CEO of the UK Business Angels Association:
Within the UK, 81% of creative businesses reported that they aim to grow over the next three years. Despite this drive to expand, creative enterprises face additional challenges to secure the investment that they require as many do not fully understand the investment in this area or note the benefits that their capital will provide. It is undeniable that the growth in this sector has been significant; between 2010 and 2016 the economic contribution of the creative industries grew by over 44%. In light of these statistics, the UK Business Angels Association is keen to highlight the importance of the creative industries and the pivotal role angel investing plays in ensuring the continuing success of these enterprises.