A new concept is emerging related to this process, that is ‘The Creative Economy’ which is being considered as a leading component of economic growth able to create and circulate intellectual capital, to generate income, employment, innovation and trade earnings while at the same time promoting cultural diversity, social inclusion and human development. It consists on those activities based on creativity, individual talent and skill and that have the potential to create jobs and wealth through the generation and exploitation of intellectual property (DCMS, 2003).
“ Creative Ecosystem “
is an environment of excellence based on creative assets that generates socio economic growth and development. It comprises three interlinked components:
- Economy - creative industries,
- Place - creative spaces, and
- People - creative talent.
It is worth to note that creativity is highly relied to the ‘Creative Class’ that includes people in science and engineering, architecture and design, education, arts, music and entertainment, whose economic function is to create new ideas, new technology and/or new creative content (Florida, 2002).
Knowledge Based Economy
Today’s economy is known as ‘knowledge-based economy’ referring to the fact that growth and development are based specially on intangible assets (Itami, 1987) of businesses and localities, which include human resources with their skills, competencies, know-how, business processes, customer values, brands, reputation etc. The competitive advantage derive principally from these type of assets as they are idiosyncratic, very specific and are path-dependent, created on time, and as such are difficult to replicate and imitate.
The creation of an entrepreneurial economy requires the stimulation of activities that foster the knowledge base of major market trends and innovative business models, the awareness raising about the usefulness and benefits of the technology, learning and education programs for students, managers, public executives etc., facilitate networking to trigger and support new business ideas, continuous exploitation of technology in order to create innovative entrepreneurship in different fields, launch specific actions for entrepreneurs such as match-making events among stakeholders to explore new partnerships, Start-up Partnership, coaching on how to do business in the digital age and promote investments in increasing the interactions and depth of ties and links between different actors of value chain.