Leicestershire, Derbyshire and Lincolnshire are to receive a share of £17.5m funding to support high-growth potential creative businesses in sectors such as film, gaming, fashion and architecture. Businesses will also be able to draw from a fund of up to £7 million being managed by Innovate UK to support them in achieving their growth potential.
The creative industries are one of the major UK economic success stories in recent years. They have grown at twice the rate of the wider economy since 2010 – generating approximately £115.9 billion for the economy and providing more than two million jobs.
Indeed, Data from the Association for UK Interactive Entertainment (Ukie) estimates the value of the UK consumer games market reached a record £7.16 billion in 2021.
Today’s plans will build on this stellar success and make sure the next generation of creative talent succeeds, companies continue to scale-up and those that need support have access to it.
Creative Industries Minister Julia Lopez said: “From product design and video games to music and film, the creative industries are a stellar UK success story.
“Today’s plans will help get more creative businesses off the ground so they can spread jobs and wealth and help more people, including those from underrepresented backgrounds, break into these world-class sectors.”
Each of the six regions have been awarded £1.275 million in grant funding from the Department for Digital, Culture, Media and Sport (DCMS) to develop a targeted programme of business support.
Companies applying for finance will need to demonstrate their potential to grow rapidly and become sustainable through private investment. The investment fund and investor building activities will be delivered by the UK’s innovation agency, Innovate UK.
Also announced are seventeen start-up video games studios which have been given grants of up to £25,000 to realise their ideas for innovative new projects as part of the UK Games Fund. The cash injection is for firms across the country with great ideas but lacking in development funding.
The fund, which was established in 2015, has received increased government funding of more than £8 million for 2022 to 2025. It aims to help high-potential companies raise new funding, spur economic growth and create new jobs.
Games spanning formats from virtual reality to mobile and themes from space exploration to eco-education, with developers based across the country – from Cardiff to Paisley and Brighton to Yorkshire – will benefit from the scheme’s latest funding round.
