London Development Agency News Release

·     £50 million seed fund launched to support creative businesses
·     Ten creative hubs to be established across London
·     Property advice service announced
·     Support from industry heavyweights and leading creative names

At the launch of Creative London today (Monday 26 April 2004), a major package of support for London’s creative industries was announced to boost the capital’s reputation and performance as a leading world centre of creativity.

Creative London has been established by Mayor Ken Livingstone’s London Development Agency.  The Mayor said: “London is a magnet for the creative industries, which are the fastest growing sector in the capital and worth around £21 billion. We want to ensure that creative industries are able to thrive in the capital by maximising opportunities for creative talent working or getting established here.”

Michael Frye, Chair of Creative London, added: “London’s creativity benefits from the capital’s multicultural diversity, but often the talent deep in these communities does not get the support and access it needs. It will now. London’s future social, economic and cultural health will depend on how well we support creative industries today.  Over the next ten years we aim to increase their value to £32 billion and create 200,000 new jobs”.

London’s creative industries currently employ 500 thousand people and are responsible for one in five of all new jobs created in the capital.

But an investigation by the Mayor’s Commission for the Creative Industries found that London is failing to achieve the international recognition it deserves and that young entrepreneurs often struggle to secure financial and business support and experience difficulties accessing affordable premises and the means to successfully market their products.

The ten-year action announced today includes:

*        A £50 million seed fund to support business growth and provide venture capital.  The first £10 million is already secured by the London Development Agency

*        An initial ten Creative Hubs – creative industry centres to be set up across London providing flexible workspace, training, mentoring, exhibition, showcasing, marketing and networking facilities

*        A London-wide Creative Property Advice service to provide advice on local authority policies and planning issues, and support to acquire and develop workspace opportunities.

*        Specialist legal support to advise on Intellectual Property rights

*        Private sector investment to be attracted through an imaginative new marketing initiative

*        A space brokering agency to access vacant space for exhibitions, marketing and showcasing, aimed at the arts world.

Creative London has the backing of the CBI, Department for Culture, Media and Sport, Film London, London First, Visit London and leading creative industry figures including:
·     Gurinder Chadha, director of smash hit “Bend it Like Beckham”
·     Terence Conran, furniture designer and restaurateur
·     Christopher Frayling, Arts Council Chairman
·     Michael Grade, BBC Chairman
·     Ian Livingstone, whose company created Lara Croft
·     Alan Parker, film director
·     David Puttnam, film producer
·     John Sorrell, London Design Festival Chairman

Further background information, endorsement of Creative London and case studies follow.  For further information please contact the LDA Press Office –
Jane Ball 020 7954 4552/07976 081042
Creative Space Agency: www.creativespaceagency.org.uk
Creative London: www.creativelondon.org.uk

Notes to Editors

Over the next ten years, Creative London aims to raise £500 million through the public and private sector to ensure London’s unique creative talent gets more international recognition and young entrepreneurs are given the chance to succeed.

Creative London Action Plan:

··Creative Hubs are proposed in East London, Deptford/Greenwich, Islington/Hackney/Tower Hamlets, Haringey/Wood Green, Camden/Kings Cross, Notting Hill/North Kensington, Ealing/Acton/White City, Brixton/Elephant and Castle, Croydon and the Lower Lea Valley

··£50 million seed fund to support business growth and provide venture capital, It is anticipated equity funds will be available starting from around £50,000. £10 million is already available.

··Boost for flagship events – Boosting the capital’s international profile by supporting the business and showcasing potential of flagship events, including London Fashion Week, the London Film Festival and the Notting Hill Carnival, to ensure they are international ‘must see’ events rivalling anything else in the world.

·Promoting London as a creative capital through the CBI, London First, Visit London and other partners

··Film – Working with recently launched Film London to deliver a comprehensive film-location service in the capital, and to promote London as a filmmaking centre

·Fashion – develop a series of initiatives to strengthen the manufacturing base, and to retain creative/design talent in London

·Design – work with the London Design Festival, and their partners, to continue to promote London as a centre for Design.

·Encouraging private sector support – Marketing initiative to encourage private sector investment in creative industries

·Legal advice – Providing specialist legal support to advise on intellectual property rights

·Ethnic minority creative talent – Networking funding for Black and other ethnic minority creative businesses

·Property advice – Establish a London-wide creative property advice service – which will include advice on local authority policies and planning issues and support to acquire and develop flexible workspace opportunities.

·Space agency – establish a brokering agency, aimed at the arts world to provide access to vacant accommodation for exhibitions and marketing and showcasing.

·Creative incubation – work with Higher Education providers to identify top-class creative talent with potential for fast business growth, and provide tailored and intensive business support, incubation and investment.