The document outlines a policy agenda aimed at enhancing access to finance for Europe’s creative industries, identifying current challenges, and proposing innovative funding solutions. It emphasizes the significant role of the cultural and creative sectors in economic recovery and stresses the need for improved investment readiness and measures to encourage private funding. The report includes specific recommendations for fostering cross-sectoral collaboration, better business support, and raising awareness of the creative industries' value.

2. Create. Innovate. Grow!
A new policy agenda to maximize the innovative
contributions of Europe’s creative industries
ECIA Final Conference
Conclusions WG on Access to Finance
Amsterdam, 27th November 2014

3. Edgar Garcia
ECIA’s WG
Coordinator on
Access to Finance

4. ECIA’s WG on Access to Finance members
• Michela Michilli – Concrete Action FAME (FILAS)
• Marija Popovic - Concrete Action CI-Factor (EDC)
• Miguel Rivas – CLAND, Audiovisual and Digital Cluster
Andalucía
• Jenny Kornmacher - Hamburg Kreativ Gesellschaft
Gmbh
• Ragnar Siil –Estonia Ministry of Culture
• Henri Monceau – Cabinet of the Minister for Economy,
Wallonia
• Johanna Bolhoven – Creative England
• Thierry Baujard – Media Deals
• Edgar Garcia Casellas – Coordinator of the WG (ICEC)

5. Current framework
• The on-going financial and economic crisis has an important impact on the
adoption of public funding initiatives for the CCIs .
• Growing acknowledgement of the economic performance of the cultural and
creative sectors.
• The cultural and creative sector can become the basis for economic recovery
and potential growth in Europe.
• The sector’s role as an upcoming attraction for private funding should be equally
supported and enforced.
• The digital shift places the creative sector in the need to reassess business
models.

6. Key issues and challenges on Access to Finance
• Creative sector’s main challenge
• To find innovative business models, which would allow them to
achieve investment readiness within the new digital
environment.

7. Assessment of current policies and policy initiatives
Examples of policies and initiatives Cross-sectoral
Invest.
Awareness
Alternative
financing Leverage
Cross-border
Level Score
(1-5)
MEDIA Production Guarantee Fund
Pan European Guarantee for film production x x
x
EU 4*
Belgian Tax shelter for films
Key finance instrument for film finance x x
x
Nat. 4*
OSEO Guarantee
Offer risk mitigation to innovative SME x x Nat. 3
Film London PFM (Production Finance Market)
x
http://filmlondon.org.uk/PFM
x x
Key finance market supported by MEDIA
EU 4*
EASY Early stage investors
www.earlystageinvestors.org/
Pilot project for cross border investment
x x x
x
EU 2
FILAS VC Fund http://www.filasinternational.eu/
Regional fund for CI x X Reg. 3

8. CIM Venture
Pan European CI Investment Fund x x
x
EU 1
Caisse des Depots VC fund „Heritage and Creation“
Development fund for established CI x Nat. 3
VC Fonds Kreativwirtschaft Berlin
http://www.ibb-bet.de/vc_fonds_kreativ.0.html?&L=1
Public private fund focussing on CI
x x Reg. 4*
European Regional Development Fund (ERDF)
Key regional fund x x EU 3
How to grow platform
CI Online platform x x
x
EU 3
European Angels Fund (EAF)
http://www.eif.org/what_we_do/equity/eaf/index.ht
m EIF co angel fund
x x x EU 1
Enterprise Investment Scheme (EIS
http://www.hmrc.gov.uk/eis/
Key UK scheme to support innovation
x x x Nat. 4*
Seed4Start www.seed4start.org
Pilot project on cross border investment x x x
x
EU 2

9. Nordic Game Program
http://nordicgameprogram.org/
Key programme for Video Game
x
x
Nat. 4*
INTERREG
Key interregional funding x x x EU 3
JEREMIE
http://www.eif.org/what_we_do/jeremie/index.htm
x x x EU 2
Co investment scheme
European Progress Microfinance Facility
http://ec.europa.eu/social/main.jsp?
catId=836&langId=en
Pan European Micro loan
x x x x x EU 2
CIP Microcredit Guarantee Window
http://www.eif.org/what_we_do/microfinance/microc
redit_guarantees/index.htm
Pan European Micro credit guarantee
x x x x x EU 2
Entrepreneurship and Innovation Programme (EIP)
http://ec.europa.eu/cip/eip/index_en.htm
Support programme for innovative SME
x x x EU 2
SME Guarantee Facility
http://ec.europa.eu/enterprise/policies/finance/cip-financial-
instruments/index_en.htm
x x Nat 2

10. First steps towards a benchmarking: the best rated practices
and policy initiatives
• Detection of already undertaken policies and upcoming policy initiatives in the field of
access to finance for CCIs, which have been be reviewed according to their
effectiveness in replying to one or more of the key issues identified.
• To explore and analyze key schemes through:
 their goals, results and context
 the role of the private and public sector
 their cross sector/spill over character
 their replication potential
 the success or failure factors

11. First steps towards a benchmarking: the best rated practices
and policy initiatives
• draft list of policy examples
• MEDIA Production Guarantee Fund (EU)
• OSEO Guarantee (FR)
• Cultur-Ondernemen Guarantee Fund (NL)
• FILAS VC Fund (IT)
• Caisse des Depots VC Fund “Heritage and Creation” (FR)
• VC Fonds Kreativwirtschaft (Berlin)
• Nordic Game programme (Nordic countries)
• Production Finance market (London Film Festival / UK)
• Belgian Tax shelter for audiovisual production (BE)
• Nordstarter – Hamburg Kreativ Gesellschaft (GE)
• Repayable Grants – ICEC (CAT)
• CIM Venture (FI)

12. Impact Assessment • Quantitative survey: estimation of number of projects supported, amounts invested
• Qualitative:
 Sector transversality
• Aim > assess the support of creative industries in generic schemes
 Key success factors
• Aim > compare the perception of “success” and “fail” for initiators and beneficiaries and
suggest areas of improvement
 Replication potential
• Aim > distinguish the geographical/ sectorial specificities from the factors allowing to multiply
the scheme in other regions/ creative sectors
• Other areas of assessment:
• Improvement of public policy;
• Mobilization of private finance;
• Long term impact;
• Social or environmental impact

13. Conclusions of the assessment
• A fragmentation between initiatives specialised in CCIs and policies with a
larger scope is observed.
• Many of the not sector-specific existing tools have proven very effective in all
fields of application, and CCI stakeholders should be encouraged to make good
use of them.
• Investment readiness and awareness-raising schemes, as well as financial
leverage instruments to support risk mitigation and exchange of expertise,
have been already largely implemented in all levels (EU, national and regional).
• However, policy-makers are aware of the need to introduce and further support
such initiatives.
• In the context of such existing initiatives, the spotlight should be henceforth put on
IP assets valuation.

14. Other relevant conclusions related to Access to Finance
• Despite the fact that the creative sector brings together a wide variety of different
sub-sectors, the sector faces common needs… and common solutions are as much
required as sector-specific solutions.
• The most needed generic solutions to be undertaken for all creative sub-sectors
are:
– the shifting from project to business finance
– and the shifting from grants/subsidies/(credit) to equity finance
• There is a special need for cross-sectoral networking.
• Clustering and network activities are expected to bring specific expertise by
building bridges between various stakeholders: related industries, CCIs, public
bodies, investors, producers, services providers, educational and research institutions,
financial institutions and other private and government institutions.

15. Other relevant conclusions related to Access to Finance
• There is a need to identify the creative sub-sectors that actually dispose the most
or least advanced market intelligence and that consequently are the most or least
attractive for investors.
• A crucial point is the bond between new CCI business models and an innovative
use of ICT services.

16. Other relevant conclusions related to Access to Finance
• Conclusions of the “Investor’s Survey” (Taking the Pulse of Investors, traditional
and alternative Finance Sources in Financing the CI) resulting from the CI-Factor
work ended in February 2013.
• 82% of the investors invest in ICT-based companies
• Thus, a thorough ICT understanding across the creative sector, is expected to
attract more investors to all creative sub-sectors.
• A challenge: to transfer knowledge through synergies between highly
innovative and less ICT-aware creative industries.
• The creative-sectors the least targeted for finance are: the performing arts,
architecture and crafts.
• Thus, its professionalization by the involvement of experienced and specialized
M&A consultants is crucial in order for cultural organizations to emerge with new
competitive and innovative business models .

17. Other relevant conclusions related to Access to Finance
• Conclusions of the “Investor’s Survey” (Taking the Pulse of Investors, traditional
and alternative Finance Sources in Financing the CI) resulting from the CI-Factor
work ended in February 2013.
• Investors show special interest for the following sub-sectors: Software,
Games, Advertising, Film/TV programming and Publishing.
• Investors find more interest in investing in start-ups.
• Conclusion: there is a particular need to encourage these companies to
become investment-ready from an early-stage.

18. Methodology
• a) identification of the main key issues and challenges, based on previous
• literature and information from stakeholders.
• b) collection of case studies covering 4 categories
• *Funds
• *Guarantee schemes
• *Public initiatives
• *Trainings and support schemes
• c) conduct of online survey addressed to initiators and beneficiaries
representing
• and having participated in support schemes of the above mentioned categories
• d) benchmarking and impact assessment of the chosen sampled cases,
comparing the categories taking into consideration 8 specific criteria

19. • Criteria
• *Mobilization of private finance
• *Cross border impact/ Internationalization
• *Cross-sectorial character
• *Improvement of public policy
• *Professionalisation of the industry
• *Investors/Financiers awareness of the CCI
• *Long term social or environmental impact for beneficiaries (non financial)
• *Impact on the local community/ growth
• e) synthesis of key recommendations extracted from the whole process.

20. Comparison per category
• a. Funds
• Cases: FILAS RISK CAPITAL FUND (Italy); VC FONDS KREATIVWIRTSCHAFT
• BERLIN (Germany); VC FUND HERITAGE AND CREATION - CAISSE DES DEPOTS
• (France)
• b. Guarantee tools
• Cases: OSEO GUARANTEE (France); CULTUUR-ONDERNEMEN GUARANTEE FUND
• (The Netherlands); MEDIA PRODUCTION GUARANTEE FUND (EU)
• c. Public initiatives
• Cases: NORDSTARTER - HAMBURG KREATIV GESELLSCHAFT (Germany); TAX SHELTER
• FOR AUDIOVISUAL PRODUCTIONS (Belgium); REPAYABLE CONTRIBUTIONS – ICEC
• (Catalonia)
• d. Training/support schemes
• Cases: NORDIC GAME PROGRAM – NORDEN (Nordic Countries); PRODUCTION FINANCE
• MARKET - FILM LONDON (UK); SDE - BUSINESS DEVELOPMENT SERVICE – ICEC (Catalonia)

21. Key impact by criterion for
each category

22. FINAL REPORT: 10 recommendations in 3
chapters
I. Stimulating innovation and growth by enabling cross-sectoral
collaboration
II. Build better business support and access to finance for
creative industries
III. Measure and raise awareness of the true value of the
creative industries as a key driver of innovation and growth

23. I. Stimulating innovation and growth by
enabling cross-sectoral collaboration
Recommendations:
1) Introduce creative innovation voucher schemes
2) Stimulate cross-sectoral innovation through public-private
innovation challenges

24. II. Build better business support and access to
finance for creative industries
Recommendations:
3) Test and review existing business services and
financing schemes
4) Develop and support capacity building in regional
clusters
5) Enable and support internationalization efforts in cluster
organizations

25. II. Build better business support and access to
finance for creative industries
Recommendations:
6) Launch new and innovative financing schemes to
support early stage SMEs
7) Stimulate investor awareness through effective
regional eco-systems
8) Support new initiatives to define how to achieve
better IP valuation for creative SMEs

26. III. Measure and raise awareness of the true
value of the creative industries as a key driver
of innovation and growth
Recommendations:
9) Incentivize and support stronger advocacy for creative
industries
10) Map and measure the effects and value of the
creative industries in the wider economy

27. II. Build better business support and access to
finance for creative industries
Recommendations:
3)Test and review existing business services and
financing schemes
Member States and regions should test new and review
their existing business support and financing schemes to
examine whether these services are being used by CIs. If
the needs of CIs are shown to be inadequately addressed,
meaning that they do not benefit from these schemes, this
should be seen as a systemic error that needs to be
addressed. The EC should also contribute to oversee such
efforts on policy improvements as part of their country-specific
recommendations on the National Reform
Programmes to boost growth and jobs.

28. Creative Industries Friendliness
• An important part of the work of ECIA has been
to assess existing business support programmes,
to ensure they are fit-for-purpose for use by
creative businesses. A toolkit has been
developed to identify the defining characteristics
of support suitable for creatives.
• http://www.cluster2020live.eu/creative-industry-
friendly-test

29. II. Build better business support and access to
finance for creative industries
Recommendations:
6) Launch new and innovative financing schemes to
support early stage SMEs
Member states and regional authorities should introduce
new and innovative forms of financing for creative SMEs.
New financing schemes should build on emerging trends
such as microcredits, refundable contributions, peer-to-peer
lending, crowdfunding, etc.

30. • These need to be taken into consideration and given
credibility by the public sector thus providing smart
solutions to finding equity funds and becoming
internationally investment-ready.
• Mitigating risk between public and private financing is
an important aspect of new schemes which may have a
positive impact on the general professionalization of the
sector.
• Crowdfunding in particular seems to be the most
promising trend in alternative financing; cooperation of
public bodies with crowdfunding platforms could be
achieved through a regulatory framework promoting
such initiatives from short-term project-based to long-term
business-based.

31. Repayable Contributions (RC)
• RC is a new tool for project finance in the CCS launched
by the ICEC.
• The programme is designed to shift the companies’
mentality from a subsidy dependency to a shared risk
attitude between the public and private sector. It aims
thereby at improving competitiveness and financial
sustainability among companies in the CCS.
• RC provide financial support to CCIs so that they can
move forward with their projects, provided these are
market oriented. They offer funding based on company
risk and do not make provision from charging interests.
On successful projects, the ICEC recovers a proportion of
the amount granted.
• Produced an overall 89% return of the closed cases.

32. Growth support of Creative Businesses
through repayable loans
• Creative England’s innovative Creative Business Loan
programme offers interest free business loans of up to
£150,000 to support creative and digital businesses
across the English regions.
• The Fund totals £3.5million (to-date) and has been
running annually since July 2012 – the first two loan funds
were so successful and heavily over-subscribed that the
decision was taken to increase the third round of loan
funding from £1,000,000 to £1,500,000.

33. NORDSTARTER
• Nordstarter is the world’s first regional and public
crowdfunding platform, established by the City of
Hamburg (Hamburg Kreativ Gesellschaft) in autumn
2011. Stakeholders within the Cis present their projects
online, promote their cause in a campaign and convince
the crowd to support them financially in order to realize
their ideas.
• Nordstarter has been able to fund 113 great projects with
about 700.000 Euros via the crowd. The success rate in
2014 was 62%.
• www.nordstarter.org

34. II. Build better business support and access to
finance for creative industries
Recommendations:
7) Stimulate investor awareness through effective
regional eco-systems
Member States and regional/local authorities should
encourage private investors to invest in early stage
creative SMEs by facilitating community building
between specialised creative clusters in effective
regional ecosystems and early stage investors.

35. Developing effective ecosystems led by professional
cluster organisations can potentially have significant
impact on stimulating private investments in creative
industries.
Effective clusters are known to accumulate sector
experience and knowhow, which is much needed for
investors in order to invest in creative industries.
A need to facilitate regional matchmaking and
community building between creative clusters and
investors. The task of the cluster organisations is not
only to prepare the creative SMEs to meet the
investors, but also to prepare the investors to asses,
valuate and fully understand the creative SMEs.

36. The Venture Capital (VC) Fonds
Kreativwirtschaft Berlin
• VC Fonds Kreativwirtschaft is a joint initiative of
Investitionsbank Berlin (IBB) and the State of Berlin
which was launched in 2008. It has a volume of € 30M
and is partially backed by the European Union’s
European Regional Development Fund (ERDF). The limit
per investment in a company is 3 million EUR. VC Fonds
Kreativwirtschaft covers maximum 50% of a financing
round. The rest is backed by private co-investors.
• http://www.ibb-bet.de/vc_fonds_kreativ.0.html?&L=1

37. Creative Business Cup (CBC)
• CBC is a global initiative, network and marketplace
supporting entrepreneurs from the creative industry in
scaling and growing their business. CBC unleashes the
potential for growth among creative entrepreneurs, and
their contribution to creative and innovative solutions in
other industries by providing training, matchmaking and
mentoring.
• http://www.creativebusinesscup.com

38. FILAS – an early stage VC Fund for CIs
• FILAS, the Financial Agency of Lazio Region (Italy),
has a long outstanding role in the Region financing and
supporting innovative high-growth potential companies.
FILAS has several financial tools customized to the
different life cycles of entrepreneurships. In 2002, FILAS
has designed, launched and implemented the first
regional Early Stage Venture Capital fund in Europe
financed through structural funds that is for most to
support the CIs.
• The FILAS early stage VC fund was set up with support
of the ERDF (2007-2013) with a budget of € 24 M.

39. II. Build better business support and access to
finance for creative industries
Recommendations:
8) Support new initiatives to define how to achieve
better IP valuation for creative SMEs
The European Commission, Member States and regions
should support new initiatives to investigate and define
how further actions can be taken to provide better IP
valuation for creative SMEs.

40. Training investors, bankers, accountants and
entrepreneurs in IP valuation
• St’art, an investment fund for creative industries involved
in the European project “Wallonia, European Creative
District”, has run a two-day pilot training about
investments awareness in the creative industries in May
2014. One of the most important and popular modules
was on the valuation of intangible assets (a combination
of juridical framework of intangible assets, and the
accountancy know-how).
• www.creativewallonia.be/wecd
www.start-invest.be/

41. Discovering IP!
• Discover.IP is a project of Austria Wirtschaftsservice
(AWS) in cooperation with the Austrian Patent Office
(ÖPA). The aim is to help companies to recognize their
intellectual property (IP) and discover how to best use it
as a business asset.
• Experts of AWS and the ÖPA offer personal interviews
with company owners and collect relevant information for
an optimal utilization of the IP for the company, including
confidentiality agreements, patents, trades, copyright,
cooperation contracts etc. The company finally receives
an extensive report containing all the collected
information.

42. Feelings
• The programme ‘Feelings – Intangible value creation and
experienced value’, run by Tekes, The Finnish Funding
Agency for Innovation, envisions that in 2030 Finland
will be the leading country in business driven by
intangibles.
• The programme encourages companies to exploit their
intangible assets better, including brands, reputation and
knowledge capital. It also offers funding for academic
research in the area of intangible value creation and
customer experiences. The programme runs from 2012-
2018 with a budget of 100 M€.
• http://www.tekes.fi/en/programmes-and-services/
tekes-programmes/feelings/

43. www.ECIAplatform.eu
edgarcia@gencat.cat