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Startups: Why creative industries are better at resisting crises?

A few weeks ago, the Inter-American Development Bank (IDB) held for the first time in Chile the Demand Solutions, one of the main events on innovation and entrepreneurship in Latin America and the Caribbean.

In this version, the central theme was “Export Creativity”. Among other figures, the participation of Matías Muchnick, founder of NotCo; Iván Paez Mora, CEO of Kappo Bike and Camilo Rodríguez-Beltrán, director of Innovation and Technology Exploration at the UDD. Trinidad Zaldívar, head of the Division of Cultural Affairs and Creativity of the IDB, talks about the transition that startups will drive towards an “orange economy”, the challenges in terms of innovation and, also, the responsibility of entrepreneurs regarding their professionalization

What does the transition of the economy to creativity mean?

We are moving from an economy of knowledge and innovation, to one of creativity and inspiration. The role of creatives is important, because they add value to the markets. They play the role of unleashing innovation, which is very important for the growth of our countries.

How is it different?

This sector of the economy grows faster than the rest and, also, better resists crises. They are industries that are intensive in the use of human capital, and that is something that all countries need.

In that sense, how do they allow economies to be more competitive in the global market?

They are industries that introduce cutting-edge technologies in the countries, because they need them to function. Therefore, they are like magnets of new tendencies, that otherwise the economy would not take them.

What is its relation to identity?

The creative and cultural industries stand out for their identity. These allow to create economies that are differentiated by the presence of unique products.

How can more entrepreneurship be created in Latin America?

A change is taking place. It’s something that we see-regionally in the millennial generation, because if you ask them, they want to be entrepreneurs. Now, the problem is the obstacles when it comes to following that path.

In that sense, does Demand Solutions seek to be a guide?

We want to inspire and show things that are being done outside, in order to establish that entrepreneurship is important and possible.

Why is it important to inspire entrepreneurship through example?

If you ask people to name five players, they will know their names and other details of their careers. However, if you ask for five innovators or creatives, they will think about it for a while. It is for this reason that it is very important to identify who are the leaders in this matter.

How are they classified?

Each country has different categorizations. However, we talk about cultural and creative industries from a more classical point of view. That is, the visual and performing arts, literature, including publishing, fashion, video games, animation and cinema, among others. It encompasses a fairly broad spectrum.

Why do they put their focus on them?

They are areas that are still atypical for the financial sector and the general public, from the point of view of how they are addressed.

How can we generate greater knowledge of these initiatives?

That is one of the great challenges for the financial sector. For example, dealing with the case of someone who is going to ask for a loan whose asset is an idea. Who finances it? The answer is very difficult.

For example, how does this relate to payment terms?

Maybe the loans do not have to be two years, but four as in Brazil, because -probably- those who request it have a contract that is going to pay 24 months more.

What challenge is left to the creative and cultural industries?

These industries have the challenge of becoming professional, because it is not only to have an idea, but also to enter an economy that has certain norms.

Also published on Medium.

Published inStartups

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