12:00 - 13:00, Friday 29th April 2016
Edmond J. Safra Lecture Theatre - Ground Floor, King's College London
This session is part of the Creativeworks London Festival. A full list of CWL Festival sessions can be found here.
Creativeworks London put together artists and creative businesses with arts & humanities researchers to promote an element of ‘people-centric’ innovation – typically artist or design-led to complement the prevailing models of ‘market pull’ and ‘technology push’ that dominate discussion of ‘startup’ culture. Those creative processes are typically iterative, or ‘loopy’ – they seldom run along the lines of the linear models favoured by public sector funders and private sector financiers. There is, at present, no arts & humanities equivalent of the ‘Technology Readiness Level’, where TRL1 is an idea and TRL9 is a moonshot, created by NASA and widely adopted by tech industries.
Inability to accurately value return on capital invested – and therefore, the risk of investing - reduces the pool of investors willing to take a chance on funding the development of creative ideas, particularly at an early stage. This reluctance to invest results in some serious and pervasive market failures for the creative industries and for the economy as a whole. It means that creative SMEs are over-dependent on project revenues to provide working capital and are typically unable to recruit or retain staff specifically for R&D projects. This reduces employment opportunities and increases job instability in the sector. It also means that artists and designers are not used effectively to transform new technologies into products and services that people and businesses want. Structurally, this results in an inefficient allocation of capital investment and, particularly in Europe, means that a very highly skilled creative workforce does not fulfil its potential to drive the development of a more productive and R&D intensive economy.
This session will look at the potential for the collaboration between researchers, artists and creative SMEs to provide better indications of where value is created in an iterative, design-led process of innovation.
Chaired by Iain Bennett, BOP Consulting
Speakers: Lara Ratnaraja (University of Birmingham), Dr. Martin Smith (Ingenious Media), Prof. Andy Pratt (City University London), Paul Bason (Manchester Metropolitan University) and Graham Hitchen.