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Innovation driving long-term sustainability for creative industries
13 October 2021
“Investment into R&D will be vital for the recovery of creative and cultural organisations…”
The headline from an article produced by Dr Tarek Virani on behalf of the Creative Industries Policy and Evidence Centre (PEC) published on 8th October.
In the past 18 months, the Fortus Innovation Tax Reliefs advisory team’s identified and successfully claimed just shy of £3.5million in benefit for clients operating directly within the Creative Industries sector. Head of Innovation Tax Reliefs at Fortus, Vic Ulfik, comments:
“Whilst we’ve seen a greater level of awareness of R&D across our clients, it’s fair to say specifically within the Creative Industries sector there remains an opportunity for a further level of education and understanding in this area. This would enable the owners and leadership teams of creative businesses to identify and benefit from a range of available Innovation Tax reliefs, including R&D Tax Credits. Most of our clients are unaware that the work they have done or are about to be involved in could qualify for tax relief.”
YOUNGER BUSINESSES SET FOR SURVIVAL
The report produced by the PEC identified that younger creative sector businesses appear to be making significant shifts using R&D funding and in doing so can look to having a higher likelihood of survival from an industry still feeling the impact of the pandemic.
Rob Quinn, Head of Creative Industries at Fortus, concurs with the findings of the report:
“We’re seeing an increased appetite for our clients to continue to innovate. In many ways the pandemic has accelerated products or services that may have been dormant for a period of time. Out of necessity new commercial solutions have been borne. It’s only right that those creative businesses who continue to push the boundaries of creativity and technology are rewarded for their efforts and thereby incentivised to continue to do so into the future”.
Fortus support clients across the sector including those operating in design, marketing and advertising, digital, publishing and architecture. Find out more here.
FURTHER EVIDENCE OF R&DS ROLE IN RECOVERY
The report from the PEC’s been produced at a similar time to another study by Bristol and Bath Creative R&D as a means to fighting the challenge of the impact of COVID-19. Where certain sub-sectors are showing the shoots of recovery, research points to other areas within the industry thriving and showing growth over the recent period. Investment in R&D will continue to play a vital role for organisations irrespective of their immediate history as businesses look to the future.