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Introduction
This new and innovative fund is the only one of its kind in the North East, focused on providing finance support and develop the design and creative industry sector.
The creative industries are the largest and fastest growing part of the UK economy. The Design and Creative Fund aims to develop and progress early stage ideas into attractive business prospects.
ONE NorthEast has identified in the regional economic strategy the commercial creative sectors as those with the highest potential for growth, through the commercial exploitation of creative intellectual property. The commercial creative sector is split into six sub-sectors, defined as:
- Advertising, design and brand communications
- Performing arts (with a focus on content creation)
- Publishing (with a focus on content creation)
- New media, games and software
- Film, TV, and video
- Music (with a focus on content creation)
Applications from other industry sectors are also encouraged, where there is a clear and significant element of design, or creative content.
Investments from the fund will help business ideas and projects through their riskiest stages, and aims to take them on to attract further funding. These are not grants, they are convertible loans and all applicants must have a keen eye on their market and their potential to succeed commercially.
Finance can be used to invest in physical assets and expand management teams as well as for research and development. Applications are welcome from brand new businesses, those at an early stage and more mature companies, as long as they have an idea that will help them expand or diversify the region’s design and creative industries base.
The loans will be in the region of £60,000, but additional funding is available in the case of an exceptional application, or where follow on funding is required. The Fund is particularly encouraging applicants with high growth strategies and have a clear vision of potential exit strategy.
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