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Creative entrepreneurs losing out to ‘hard’ science R&D

Businesses within the cultural and creative industries are missing out on financial support because investors are unable to quantify their innovation assets, according to a study from the European Commission.

The report, released on 7 January, found that many small companies are struggling to access finance, despite bring profitable companies in good financial health. One of the major reasons is that lenders have difficulty in assessing intangible assets like creativity and aesthetic improvements in goods and services.

“Soft innovation is still not recognised as R&D as scientific, technological or applied research initiatives are. This mostly leaves cultural and creative firms ineligible for innovation funding schemes,” it states,.

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