Edge announced the new pot on 18 November and pledged to combat the “funding drought” that’s currently plaguing Britain’s creative sector. In particular, the capital will be open to SMEs with IP that can help generate at least a threefold ROI for investors.
“The creative industries are one of the UK’s great success stories, an area where Britain excels. There are nearly 160,000 creative industries businesses in Britain yet despite being in this high growth sector, many of them find it difficult to attract adequate capital to maximise their potential,” said Edge CEO David Glick when unveiling the fund.
Lansdown’s share acquisition has granted him partner status at Edge and he will work with Glick to expand the business further. Seemingly Lansdown wanted a more permanent role, having previously taken part in various investments with Edge.
“I have enormous respect for the role Edge plays in funding young, fast-growing creative industries businesses. So I was delighted to take this opportunity to acquire a stake and support David and his colleagues as they develop the business,” Lansdown said.
“This is an industry with enormous potential for entrepreneurs and investors alike and Edge is the perfect firm to bring those two groups together successfully.”
Read more on the creative industry:
- Ed Sheeran and Sam Smith help music industry drum up £4.1bn for UK economy
- British creative industry booms as James Bond studio Pinewood can’t meet demand
- Creative British entrepreneurs backed with “risky” £100,000 crowdfunding campaign
Glick commented on the “invaluable wisdom and support a businessman and entrepreneur with such a phenomenal track record” like Lansdown can bring to the table as Edge looks to the future.
These significant developments from Edge come after the government was challenged by PwC to do more for the creative industry back in May. It was advised to use seven key steps to get the job done, including a focus on perception and people.
Mark Maitland, entertainment and media strategy partner at PwC, said: “This strategy should ensure there is a long-term commitment to the continued development and prosperity of the UK’s creative industries. Without such a framework in place, the UK risks constraining the success of one of its most prized and internationally recognised assets.”
“Creativity is a core strength of the UK, which gives us an edge as a nation. To build on this success we must further incentivise, invest in and reward creative endeavour,” added games entrepreneur Ian Livingstone.
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