Sustainability in the Creative Economy

What are the steps that we need to take in order to build sustainable businesses in the (Kenyan) creative economy? Ever since the internet became highly accessible (the number of people being connected continues to rise) there have been more entrepreneurs taking advantage of the new marketplace online to sell their products. The Kenyan economic space has also grown such that there is increasing demand for goods that were previously perceived as luxury goods or non-essentials, such as jewellery, fashion accessories and artsy cakes. This demand is from middle classes with more disposable income. You can see this from the numerous small businesses being run from Facebook and Instagram. Mostly cottage businesses, they serve niche markets and have found a very specific way to make the commerce happen. It is evident that there is growing room for these businesses to thrive. But what can be done to build on this activity and catalyse expansion of the creative economy? While there is the policy factor to consider that would fundamentally shape the space, there are also other steps that in my opinion are basic and can be worked on at this early stage such that policy would be informed by outcomes from these efforts.

Education

One step we need to take is providing education, a.k.a capacity development. This is actually honing the business skills of creative entrepreneurs and surrounding them with people and institutions that provide them with the services that they need: legal, marketing, finance and tech. With access to knowledge, skills and services, they will be able to get their businesses off the ground and scale them. Imagine a photographer or baker going through the process of understanding how to turn their craft into a sustainable business. They get to clarify what their specific strengths are and to connect with people and institutions who complement their strengths and in so doing enable them to focus on what they are good at, while understanding how all the parts of the business fit together.

Access to Capital

Another step is providing access to capital. We will not have a thriving creative economy unless we channel sufficient capital towards existing businesses and new ideas. Already, there is a pool of startups that have proven their models and are looking for ways to scale. A glance at the HEVA portfolio sheds light on this fact. Many of these entrepreneurs already have a grasp of the market they serve and understand the opportunity for growth. But they need access to capital, support and access to networks that enable them to level up.

The sooner we begin to take these steps, the earlier we will learn what works. I believe that we have the future economy within reach, but we must pull it towards us by taking bold steps towards addressing the gaps rather than waiting on perfect alignment between policy and environment.