Creative Economy As An Alternative To The Economic Crisis

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Creative Economy is one of the new trends in the job market and, according to a research carried out by Firjan, it has become a successful alternative amidst the economic crisis. The term was created by John Howkins, who addressed the concept in his book, “The Creative Economy”, published in 2001.

“Creative Economy” is any type of economic activity that has symbolism and creativity as fundamental elements for the production of goods and services.

The two concepts that drive this model are intangible goods and intellectual property. For the former, the goods are not physical, that is, their content is the relevant part that must be evaluated. As for the latter, the concept encompasses patents and any form of legally protecting assets.

creative economy

How can Design Thinking be used in Creative Economy

Calculating the value of an idea or a totally new product to be offered to an investor or customer is difficult. But with Design Thinking, it is possible to generate innovative ideas and implement them in a business. While innovations are often expected to bring in short term results and often translate into high value, it is important to keep in mind that Creative Economy solutions are not immediate, they do, however, deliver excellent results in the medium and long term.

Its application, however, requires planning and strategy, and with help of qualitative and quantitative research, as well as the use of metrics, it is possible to assess the impact of what is being created. In order to do this, Design Thinking suggests the use of an immersion activity in the company to understand its context, needs and problems, and thus to build innovative solutions more adhering to the corporate reality

Creativity as a business tool

It is worth noting that, while common sense associates the word “creative” with exclusively creative professional environments – such as advertisement agencies, content producers and design companies – the concept covers several sectors such as automotive and insurance.

The main point of this concept is to generate alternatives to the current economic model, making it more flexible and efficient so that it can increase the sale of products. The survey “Creative Industry Mapping in Brazil”, carried out by Sistema Firjan and published in 2016, shows that out of the 851,200 professionals who have ideas as the main input for value generation, 80% were outside the creative sector and 23.4% worked in the Transformation Industry.

During an economic crisis, innovative and disruptive projects become more prominent, people become more open to experimentation, which can be leveraged by businesses that seek to know their end consumer and their expectations and behaviors.

According to Firjan’s survey, the share of creative GDP in the national GDP grew significantly. It is possible to see a 5.6% increase – compared to the 2015 data – in the number of establishments with employment relationships that have ideas as the main production input. In the midst of the difficult economic scenario, this information shows a growth of the creative area and its strategic character in times of crisis.

Thus, we can see that Creative Economy has a transforming, strategic and preponderant role in the productive system. Being aware of this trend and adopting it, alongside strategic planning with Design Thinking, not only allows you to innovate to safeguard your business, but also to invest in consistent and effective results in the future through the generation of innovative ideas.

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