While independent founders in the creative industries may have big ambitions to grow their businesses, the journey from early-stage success to meaningful scale can be complex.
Entrepreneurs often face significant challenges in accessing capital, building strong networks and navigating growth while maintaining their vision.
In this fireside chat, Ben Wynter, director of business development and partnerships at the Association of Independent Music, outlines how creative entrepreneurs can equip themselves to help overcome these challenges and take their businesses to the next level.
What are some of the common roadblocks that creative entrepreneurs face when they’re trying to grow their businesses?
Access to capital and access to knowledge are often two of the biggest roadblocks.
There are opportunities to secure grant funding within the music industry, such as PRS Foundation and Help Musicians, but they primarily focus on individual talent rather than labels. So it’s sometimes trickier for those behind the scenes who are growing businesses to secure capital.
What kind of funding options are available to creative entrepreneurs, and how can they assess which is right for them?
It often starts with grant funding. After that, you’re starting to look at angel investment. This is where a lot of people get put off. Tapping into that angel investment space is really important, not just because you could receive investment, but also because you can receive support and knowledge from the angel investors.
Angels are very aware that many entrepreneurs require that guidance. After angel investment, you’re starting to look at VCs and family offices.
Why is it so important to have sector-specific initiatives to support businesses?
The business of music is arguably different to any other sector. You have many different income streams and ways people get paid. It can be very confusing, even for the most experienced entrepreneur out there.
The strategic partnership with EY is a good example of one of these sector-specific initiatives. How does it help entrepreneurs scale their businesses?
The great thing about the strategic partnership between the Association of Independent Music and EY is that it provides an opportunity to bring two different worlds together.
We wanted to foster a community where the independent music sector would be able to engage with a global organisation like EY and receive the insights of 100 plus years’ worth of business knowledge. This helps entrepreneurs understand how their company can remain creative while still adopting professional business practices.
We’ve done that through many joint programmes. We’ve engaged with the EY 7 Drivers of Growth programme, which enables companies within the sector to assess the growth trajectory of their business.
And we’ve looked at cross-sector collaboration, drawing lessons from other sectors such as the sports industry as well as looking at where that sector is headed through EY’s Sports Engagement Index. There might be best practices the independent music sector could adopt or opportunities that arise from EY’s knowledge of future sports trends.
Through that collaboration, we’re creating opportunities for independent music to enter and learn from different sectors and receive valuable insight into growing and scaling a business.
In your opinion, what have been the most useful tools for the independent music sector?
Entrepreneurs often request information about investment and exit readiness. Most people are trying to figure out how they can bring more money into the company to expand and grow. And then, when it comes to exit, they have questions like: What does it actually mean to exit? Does that mean that everything I’ve built my whole life is over, and now I have to walk away? Or does it mean that I can exit but still be involved in the company?
Being able to have those conversations with specialists has been invaluable for the sector and individuals.
Explore more insights on growing your business at the Scale-Up Junction hub, or contact [email protected] for tailored support
While independent founders in the creative industries may have big ambitions to grow their businesses, the journey from early-stage success to meaningful scale can be complex.
Entrepreneurs often face significant challenges in accessing capital, building strong networks and navigating growth while maintaining their vision.
In this fireside chat, Ben Wynter, director of business development and partnerships at the Association of Independent Music, outlines how creative entrepreneurs can equip themselves to help overcome these challenges and take their businesses to the next level.
Explore more insights on growing your business at the Scale-Up Junction hub, or contact [email protected] for tailored support
