An independent evaluation of the Create Growth Programme (CGP) has provided new insights into the early effects of this government initiative designed to support the development of businesses in the creative industries in selected areas of England.

Launched in 2022, the CGP aims to boost investment in the creative industries through a bespoke package of finance, business support and investor engagement, in twelve regions across England. Frontier Economics evaluated the programme’s progress up to the end of 2024, combining rigorous impact analysis with insight into programme delivery.

The evidence reveals that the CGP is delivering benefits to business growth by driving innovation and improving business management skills, although it has not yet moved the dial on equity investment.

Improving the business mindset

Businesses supported by the programme are more confident and capable. Over 85% of participants say the CGP boosted their confidence in their growth potential, while more than 60% reported greater understanding of the finance landscape. Notably, many firms are now better equipped with business plans and Intellectual Property strategies — essential tools for attracting investment down the line.

However, improved understanding and confidence has not yet translated into greater demand for external finance. There’s little evidence of a broader appetite for equity finance specifically, or a significant shift in investor willingness to engage with the creative sector. In part this may be due to the programme supporting businesses at an earlier stage of development than originally intended. But over the remainder of CGP delivery it will be important to increase engagement of investors with the programme.  

Innovation today, growth tomorrow?

The early signs for business growth are promising. The evaluation finds that CGP support is already boosting innovation. After CGP support, 56% of businesses reported product or service innovation over the past 12 months, compared to 35% who reported such innovation over the three years prior to CGP support. And firms believe these changes will pay off: 81% of grant recipients expect increased revenue, and 35% anticipate reduced costs as a result of their innovations.

Nearly four in five businesses say the programme has had, or will have, a positive impact on their revenue growth within the next one to two years. While it’s still early days, qualitative feedback also points to early increases in turnover and employment in some firms.

Building local ecosystems

Beyond individual businesses, CGP is helping to strengthen the wider creative ecosystem. Two-thirds of participants report forming new collaborations, including joint ventures and new supply chains. Many remain in contact with their CGP peers after the formal programme ends — suggesting a growing network of mutual support. There are also early signs of increased local enthusiasm for the creative sector, including stronger backing from local government.

Click here to read the full report.