Entrepreneurs, innovators, engineers, artisans and artists: fine artists, designers, musicians, theater and dance performers make a community a captivating place to visit, purchase a home or launch a business.
Creative capital is not a luxury but rather is vital component of personal and community well-being, Therefore the traditional emphasis on consumption (e.g., attending, viewing, appreciating, and listening) needs to give way to different and more opportunities to produce and participate actively.
"Creative capital is defined as an ‘arsenal of creative thinkers whose ideas canbe turned into valuable products and services’ (Florida & Goodnight, 2005: 124). Others argue that creative capital is a valuable resource in today’s creative workplaces in a wide variety of industries including, computing, engineering, architecture, science, education, arts and multi-media (McWilliam & Dawson, 2008).The form of work that requires creative ideas includes problem–solving, generating solutions and addressing the ‘wicked problems’ involved in work with ill-defined oftencomplex problems (Rittel & Webber, 1973), often in government and not for profitsectors.
Research has shown that nations which encourage the ongoing development of creative capital of their societies through providing suitable environments are more likely to create social and economic value for their citizens and their society (DTI,2005).
Organizations which innovate and develop new ways of working, or develop new products or services or new combinations of products and services tend to survive and prosper in fast changing global marketplaces. These organizations benefit from their creative capital. When we ask what factors are common toinnovative firms, research on such firms identified factors such as strategic vision,leadership and the will to innovate, effective team working, extensive communication,1a climate with a positive approach to creative ideas and culture that supports innovation, continuous individual development, customer focus, and individuals who play key roles of promoter, champion, gatekeeper and other roles which energizeand stimulate innovation (Kelley, 1991; Matthews 2002; Tidd, Bessant & Pavitt 1997)." ~ QUT Digital Repository
Creativity is known to be of central importance to the generation of new ideas,new ways of working and innovation.
Creativity is fundamental to humanity and is a critical resource for individual, community and economic life. Creative communities nurture personal growth, spark cultural and technological breakthroughs, produces jobs and wealth while accepting varieties of life styles and cultures. The arts contribute to the character and wellbeing of our cities, towns, neighborhoods, homes and selves.
"Creativity and the harnessing of creative capital are essential for success, in fields as diverse as the creative industries and multi-media to computing, engineering, architecture, science and technology and in public sector organizations. This paper reviews research which identifies how the creative capital of organizations is enhanced and applied and suggests that programs, practices and processes can be developed to extend and build capacity in Australian organizations..Introduction creativity and the application of creative capital have been recognized asimportant contributors to a firm’s innovation and to the nation’s economic growth(DTI, 2005; PMSEIC, 2003).
Many people think of creative capital as the ability and potential of individuals and groups to generate ideas or to apply old ideas in new ways or combine old ways in new ways, and these activities have been variously described as creativity, design, entrepreneurship or innovation. To a large extent, firms apply processes of creativity through entrepreneurial processes to generate new business ideas and new business models (Kao 1989; Nystrom, 1993; Ames & Runco, 2005). Creativity and design play important roles in the fuzzy front end of the innovation process and venturing processes (Whitney, 1997)." ~ QUT Digital Repository