NFM fund generates new jobs and reveals growth potential of creative industries
Northern Film & Media’s pilot £72k Creative Jobs Fund will establish twenty-seven new permanent full-time creative industry posts in North East England this spring/summer.
Modelled on the Regional Growth Fund, Northern Film & Media launched the Creative Jobs Fund to test the potential of the sector to generate jobs and deliver growth in the region. Combined with private sector match, the Fund established a £150k investment pot ring-fenced for the creative industries.
The positions, which span TV, film, digital media and gaming, will be created after twelve companies successfully secured funding. They include award-winning TV/film indies Northern Upstart, Standing Stone and Third Films, gaming firm GroundSix and digital media outfits Gospelware and Atomhawk.
The creative industry jobs have been realised at an average cost to the tax payer of £2,667. This figure only includes positions directly created and does not include jobs safeguarded or those in the supply chain.
That compares favourably to the £950 million second round of the Regional Growth Fund which helped to create/safeguard 37,000 direct jobs and 164,000 positions in the supply chain. The average Regional Growth Fund job cost £3,800 in the last funding round.
“The Fund has provided timely investment for twelve forward-thinking North East creative SME’s to expand their businesses. It was also a useful experiment to test the potential of the creative industries to create jobs and drive growth with public and private investment," said Tom Harvey, Northern Film & Media's chief executive.
"A significant number of new jobs were created at a relatively low cost to the UK tax payer, demonstrating that in a balanced economy, the creative industries can play a vital role.”
The Creative Jobs Fund is a Northern Film & Media initiative funded by the ERDF Competitiveness Programme 2007-13. The ERDF programme is bringing over £300m into the North East to support innovation, enterprise and business support across the region.