Philly is a growing area for creative companies
BlogKing February 26th, 2008
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Ecomomic Impact of Region’s For-Profit Creative Industry
Innovation Philadelphia’s new study, Creative Footprint, is now available. The report measures the size, scope and impact of the for-profit, creative industry. Creative industry employment within the Philadelphia Region generated a total economic impact of nearly $60 billion, ranking the for-profit, creative industry among one of the top industries in the region.
Philadelphia has a history of leading innovation, generating new and progressive ideas, and turning these ideas into reality. This ability to be innovative is critical for a competitive advantage, not just for the private sector, but for regions as well. Innovation Philadelphia has developed an innovative strategy, comprised of three integrated initiatives to drive economic growth in the Philadelphia Region, which include:
Cultivating the For-Profit Creative Economy - provide business resources; entrepreneurial assistance; and marketing, networking, and educational opportunities to make Philadelphia’s for-profit creative economy a leading source of jobs and wealth in the Philadelphia Region.
Attracting and Retaining Young Professionals - facilitate career and network development; link young professionals to employment opportunities; and showcase Philadelphia to young professionals as a place to live, work and play. Young professionals are critical to fuel economic growth and fill the pipeline with innovative thinkers who will become future entrepreneurs and business and civic leaders in Philadelphia.
Fostering Entrepreneurism and New Ideas - host networking and educational events to link regional entrepreneurs with one another and with the purchasers of their goods and services; host interactive discussions, called Innovation Forums, to develop ideas that will enhance Philadelphia’s entrepreneurial environment and define Philadelphia’s future; and use technology and electronic mediums such as blogs, webinars and webcasts to seek and gather other ideas.
An interesting takeaway fact: 12% of the workforce in the Philadelphia Region’s for profit creative industry is comprised of self-employed individuals. Yet the city still has a business privilege tax with a gross receipts kicker. This makes no sense when selling services.
