Project FAME is a newly established cross-border European partnership bringing together four partners with extensive expertise and experience in financing promising companies in the Creative Industries (CI) sector.
Description of the project - Aims and objectives
Main objective of the project FAME – Facilitating Access & Mobilisation of European finance for Creative industry growth - is to mobilize new financing sources and develop a dedicated Pan-EU Fund for CI companies. The FAME project's overall goal is to achieve wide scale and sustainable impact on the level of finance available to support the successful development and competitiveness of European Creative Industries businesses with high growth potential. This objective will be achieved through the mobilisation of a much greater supply of relevant finance resources, including development of new dedicated funding instruments and leveraging the potential of public and private sector sources across Europe.
In order to advance towards this ambitious goal, the FAME project will analyse the current provision of finance currently available to CIs, increase the investment-readiness of innovating CI businesses via the Fame Screening and Financing Process and seek to increase the overall awareness and interest in the vast investment potential of CI businesses. To this purpose, FAME partners will set up a high level system for (I) coaching “near market”companies and (II) Increase the financial awareness of investors. In order to facilitate a real interaction among creative SMEs and investors, the FAME consortium will organise 2 local events and 1 international event, which will involve a selection of high growth potential SMEs and a delegation of investors ( VCs, Angels, Public investors, Corporate investors, banks, etc. The involvement of the investment community and the mobilization of public/private funds to FAME ultimate goal are a crucial objectives, which request specific and strategic activities, such as the:
- Establishment of a FAME Advisory Board, to attract and involve more private/public investors;
- Organization of thematic financial leverage workshops;
- Lobbying activity with EIF and EIB;
- Assessment of the technical feasibility of the Pan European Fund.
Public and private financial investors (VCs, BAs , Banks and similar), high growth potential companies working in the Creative Industry sector, equity finance stakeholders, regional/national and European policy makers.
Expected outcomes and impacts
The major final expected impact of FAME is the creation of a dedicated Private-Public Partnership through a Pan European Fund. To this objective the crucial aspect is to achieve and agree upon a collaboration model between national/regional and public, private financing hubs.
FAME Project Coordinator Michela Michilli (FILAS) underlined how the network “..will allow the cross-cultural inter-exchange of knowledge, competencies and partnerships to create the legal framework for a pan-European fund for the Creative Industries. The digital revolution continues to change many sectors very rapidly, so we must identify new companies that need an international business model and financial support to fully blossom.”
EU Project Officer Alex Talacchi concurred, stressing the fact that “Fame is a key element in the innovation strategy the EC is putting forward. Project Fame will provide a number of methods to see how to establish a pan-EU Investment Fund to support the Creative Industries in Europe.”
Indeed, the Creative Industries is one of the largest and fastest growing sectors in the European Economy and as Rasmus Wiinstedt Tscherning (Ceo CKO) pointed out “they are fairing far better than banks, airlines, pharmaceutical companies and other sectors in the current financial crisis.”
Klaus Haasis (Ceo, Baden Württemberg Connected) remarked “the next big step in innovation and competitiveness is to bring the CIs and traditional industries closer together. The convergence of different CI areas is evident, for example, in the gamification of the training, simulation and education sectors.”
Kim Ove Olsen (Ceo CAPNOVA) similarly emphasised the increasing development of a core CI area, which “catalysed by the digital revolution, will lead to a more integrated approach in investments as is presently taking place in the newspaper, television and publishing sectors.”
Workshops + Final event
- Leverage workshop event #1, July 2013 – Denmark
- Leverage workshop event #2, November 2013 – Italy
- Leverage workshop event #3, April 2014 – Germany
- FAME final event, October 2014 - Italy