Performance measures and metrics for the creative economy

Abstract

Purpose – Creativity is becoming one of the most powerful sources of competitive advantage in the modern economy. As more developed economies progress from the tertiary (or service-based) level to the quaternary (or knowledge-based) level, successful nurturing of creativity and innovation provides competitive advantages for industries and countries alike. The paper aims to discuss these issues. Design/methodology/approach – Based on the extant literature, a set of performance measures and metrics for the creative economy is proposed. Findings – A conceptual framework for developing a creative economy is presented, and measures and metrics to be used as a managerial tool for controlling performance in creative economies are provided. Research limitations/implications – Although the measures and metrics presented are based on the best available research, they are not empirically tested. Thus, the measures and metrics must be considered speculative and descriptive research is needed to validate their utility. Practical implications – Utilizing the performance measures and metrics identified in this research provides policy and decision makers with a foundation on which to build their local or regional economies. Originality/value – The research as presented contributes to the literature on the creative economy and is unique in its contribution to said literature.