Why was Cultural Entrepreneurship invented?

Tasty is a culinary Facebook page running since 2015. Today, it has quickly reached 72,737,176 followers by offering contents that vary from short fast-motion videos recipes and blog posts dedicated to food inventions, lifestyle and news. Tasty has extended its business across the major social medias, and their app has reached 50 thousand downloads with a 4.5-star rate on Google Play.

Tasty has merged its success with Buzz Feed, the American private Internet media company worth in the marketplace $1.5bn (Matthews C. 2015).

Furthermore, Tasty has pleased the global demand through Proper Tasty, Tasty Demais, Tasty Miam, Biem Tasty, Einfach Tasty, Tasty Arabia and Tasty Brazil by divulging dishes coined through tradition and innovation from the perspective of different cultures.

Every single step taken by Tasty embodies the pace of the 21st century. The market evolution is reaching inconceivable swiftness and shiftiness. Such situation is generating new facets in the marketplace – thus new demand to satisfy.

The leading revolutions within this scenario are unquestionably the digitalization and globalisation of our world. Although the systems become progressively more convoluted and sophisticated after the spontaneous formation of new pursuits, they are also the scenario where contrasting activities are disrupting the boundaries with one another and merging their occupation.

Time speeding has become the primary enemy towards individuals and corporations which are grappling with the age of transience to cope with transformation.

Such allatonceness and velocity are the external inputs currently changing the perception of how we do things within the economy. Therefore, corporations and organisations are finding new ways of coping with change.

Tasty is one of the millions of cultural enterprises reaching the public of the market demand based on the latter statements.

In fact, their videos show quick processes of meal-making providing the audience with sight and time fulfilment, thus satisfying the rhythms of the Fourth Industrial Revolution (World Economic Forum, 2016). Furthermore, they have embraced digitalization and globalisation through their contents and means, consequently creating jobs and profit out of “nothing”.

The world is dethatching from the assembly line and apathetic policy familiarised from the Second Industrial Revolution, and introducing the Human Capital in business. “Mere” business and entrepreneurial mindset cannot cope with the prevailing bias of today’s society and economy. Therefore, Cultural Entrepreneurship has been created “as an accepted international body of knowledge” (Hagoort G., 2015, pp. 1) to assist the rise of creative corporations which deny the individualisation of workers and promote cooperation amongst flexible cognitive teams in a flattened working environment.

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The recent report published by the World Economy Forum “The Future of Jobs” assets through Surveys and Research Design the future skills required for employability in the coming five years. The demand of employability will be driven by social and cognitive skills which see 10 top abilities in 2020 that differ from the 2015 requirement. At the first places, they recognised Complex Problem Solving, Critical Thinking and Creativity while adding Emotional Intelligence and Cognitive Flexibility respectively at the sixth and tenth position for the future employability prerequisites.

Cultural Entrepreneurship diverges from Entrepreneurship because it embraces the creative thinking mindset to indulge the problem-solution. To create wealth and answers nowadays solicits the detachment from the traditional bureaucratic and hierarchical business approach because it is no longer enough to build a product or service within the economy’s direction. May said that creativity is “the representation of the highest degree of emotional health” (Tsang D., 2015 pp. 54) and it has been verified by Piirto’s study of 160 creative writers that found similar childhood traumas experience amongst them all (Tsang D., 2015 pp.56). Creativity is the psychological product of individual’s self-healing and it is also the “man’s tendency to actualize himself [and] become his potential” (Tsang D., 2015 pp. 53). This explains why under developing countries are more willing to invest in new business start-ups – The funds devoted to Tech Start-ups in India increase every year and the future forecast predicts more than 11,500 new enterprises by the end of 2020 with the generation of more than 250,000 vacancies (Nasscom, 2014).

Hine and Carson stated that the significant growth of macro economies depends on the creation of small businesses which are now a day the creators of innovation in national economies (Hine D. and Carson D., 2007 p. 315). The constant evolution of the marketplace, in fact, requires progression within its players who are requested to manage the consumer’s changing mindset and producing solutions for the new demand, which nowadays can be constituted by a problem not yet identified by its audience.

 

 

 

References and Bibliography

Hagoort, G. (2015). An essay on Cultural entrepreneurship IN THE 21st CENTURY. In: Cultural entrepreneurship AS AN ACCEPTED ACADEMIC BODY OF KNOWLEDGE, PREPARING THE NEXT STEP: CREATIVE COORPORATION. ERTNAM – NL Utrecht. pp. 1

Haslett, E. (2016). London is Europe’s best city for startup funding. [online] Cityam.com. Available at: http://www.cityam.com/247986/startups-london-raised-more-funding-than-any-other-european [Accessed 17 Oct. 2016].

Hine, D. and Carson, D. (2007). Innovative methodologies in enterprise research. Cheltenham: Edward Elgar. pp. 315

Matthews, C. (2015). Here’s Why Buzzfeed Could Be Worth $1.5 Billion. [online] Fortune. Available at: http://fortune.com/2015/07/31/buzzfeed-nbc-universal-valuation/ [Accessed 17 Oct. 2016].

Nasscom, (2014). Tech Start-ups in India: A Bright Future. [online] Available at: http://www.nasscom.in/tech-startups-india-bright-future [Accessed 17 Oct. 2016].

Toffler, A. (1970). Future shock. New York: Random House.

Tsang, D. (2015). Entrepreneurial creativity in a virtual world. Chelteham and Northhampton: Edward Elgar Publishing Limited, pp.48-92.

World Economic Forum, (2016). The Future of Jobs. [online] Available at: http://reports.weforum.org/future-of-jobs-2016/ [Accessed 17 Oct. 2016].

 

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