Arts entrepreneurs lack access to resources, survey finds

Research from bank HSBC UK has cast doubt on the viability of starting a business in arts and culture. 

In a survey of 1,000 UK-based entrepreneurs, 28% of arts and culture founders said they lack the resources and support they need to start their business.

Technology and innovation was cited as the main area where more support is needed, followed by mentorship, which over a quarter of respondents cited as a basic requirement for beginning a business.

After starting a business, 16% of arts and culture founders said they continue to struggle, while 18% agreed that the sources of advice and support they have used did not meet their full needs.

The banking group’s research coincides with the launch of its Small Business Growth Programme, which will look to support small businesses in their earlier years by sharing key resources.

“Launching a new business can be in equal parts rewarding and stressful,” commented Tom Wood, head of business banking at HSBC UK. “We need to see more collaboration between government and industry to create accessible tools and tailored advice to help propel startups to success.”