ABSTRACT
Entrepreneurship in the arts deals with creative resources, processes and outcomes. By its very nature, every arts enterprise is unique because it is based on creativity. As outlined in Chapter 1, creativity in its broader sense could exist in every human activity far beyond the arts and culture field. Anyone can be creative and in any context. Businesses that are creative could unlock their competitive advantage and be more successful in global markets. Creativity and innovation are interrelated. Creativity is fundamental to innovation and is a necessary but not sole condition for innovation.3 While creativity is a term related to something internal and subjective that is harder to measure, innovation is external because it is about things that have been tested and found to work in the real world. Theodore Levitt, an American professor and economist, coined the famous phrase that “Creativity is thinking up new things. Innovation is doing new things.” Innovative skills are related not just to coming up with great ideas, but directing them to solve a social problem, making the world a better place. Hunter4 defines creativity as the capability or act of conceiving something original or unusual, while innovation is the implementation or creation of something new that has realised value to others. There are several key features that differentiate innovation from creativity:
• Innovation is about developing new creative ideas into something practical and useful.
