Creative economies rely on a cluster of high-quality ideas and talented people. The experiences of UK higher education in driving the creative sector of its economy may provide insights for Hong Kong.

Creative industries have been growing fast in the UK over the past decade. According to the research study "Creating Prosperity: the role of higher education in driving the UK's creative economy", employment in creative industries hit 26 percent growth between 1997 and 2008 in the UK. Creative industries accounted for more than 7 percent of GDP in the UK compared to 2.6 percent for the EU as a whole.

Generally speaking, the creative industries cover multidisciplinary sectors including advertising, architecture, art, crafts, design, fashion, film, software, music, performing arts, publishing, television, radio and Internet. Economic growth theory tells us that creativity and innovation are keys in driving economic growth in a knowledge economy. No doubt innovation is not just about technology, as creativity is also important for other industries. The term "creative economy" is broader than creative industries and creativity has a marked influence across the economy.

Three points stand out from the UK's experiences. First, higher education multidisciplinary research is a key source of new ideas and practices to drive innovation in the creative economy.

For example, the Design Against Crime Research Centre at Central Saint Martins College of Art and Design created an innovative bag-holding clip to reduce bag theft and protect bicycle parking stands and prevent bicycle theft. This product not only helps reduce crime, but is also in the process of commercialization. The success of Apple's iPod and iPad demonstrates the importance of the combination of design and technology. The iconic scroll wheel of the iPod was designed in part because Steve Jobs, the late chairman of Apple, required his designers to lose most of the buttons including the on/off button.

Second, higher education is a key source of professionals in the creative economy. The study emphasizes the importance of multidisciplinary education, particularly at postgraduate level, in developing the next generation of creative talent. It is not uncommon that talented designers have difficulty converting their ideas into a feasible business.

For instance, HighWire at Lancaster University provides multidisciplinary PhD-level courses and research projects with a focus on innovation by bringing together three faculties - management, computer science and design. Research topics include the impact of emergent technologies on rural communities, digital products and sustainability, as well as democratization and open innovation.

It is suggested that many of the highly transferrable skills required in our business world such as creativity, problem solving, team work spirit, and independence can be developed in creative and multidisciplinary education through innovative teaching, inquiry-based learning and a hands-on approach to problem solving.

Third, continuing professional development (CPD) for the creative professionals is needed as lifelong learning. Finance professionals in Hong Kong are required to study at least 5 CPD hours every year to extend their license in different areas. Many CPD for creative professionals are offered by universities in the UK.

The cocktail of finance, mathematics and creativity yield financial innovations which developed lots of new financial vehicles such as credit default swaps, collateralized debt obligations, synthetic exchange traded funds, Islamic bonds and social impact bonds over the past decade. Arguably, Ben Bernanke, the US Federal Reserve chairman, has scored highly for creativity in monetary policy during the economic crisis such as two rounds of quantitative easing, the purchase of government bonds by printing money and the target of low short-term interest rates until mid-2013. Like fashion, the advancement of the finance sector requires creativity, a talent cluster and a strong business acumen.

The author is senior program director at University of Hong Kong SPACE. The views expressed here are entirely his own.

(HK Edition 11/17/2011 page2)