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Rise & Rise of the Creative Youth Economy
Three terms that are possibly determining the future of business: Creativity, Youth, and Economy! How can a “creative youth economy” contribute to the modern standards of the business world?
Today’s youth play a very important role in promoting and developing the creative economy sector as drivers of regional and national economies.
The inherent human nature that should be fully owned and capitalized by economies is CREATIVITY. It can promote economic success and cultural social justice and trade. Many people, including young men and women, are inspired by creativity and use it as a source of information and inspiration to hone their innovative minds that have led to the introduction of many new businesses, products, and revenue streams that have the potential to adapt to cater to future generations.
Creativity doesn’t have borders and is not confined to countries, but innovation tends to flourish in places where the value of creativity is positively viewed, where there is a high degree of personal autonomy, where creative talents are better organized through institutions and supported by business, where competition fosters and, most importantly, where it is rewarded and celebrated. The institutionalization of creativity explains why certain countries can synergize their creative potential to meet economic goals and social challenges, while others lag.
A tremendous opportunity for translating youthful energy into fresh concepts, structures, and a society's future vision is presented by the growth of creative industries, and this by substitution has a direct effect on the economy.
The rise in importance of the new transversal approach to economics has led us into a new era, where the younger generation is challenging the status quo and is offering a much-needed fresh perspective to problem-solving on a large scale.
The genuine strength of youth culture is found in CREATIVITY. The promise of a new life and social change is something that the youth have long been attracted to alongside future aspirations and changing cultural norms and trends. Young people can uncover complex but concealed social tensions thanks to their biological, social, and cultural flexibility, and the creative sector enables them to communicate alternatives with intellectual articulation. Therefore, their prowess is empowering various economic sectors and enforcing fluidity in thought and bureaucracy across the globe.
The existence of numerous transaction networks and revenue streams makes creative industries unique. Creative industries are an ecosystem of economic flows with cross-functional value chains that have the potential for "a lengthy shelf life" and can produce a wide range of spin-offs with catalytic and multiplier effects. Compared to traditional industry, which heavily depended on resource flow, creative sectors are less reliant on natural resources. Human brilliance and organization are, in fact, two essential components of creative industries, and they may be merged very readily for production & consumption.
Rapid technological and economic change in products, distribution, marketing, and social media (such as e-books, iPods/iPads, iTunes, Amazon.com, Google, iCloud, Facebook, and Twitter, etc.) as well as the growing commercialization of intellectual property in the digital world (such as digital rights management, the app market), are responsible for the recent expansion of the creative industries.
Young people need to be encouraged and adequately equipped to take on risks and leadership roles intrinsic to entrepreneurship and the modern economic sectors, in general. They can do so with the aid of suitable business services that assist the creation of new opportunities, promote learning and knowledge exchange, and diminish risks of failure.