In the wake of the worst global economic recession in living memory, the creative industries sector has emerged as a powerful engine for economic growth and social, environmental, and cultural sustainability. With growing concern over the staggering amounts of funding now being directed toward social impact initiatives globally and the effectiveness of those investments, perhaps the time has come for gatekeepers to consider adding the creative industries to the short list of investment-worthy target sectors.
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As funders we have three main challenges: first, getting a handle on the extent and impact of the recession; second, exerting leadership — being bold, positive, and opportunistic without being insensitive; and third — and most important — asking ourselves the same tough questions that we are asking grantees: how do we slip the vice-like grip of old mindsets and behaviors and adapt so we increase our relevance, resilience, and meaningful contributions to our community?
— Foundation President
— Foundation President
In late January GIA polled its 309 member organizations about their organization's responses to the economic downturn. 117 (38%) members responded, which provides a healthy sample of the membership.
Members reported their expected 2009 arts grantmaking would likely compare to 2008 as follows:
- 41% expected that 2009 would be the same as 2008.
- 13% expected that it would be reduced to 90% of 2008.
- 12% expected that it would be reduced to 80% of 2008.
- 11% expected that it would be reduced to 70% of 2008.