Home What did investors do in the Creative Industries in 2023?

Business Angels Europe (BAE) is the European Confederation of Angel Investing, established in 2012, covering 20 of the most leading and active Angel groups and networks across Europe. On behalf of the EIT Culture & Creativity, BAE circulated in 2023 for the first time an investment survey about cultural & creative sectors and industries to some 10,000 investors.

“This investment survey is the start to develop a sound empirical base about the European Investment Landscape in the cultural and creative sectors and industries (CCSI), missing so far in Europe. EIT Culture & Creativity aims to regularly update this fact base, widen its empirical base and its scope, increase transparency and strengthen foresight in the investment arena for CCSI: The journey for a more competitive CCSI is starting here!”, Bernd Fesel, CEO EIT Culture & Creativity.

Here are the findings from 97 completed responses received to the online survey and 15 one-to-one detailed video interviews.

Investing in the cultural and creative sectors and industries – or not?

           37% of the responding investors declared they had invested.

           59%  of the responding investors declared they had not invested.

A one time experience or a long term strategy?

84% of the investors, already currently investing in the Creative & Cultural Sectors & Industries, have made at least two investments in the sector. 


  • Approximately 57% of the surveyed investors have engaged in up to five investment deals.
  • Around 14% have participated in up to 10 investment ventures.
  • Nearly 5% of these investors have been involved in up to 20 investments

An economic powerhouse with underforming investment power?

The survey validates day to day experiences: Despite being the second or third largest sector in Europe, with some annual growth rates exceeding other sectors, CCSI remains a lower priority in investment portfolios relative to its economic significance and expansion.

60% of the responding investors have 10% or less CCSI investments in their portfolio.

Background on survey participants: Digital potential un(der)used still?

The survey’s respondents, comprising 74% of the total, were predominantly from a range of European countries: 37% from the UK, 20% from France, 13% from Italy and Belgium, and 9% from Germany.


Additional responses were received from Portugal, the Netherlands, and Poland, as well as from Sweden, Spain, Greece, Denmark, the Czech Republic, and Luxembourg.


52% of investors identified that engaging with Accelerators, Incubators and Intermediaries were a valuable source of deal flow opportunities.


Notably, only 14% of responding investors used online platforms to source deals.

Read the complete report of Business Angels Europe here!

Press contact:

EIT Culture & Creativity 

About EIT Culture & Creativity

EIT Culture & Creativity is the ninth Innovation Community by the European Institute of Innovation and Technfology (EIT), a body of the European Union. Currently in early 2024, it is in its setup phase, building its organisation, developing its Strategic Agenda  and applying for the EIT grant 2024-2025. It is designed to strengthen and transform Europe’s Cultural and Creative Sectors and Industries (CCSI) by connecting creatives and organisations to Europe’s largest innovation network. It takes a holistic and open approach to innovation – from tech to artistic driven innovations, from business to citizen driven – and reinforces the appreciation and anchoring of European values and identities. EIT Culture & Creativity will unlock latent value from a multitude of small CCSI stakeholders through technology transfer, improved cross-sectoral collaboration and their effective integration in production value networks. EIT Culture & Creativity will support technology and business innovation; artistic innovation and social innovation. It will also harness the unique position of the CCSI to facilitate the Triple Transitions in Europe – green, digital and social.

About The European Institute of Innovation and Technology (EIT)

The EIT is Europe’s largest innovation ecosystem bringing together close to 3,000 partners from top business, research and education organisations across Europe in over 80 innovation hubs. The EIT strengthens Europe’s ability to innovate by powering solutions to pressing global challenges and by nurturing entrepreneurial talent to create sustainable growth and skilled jobs in Europe. The EIT is an EU body and an integral part of Horizon Europe, the EU Framework Programme for Research and Innovation. The Institute supports dynamic pan-European partnerships, EIT Knowledge and Innovation Communities, composed of leading companies, research labs and universities each dedicated to solving a pressing global challenge, from climate change to health, to renewable energy.