Department of Cultural Affairs

Memorandum of cooperation signing ceremony between Taipei City Government and Taiwan Creative Content Agency (TAICCA) (From left: Shih-ping Tsai, Commissioner of the Department of Cultural Affairs, Taipei City Government; Wan-an Chiang, Mayor of Taipei; Homme Tsai, Chairman of the Taiwan Creative Content Agency; Chun-wei Lu, President of the Taiwan Creative Content Agency).

The Rise of Impact Investment: Injecting New Sustainable Momentum into the Cultural and Creative Industries

Since the rapid development of the cultural and creative industries in the 1990s, they have been a vibrant embodiment of culture and creativity. In 2009, these industries were officially recognized as one of the nation’s six emerging sectors, highlighting their growth potential. 

However, fundraising has long been a significant challenge for cultural and creative teams. In recent years, with the growing prominence of ideas such as SDGs (Sustainable Development Goals) and ESG (Environmental, Social, and Governance), the cultural and creative industries have found new opportunities for fundraising. Unlike traditional investment models that focus primarily on financial return and pay limited attention to cultural and social value, the emerging trend of impact investment is reshaping the landscape. 

Impact investment not only seeks revenue growth but also highly values the social impact and positive change generated by investment. This shift is helping to bring the long-term value of the cultural and creative industries into focus, while also creating more possibilities and momentum for their sustainable development.

Cultural and Creative Industries Sustainability Incubation Program (文創永續培育計畫): Connecting Cultural Innovation with Impact Investment

Taipei is at the center of Taiwan’s cultural and creative industries, boasting the highest industry output in the nation and hosting the widest range of vibrant cultural events. To ensure that the cultural and creative sector can adapt to international trends and harness its potential for growth, Taipei City Government Department of Cultural Affairs has launched the Cultural and Creative Industries Sustainability Incubation Program. 

This initiative actively facilitates connections between the cultural and creative industries and impact investment, aiming to secure funding for micro-cultural enterprises while showcasing the value of cultural innovation. On October 2, 2024, the Perpetual Motion: International Forum on Cultural and Creative Investment Trends (文創永動機∞文創投資趨勢國際論壇) was held, featuring Fran Sanderson, Executive Director of Figurative, a UK-based organization with extensive experience in cultural impact investment. Sanderson was invited to Taiwan to join Shih-ping Tsai, Commissioner of the Department of Cultural Affairs, along with cultural industry professionals and impact investors, to take part in case-sharing and in-depth discussions. Cultural and creative teams were able to use cultural impact investment to leverage both for-profit and non-profit tools to achieve long-term business operations and promote their ideas.

The first speakers at the Perpetual Motion: International Forum on Cultural and Creative Investment Trends. (From left: Shih-ping Tsai, Commissioner, Department of Cultural Affairs, Taipei City Government; Wei-kung Liu, Associate Professor, Soochow University; Fran Sanderson, Executive Director, Figurative, UK.)

Taipei City Government also signed a memorandum of cooperation with the Taiwan Creative Content Agency (TAICCA) to jointly advance initiatives such as the model of government-funded first-stage support, followed by investment from TAICCA. 

Ten cultural and creative teams were also selected to participate in the Cultural and Creative Industries Sustainability Incubation Program workshops and mentoring sessions, where they received guidance on impact investment. These activities helped the teams refine their business models, think innovatively, incorporate commercial strategies, and enhance their ability to communicate with stakeholders. Through one-on-one mentorship with industry investment experts, teams participated in in-depth discussions designed to help them understand the key factors that investors prioritize. They also learned to leverage their unique strengths to effectively demonstrate the value of impact investment. 

Looking ahead, policies such as investment tax incentives from the Ministry of Culture and lead investments from the Taiwan Creative Content Agency (TAICCA) are expected to provide additional resources and networking opportunities for Taipei’s cultural and creative teams.

The Perpetual Motion: International Forum on Cultural and Creative Investment Trends will return on January 10, 2025. This year’s edition will center on impact investment and will feature Kun-ying Lin, Artistic Director of LuxuryLogico, a cultural team that has benefited from impact investment. Lin will share his experiences, examine current trends, and discuss how cultural and creative teams can embrace future challenges with a forward-looking perspective, unlocking the limitless potential within the cultural and creative sectors. The forum will also include in-depth discussions with seasoned impact investors, offering diverse perspectives.

Whether you’re passionate about cultural impact investment or fascinated by the flourishing development of the cultural and creative industries, we warmly invite you to join us in exploring the future of creativity and capital, and unlocking the infinite potential of impact!