Branding and Funding

Branding and Funding

DOI: 10.4018/978-1-7998-3416-8.ch009

Abstract

Branding is important in building the creative economy. Branding is the story of your history, values, beliefs, and vision. Branding is not based on whims, but on careful well thought out ideas, and the most powerful branding comes from disruptive thinking. The power of changing the thought process to using new methodologies and modern ideas cannot be underestimated. Creative cultural branding centers on branding that ignites the creative economy in your specific unique area. It is important to not only get early stage capital when building the creative economy, but all the help you can receive through grants. Government agencies and foundations can give disruptive leaders a start in developing the creative businesses to thrive in our modern times. Federal funding for the creative economy initiative can complement local and foundation funding. Typically, federal funding is for capital investment, not for planning or ideation. Understanding funding options and requirements is important. This chapter explores branding and funding.
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Introduction

Your premium brand had better be delivering something special, or it is not going to get business. - Warren Buffett

Large foundations have taken an active role in community re-development and support the creative economy initiatives. Foundations can act quickly, take risks, seeding innovations, and challenge tradition. Often foundation grants serve as first-in patient capital, independent from political and market forces. Research has consistently recognized the relationships between government funding and private philanthropy is a significant force in U.S. society (Wardip, Lambe and Zeeuw, 2016). Both government and private philanthropy intersect, and understanding the distribution of grant funding could help shape policy (Coutts Institute, 2015).

Branding builds from the culture of a community or organization by depicting the heart of the culture. In essence, what are the overlaying beliefs, values, traditions and stories of the community or organization? A majority must agree that the brand reflects these overlaying beliefs and values. When the community can stand together on their culture, they can build their brand. This is not a marketing ploy or for advertisement. This is the lifeblood of the community, organization, region or state. Many states have re-branded for tourism, and tourism is part of the creative economy. Arkansas used the tag line the Natural State, which reflects the beautiful lakes, forests, and rivers that are enjoyed by many tourists. Maine uses the tag line It Must Be Maine. Kentucky’s tag line is Unbridled Spirit; New Mexico’s tag line is Land of Enchantment. New York’s famous tag line I Love New York is known by the distinct logo with love being replaced by the heart. For the creative economy to be strong and sustainable, it is necessary to build a strong brand. The strong brand attracts people to your community, region, or state.

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Funding

Federal funding for the creative economy initiative can complement local and foundation funding. Typically, federal funding is for capital investment, not for planning or ideation. Understanding funding options and requirements is important.

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