Consultative Conference Declaration
"A virtual enterprise will be established to give access to markets and support product development, to increase demand and consumption in the sector. In addition, an enterprise will be established to supply local goods and services to government conferences and events."
To provide access to the full range of products, services and experiences offered by the Arts, Culture and Heritage Sector in order to grow the demand and supply of goods. This will stimulate job creation in the Sector.
From a long-run perspective, new business formation is important because of the links between innovation, R&D, and new start-ups. New businesses are often formed to develop, implement, and market new technologies. To take one example, Kirchhoff et al. (2002) examines the link between university-based R&D activity and new business creation and finds that “university R&D expenditures are significantly related to new firm formations in the same [Local Market Area].” Thus delays in new business formation may mean delays in the development and adoption of new technologies, causing long-run damage to the economy. 7