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Gala Film Litepaper October 20231.Token Supply4.Existing Bonuses5.Content Crowd-funding6.Agent Incentives7.Node-based Governance8.Long-term GovernanceConclusion51214141516182.Token Distribution3.ComponentsTable of ContentDisclaimerIntroductionPlatform Overview5102345CDisclaimer:Not an Investment Prospectus or Financial AdviceNo Forward-Looking StatementsRegulatory CompliancePlease be advised that the information provided in this publication is intended solely for informational purposes and does not constitute an investment prospectus,financial advice,or any form of legally binding contractual agreement between you and Gala Film.This publication is not intended to offer,solicit,or recommend the buying,selling,or holding of tokens or any other financial instruments.This publication does not include any“forward-looking statements”as defined by applicable securities laws.Any statements about future events,scenarios,or otherwise speculative information are given for illustrative purposes and should not be interpreted as a guarantee or insight of future performance or outcome.You should not place reliance on these forward-looking statements,which reflect the views of Gala Film as of the date of publication.The token sale may be subject to local laws and regulations.It is your responsibility to determine the legal standing of Gala Film in your jurisdiction and comply with all relevant laws and regulations.By accessing or using this publication,you acknowledge and agree to the terms set forth in this disclaimer and assume full responsibility for the associated risks.Gala Film disclaims all liability for any loss or damage of any kind that may arise directly or indirectly from the use of,or reliance on,any information contained in this publication.THIS DOCUMENT IS PROPRIETARY TO GALA FILM BOTH FOR PURPOSES OF COPYRIGHT AND AS RESTRICTED BUSINESS CONTENT AND IS INTENDED FOR YOUR USE ONLY.NO PART OF THESE MATERIALS MAY BE REPRODUCED OR DISTRIBUTED TO ANY THIRD PARTY EXCEPT TO A POTENTIAL BUSINESS,ACCOUNTING,LEGAL,OR TAX ADVISOR(S)INCIDENT TO A CONFIDENTIAL BUSINESS RELATIONSHIP FOR THE PURPOSE OF EVALUATING THE PRODUCT.Within the Gala Ecosystem,we have always worked to drive innovation.First via Gala Games,then via Gala Music,and now with Gala Film.As digital technologies continue to disrupt traditional industries,the film sector remains an area ripe for innovation.While mainstream platforms have provided an alternative to conventional distribution methods,they often fall short in democratizing access for creators and viewers alike.This is where Gala Film steps in.We are creating an ecosystem where filmmakers,producers,directors,financiers,and audiences can interact seamlessly,without the need for middlemen or centralized platforms.By leveraging emerging technologies,Gala Film introduces a transparent,secure,and efficient way to fund,produce,and distribute cinematic content.Our unique model is designed to solve various pain points in the current film production landscape.At the core of our ecosystem is the Gala Film Nodes,powered by the$FILM token.The Gala Film Nodes serve a central role supporting the ecosystem as a whole through providing decentralized storage for film content and much more.$FILM is a utility token and is used in all internal transactions,from crowdfunding new projects to purchasing theater rights.The long-term plan for decentralization integrates novel new concepts to advance the industry in this ever-evolving space.We believe that by embracing a truly decentralized approach,we empower filmmakers to maintain creative control while fostering a community-driven environment that benefits both creators and consumers.While we stand at the center of this ecosystem as it grows,we believe that in order to achieve the long-term vision,the community of node operators and token holders must be DEEPLY engaged to advance the cause of decentralization.This short introductory paper will delve into the intricacies of Gala Films architecture,briefly expound upon our tokenomics model,and provide a vision of a roadmap for the future.Join us in rewriting the narrative for film production and distribution,as we usher in a new era of cinematic experience.In the future,there will be a much more involved publication that provides more documentation and deeper explanations.The current plan is to publish this document as an evolving and open-source publication on a public code repository such as Github,enabling the community to have the ability to propose additions,expansions,or IntroductionIn a“fair launch”model,there is no“premint”allocation for the team,early backers,or public sale.There is,however,a portion of tokens that are created to award users for actions prior to the activation of the ecosystem that have been running their nodes.This will convert all existing“Popcorn Buckets”into$FILM and provide a reserve of tokens for ecosystem initiatives.The current plan is to convert all$POPCORN into$FILM at a 1/10 ratio,with a bonus for larger buckets.This means that for every unit of$POPCORN you have,you are likely to receive 10$FILM tokens after the Token Generation Event.$POPCORN will continue to exist after this initial conversion period.This will give users the freedom to decide when they would like to convert their$POPCORN into$FILM,giving them flexibility in terms of both the amount they convert and the potential externally perceived value at the time of conversion.When$POPCORN is converted into$FILM,it is done at a rate that favors larger holdings of$POPCORN.$POPCORN is distributed for node operation and for other actions within the ecosystem,and having a preferential conversion for larger amounts of$POPCORN incentivizes the accumulation of$POPCORN and the performing of more ecosystem-supporting actions.$POPCORN can be used in the platform without conversion to retain the benefit of accumulation.Tokenomics Guidelines1.Token Supply2.Token DistributionThe total supply of$FILM tokens will not be predetermined or hard-capped on-chain.Instead,tokens will be minted through an emission mechanism regulated by network nodes.This token structure will roughly align with the structure already used by the$GALA token.There will be a maxSupply in the sense that the current totalSupply can never exceed 500,000,000 tokens.These tokenomics guidelines are subject to change up until the day that the tokens are minted and$POPCORN is converted into$FILM.This is,however,the current Gala Film($FILM)is a decentralized platform that rewards users for their engagement in consuming and supporting films.With a fair launch model,a node-based emission mechanism,and a viral sharing incentive,the platform ensures a democratized and efficient approach to content distribution and token generation.Platform OContent Incentivization Mechanism(20%initial)Publishers,Creators,and Galaxian Viewers will earn$FILM tokens based on the amount of content consumed on the platform.For example,if a publisher or creator brings an independent film to Gala Film,they would receive$FILM tokens based on the viewership of their project,in addition to any sales on the platform they would additionally receive.2.3.Operator Supply(50%initial)The operator begins receiving 50%of the token mint allocations,with this reducing by 5%annually with total platform decentralization to be achieved within ten years.The operator reserves the right to distribute this token as needed to support ongoing operations,but some basic categories which will be funded from this allocation are:Node Operation and Rewards(10%initial)Individuals or entities running nodes to support the ecosystem will be rewarded with$FILM tokens.These nodes host film content,which is erasure-encoded and sharded across multiple storage volumes for efficient distribution in the Gala Film Content Delivery Network.The tokens are generated or minted in response to verifiable proofs of storage and retrieval.While this is initially 10%of the emission rate,it increases by 2.5%annually.2.1.2.2.2.1.1.2.1.2.2.1.3.2.1.4.2.1.5.2.1.6.2.1.7.Development CostsMarketing Events Partnerships Grants Minimum GuaranteesEtc.Rather than a premine of the total maxSupply,as is common with most tokens,all tokens are instead minted through user engagement,node operation,and content sharing.The max emission rate is a set%of the remainder to the softCap making the emission functionally eternal,but providing a smooth emissions curve of.05%of the remaining tokens to softCap(maxSupply-totalSupply)*.0005)/day).However,the actual emission rate could be as low as 10%of this amount.Galaxians can only earn tokens by watching if they also actively grow the platform via shares and referred users.This is similar to the early Founders Node referral reward model but instead of focusing only on sales/node operation,it also allocates rewards based on actual involvement with the ecosystem,rather than just referred sales.While this is initially 20%of the emission rate,it increases by 2.5%annually.Ecosystem Supporting Behaviors(20%initial and the keystone segment)To encourage the spread of content and attract new users,Gala Film will distribute tokens based on what we deem to be positive ecosystem supporting actions.These actions are entirely at our discretion and determine the number of tokens distributed on any given 2.4.1.Qualifying Actions(Examples)There are many actions which could potentially qualify as ecosystem supporting behaviors.The list of these actions will be published and users will be able to see which actions result in the greatest reward within any given distribution cycle.Examples of these actions may include but are not limited to:WatchingReferralsCollectingSupport Ecosystem2.4.1.1.2.4.1.3.2.4.1.4.2.4.1.2.2.4.1.1.1.2.4.1.1.2.2.4.1.3.1.2.4.1.3.2.2.4.1.4.1.2.4.1.4.2.2.4.1.2.1.2.4.1.2.2.2.4.1.2.3.2.4.1.2.4.Watch Films Watch Series EpisodesRefer a friend(who completes certain actions)Your referred friend refers a friend(who completes certain actions)Completing a shard setCompleting all shard sets for a Film/SeriesPair a reward earning NFT(aka a Moment)Complete a Scene(a collection of particular Moments)Bridge tokens into GalaChainLink to Rep on Chain100osystem Supporting BehaviorsContent IncentivizationNode Operations and RewardsGala Allocation75P%0%Year 0Year 0Year 1Year 1Year 2Year 2Year 3Year 3Year 4Year 4Year 5Year 5Year 6Year 6Year 7Year 7Year 8Year 8Year 9Year 9Year 10Year The key to this distribution is that all actions which qualify as“Ecosystem Supporting Actions”must be publicly visible and verifiable.This means that they either need to be written to chain or available in public in a way that the data surrounding them can be pulled via API and integrated into a distribution formula that is independently verifiable and Monthly MAX and MIN EmissionsTotalSupply Over Time(with Min and Max Emissions)6,000,000.004,000,000.002,000,000.000.00002020404060608,000,000.00500,000,000.00400,000,000.00300,000,000.00200,000,000.00100,000,000.000.00MAX EmissionsMinTotal EmissionMIN EmissionsMaxTotal EmissionMonthM3.ComponentsMoments&ScenesWe are committed to nurturing a vibrant ecosystem where enthusiasts and collectors are not only encouraged but also rewarded for their active participation.A key component to the platform lies in the concept of Moments(aka reward earning collectible).Moments are designed to amplify your collection adventure by offering$FILM token incentives that go beyond the ordinary.As you delve into the world of Moments,youll discover an innovative token distribution bonus system that celebrates your dedication to your favorite content.Moments Moments are individual units of a scene extracted from films or series available on the platform.Each Moment is represented as a digital collectible.A significant feature of Moments is their daily earning potential,which rewards Moment holders based on the performance of the associated film or series on the platform.These daily rewards are a function of the popularity and viewership of the content,creating a dynamic value proposition for Moments.Importantly,Moments come with varying levels of rarity that dictate their drop rate,ranging from common to golden tier.This rarity factor not only impacts the likelihood of acquiring a particular Moment but also adds an exciting dynamic to the collection process,encouraging users to assemble comprehensive and immersive collections that span various levels of rarity.3.1.Rarity LevelsCommon Moments60Silver Moments30Golden Moments10Drop Rate(%)3.3.1.3.3.2.Scene Completion BoostFull Series/Film Collection BoostUsers who manage to collect all the Moments comprising a full Scene will experience a boost in their daily rewards.This provides an additional incentive for users to assemble complete Scenes from their favorite films or series,adding an element of gamification and accomplishment to the Moments experience.Achieving the remarkable feat of collecting all the Scenes from a particular film or series results in yet another,and a more significant rewards boost.This encourages users to explore and engage deeply with their favorite content,ultimately creating a compelling ecosystem of film and series-related collections.The integration of Moments and Scenes into the Gala Film ecosystem creates a unique and immersive experience for users.By blending daily rewards with strategic collection opportunities and additional boosts,this innovative digital collectible system not only enhances user engagement but also solidifies the platforms commitment to rewarding and acknowledging the dedication of its user community.Reward Boosts The token reward system introduces the concept of boosts,which incentivizes the acquisition of full Scenes and even complete collections of Scenes from a particular film or series.The reward potential of Moments serves as a daily basis for token rewards,while the following additional boosts further enrich the user experience:3.3.Scenes Scenes are curated collections of Moments,strategically assembled to represent pivotal sequences from films or series.Each film or series featured on the platform will offer a selection of notable Scenes,which users can collect in part or entirety by owning individual Moments that constitute those Scenes.The collection of Scenes adds a layer of engagement and interactivity,allowing users to build a more comprehensive and immersive Token Distribution BonusesAt Gala Film,we are dedicated to nurturing a thriving ecosystem where Galaxians are incentivised to contribute positively.Our token distribution bonus system is designed to reward Galaxians for their engagement&activities within the ecosystem.At the time of writing,there are two activities that can lead to a distribution bonus:4.Existing BonusesGalaverse Scenes(given out during Galaverse Malta 2022)If a Galaxians wallet contains a Galaverse Scene(s),their daily distribution will receive a 0.025%bonus.This bonus stacks is cumulative for each unique Galverse Scene,allowing Galaxians to earn up to a 0.5%multiplier(20 unique scenes*0.025%distribution bonus).NOTE:This multiplier is applied for each unique scene;multiple copies of the same scene will not receive additional distribution boosts.For Galaxians who possess all 20 unique Galaverse Scenes,an exceptional 10 x bonus will be applied,elevating their distribution bonus to 5%.NOTE:Multiple full sets also do not stackBT Orbs(sold in early 2022):If a Galaxians wallet contains a BT Orb NFT(Limited Edition),their daily distribution will receive a.0125%bonus.This bonus stacks and is cumulative for each BT Orb NFT(Limited Edition)and is unlimited.The Open Edition BT Orb NFTs also receive a bonus,but one which is 10%of the Limited Edition BT OGala Films recognizes that our community is at the heart of our success,and we are deeply appreciative of the contributions and enthusiasm of our users.The token distribution bonuses weve outlined are part of our ongoing efforts to express our gratitude and encourage further engagement.We look forward to working closely with our community to refine and expand these bonuses,ensuring that they reflect the values and aspirations we all share in building a dynamic Web3 film proposition.User Levels Galaxian distribution is positively correlated with their User Level.Galaxians will be assigned an User Level based on their activity and contributions within the Gala Film ecosystem.Watching,supporting,referring&collecting will all contribute to a Galaxians User level.More detailed information on User Levels will be provided closer to Token L6.Agent IncentivesUsers can contribute their$FILM tokens to film projects they are interested in.In return for this crowd-funding,they receive unique benefits such as early access to the film,exclusive behind-the-scenes content,etc.Agents who refer filmmakers who list their projects for crowd-funding on the platform will also earn a%of$FILM tokens allocated to those projects.This provides a direct monetary incentive for agents and industry professionals to drive filmmakers to choose this platform for funding and distribution.5.Content Crowd-fundingToken Locks and Delegated Fundraisings When users allocate tokens to a set pool for a specific film,they may receive early access keys,Mystery Boxes,etc.This pool,however,remains locked until it is handed over to the film which has been funded.These tokens will unlock at a set rate going forward on a set vesting schedule.However,critically,these pools can be delegated and sold BY THE FILMMAKERS to potential investors in the space.This makes the Filmmakers,which already sell equity and raise funds for their films,able to make the decision of whether they would like a slowly vesting block of tokens or to sell them to a fund or VC interest.From an industry perspective,this is similar to bonds which filmmakers typically get from specific jurisdictions to incentivize filmmaking and then which are resold to investors,allowing filmmakers to access the funds themselves.The locks for contribution to a pool would be for a minimum of 90 days,or up to 18 months.This number would be determined by the person establishing the pool initially.In the event that the pool is fully funded and a filmmaker is given access to a pool of tokens,the lock automatically converts to a 24-month lock with a set vesting period.This locked token tranche can either then be held by the filmmaker,or sold to another entity in exchange for fiat or other valuable considerations.In addition,a small percentage of the locked pool will be added to a Governance-controlled pool for ecosystem support as well as Agent Incentives(if applicable)5.1.Crowd-Funding for F7.Node-based GovernanceFilm Node operators are given voting rights in the film platforms governance.They can participate in key decisions about the platforms future,such as changes to the tokenomics model,new feature proposals,and more.No power to determine whether a film comes to the platform or not-governance limited to platform operation and the following activitiesNode operators can vote on the types of content allowed on the platform.This can include voting on content guidelines,enforcing community standards,and deciding on acceptable and unacceptable content.Other than specific moderation guidelines,nodes do not make content decisions about what can and cannot come to the network.Node operators can be involved in voting processes related to content quality.This could include deciding the technical standards for content,such as resolution,format,and other specifications.They can vote on any changes to the platforms fee structures,including transaction fees,withdrawal fees,and any other platform-specific fees.Nodes CannotNodes Can7.2.7.1.7.2.1.7.1.1.7.2.2.7.1.2.7.1.3.Gate-keep Gala ActivitiesContent ModerationQuality ControlFee StructuresMake Content D8.Long-term GovernanceDecentralization is the very ethos upon which the Gala Ecosystem is built,aiming to dismantle centralized authority and distribute power back to users in Games,Film,and Music.In traditional film and entertainment models,control and data reside with a few entities,leading to monopolistic behaviors and potential exploitation.In contrast,a decentralized approach fosters transparency,security,and trust by removing single points of failure.It promotes a collaborative ecosystem where each participant has a voice and a stake in the networks growth.Moreover,decentralization drives innovation by creating a permissionless environment where anyone can contribute and build.For Gala Film,achieving genuine decentralization is not just a technological endeavor but a commitment to reshaping the digital landscape,ensuring Galaxians reclaim ownership of their entertainment experience,and fostering a more equitable internet.Embracing this journey is a testament to a projects dedication to a more open and inclusive digital future.To advance this,Gala Film will operate under a bicameral structure with an elected“executive branch”which ensures diverse representation,effective checks and balances,and robust decision-making,fostering a sustainable platform for the long-term.Decisions cover platform improvements,content moderation,reward mechanisms,security measures,and The addition of a viral sharing component incentivizes users to promote the platform and its content,thereby increasing platform visibility,enhancing content distribution,and attracting new users,all while rewarding active participants for their contributions.The long-term plan is for Gala Film to adopt a bicameral structure for robust governance,incorporating a Decentralized Autonomous Organization(DAO)and the Film Node Ecosystem in opposition to one another in a sort of bicameral legislature.The DAO will be composed of$FILM token holders,with each token representing a voting right on proposals affecting the platform.The Film Node ecosystem,consisting of individuals or entities running nodes,votes on technical and operational aspects.To enact a proposal,it must garner majority approval from both the DAO and the Node Ecosystem,creating a balance of power.A group of five officials,elected by the DAO and the Nodes,effectively“hold the keys”to the ecosystem and are charged with the successful operation of the platform.Initially,these members would be executives of the Gala Films Business Entity,but as decentralization approaches,they should begin to be replaced by elected community members with the first two being elected in the third year of actual operation.The Gala Film DAOThe Film Node EcosystemThe Film CIn conclusion,Gala Film is not merely an idea;its a full-fledged vision for reshaping the landscape of film production and distribution.Our ecosystem paves the way for a democratized and decentralized approach that directly addresses the inefficiencies and inequalities inherent in the current system.However,this publication serves merely as an introduction to the ambitious path we aim to tread.In subsequent sections,yet to be presented,we will delve deeper into technical specifications,regulatory compliance,risk assessments,and an exhaustive roadmap.We will also expand upon our strategies for community engagement,partnerships,and the phased rollout of our platform features.While the road ahead is long and filled with challenges,the opportunities are boundless.The global film industry is at a crossroads,and we believe that Gala Film holds the key to its future.By aligning our project with the core principles of decentralization,transparency,and community engagement,we are setting the stage for an industry-wide transformation.We invite you to join us on this exciting journey.Whether youre a filmmaker wanting more creative control,an investor looking for untapped opportunities,or an audience member seeking unique and diverse content,theres a place for you in the Gala Film ecosystem.Thank you for considering our vision,and we look forward to presenting our full paper,which will expand our plans and aspirations in greater detail.ConclusionThis is a living document and as it is intended to eventually be fully operated and overseen by the community,we want the community to be able to help us improve and clarify any unclear points in the Litepaper.Please see the most up-to-date version in the Gala Film GitHub Repo by scanning the QR code.
2023-12-22
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Recruiting digital talent:Strategies for retail media and beyond Copyright WARC 2023,All rights reserved.2 Copyright WARC 2023,All rights reserved.Strategies for retail media and beyondIn this reportContentsKey takeaways 3The challenge 4Todays battle for talent Why recruiting for digital is different The strategy 8Start at the beginning:upskill the recruiters Wanted:A multitude of skillsets The solution 15Building a digital-ready recruitment strategyNext steps“The secret of my success is that we have gone to exceptional lengths to hire the best people in the world.”Steve Jobs,co-founder,chairman and CEO of Apple.The inextricable linkage between talent and innovation was clear to Jobs.Talent fuels innovation,and innovation drives demand for talent.In the hotbed of innovation that is retail media today,many marketers are challenged to find and retain the talent needed to support sustained growth.The growth of blended marketing and sales teams to achieve the full-funnel power of retail media has put new pressures on the those responsible for recruiting and retention.The rapid pace of change means soft skills such as creativity,collaboration and technical aptitude may make the traditional measurement of“years of experience”a secondary consideration at best.In service of WARCs goal to promote marketing effectiveness,we initially approached the recruiting and retention challenges through the lens of retail media.However it became clear these same challenges marketing faced existed across the broader organization.In this report,our second in a three-part series on Organizational Readiness produced in partnership with the Digital Shelf Institute,we present a framework organizations can use to acquire and retain the talent needed to innovate and win in the retail media space and beyond.We interviewed insiders at brands,agencies and recruiters for input on todays challenges and solutions.Throughout,we underscore the potential of how talent management can be a key driver of digital transformation in marketing and beyond.Gregory GrudzinskiWARC Digital CommerceSeptember 2023Note:The first report of the series,How retail media is disrupting marketing structures,was published in July 2023.The final report of the series,on the topic of agency partnerships,will be published in early 2024.21Identifying,recruiting and retaining top e-commerce talent requires a step change from the traditional hiring processes.Recruiting and human resource teams play a critical role in building the future leadership of the organization,and need to be staffed and trained accordingly.ModernizeIntegrateE-commerce is inherently cross-functional in nature.Successful leaders need to adopt a comprehensive approach encompassing all relevant stakeholders including product development,supply chain,marketing,sales,and finance.Key takeawaysTalent availability can play an outsized role in the decision to in-source or out-source key capabilities.Both options carry vital implications,requiring careful consideration by the organization.Recruitment and retention go hand-in-hand.Creating and promoting developmental and career track opportunities can help companies attract and retain digital talent in todays competitive job market.Recruiting teams need training and support to gain a solid knowledge of digital roles and concepts in order for them to effectively evaluate talent.345StrategizeSynergizeEmpowerment3 Copyright WARC 2023,All rights reserved.Strategies for retail media and beyondThe challenge Copyright WARC 2023,All rights reserved.4The steady decline in US unemployment has proved to be a challenge for many companies,with some industries getting hit harder than others.For consumer brands and their agency partners competing for digital talent,this impact has been profound.Complicating the search for talent is the fact that retail media in its current form has only been around for a few years.The lack of standardized offerings of ad units,data and metrics makes it even harder to find talent that can literally“hit the ground running.”Recruiters and HR departments have been forced to recalibrate their thinking to evaluate a candidates experience for a role that might not have existed even a few years ago.Roles where three years of related experience may make the candidate a subject matter expert.Identifying and hiring the talent is just the beginning.Todays battle for talent0 0%Other(please specify):Ad fraudThe dominance of a few e-commerce platformsA lack of industry diversityChanges in budgeting methods(e.g.zero-based budgeting)Google/Facebook duopolyTransparency of client/agency relationshipsBrand safetyThe phasing out of the tracking cookieThe impact of e-commerce on retailImplementing sustainability initiatives across the businessComplexity of adtech/martechDisruptions to supply and deliveryViewability&accurate measurementShort-termismTalent and skills shortagesMedia and audience fragmentationSpiraling inflation and the cost of living crisis374%#%7%7%4%2%Talent shortage is a top concern of marketers planning for 2023When drawing up marketing plans for 2023,which issues are the biggest causes of concern?Source:WARC,The Marketers Toolkit 20235 Copyright WARC 2023,All rights reserved.The challengeThe job market has benefited from the scramble and renewed focus on talent acquisition.The packaged goods industry has witnessed the importance and power of e-commerce.It now needs talent to build out strategies and gain expertise that will help them increase their online sales and share.E-commerce talent has been a hot commodity over the past few years and there is no sign of that cooling down anytime soon.Numerous industry insiders employers and employees told us they feel the traditional hiring process is ill-suited for the industry.Brick and mortar retail industry has been around for over 250 years.Despite the brevity of its lifespan,e-commerce is rapidly evolving.An individual with two years experience may be more of an“expert”than one with five years.This is one of the fundamental ways e-commerce challenges the traditional way of evaluating and recruiting talent.It points to the fact that digital transformation of any type least of all e-commerce needs to include an effort to assess the people and processes responsible for recruiting the talent the organization requires to grow.E-commerce as we know it,started with Amazon as an online bookstore 30 years ago.There are retail execs with 25 years of experience in logistics;there practically is no one who has 25 years experience in retail media and few who can lay claim to having even 2.5 years experience.1900Traditional groceryOnline grocery19201940196019802000202020401920-30193019882020191619992007201220201.Piggly Wiggly(1916):The first self-service grocery store.1.Webvan(1999):Webvan was one of the first prominent online grocery delivery startups.2.Amazon Fresh(2007):Launched in 2007,Amazon Fresh allowed customers to order groceries online and have them delivered.3.Instacart(2012):Instacart partnered with existing grocery stores,allowing customers to order from a variety of local retailers.*4.COVID-19 Pandemic(2020):The COVID-19 pandemic accelerated the adoption of online grocery shopping as people sought safer ways to purchase essential items.2.A&P(1920s-1930s):One of the first national grocery store chains in the US.3.King Cullen(1930):Widely considered Americas First Supermarket.4.Walmart Supercenters(1988):Walmart introduced a full-service supermarket with a discount store.5.Amazon Fresh Grocery Store(2020):Amazons brick and mortar supermarket.Note:*Instacart has announced plans to do an initial public stock offering later in 2023.Source:WARC Digital Commerce,2023Why recruiting for digital talent is differentOnline grocery evolved more in 25 years than traditional grocery retail did in the last 100 yearsMilestones in the evolution of in-store and online grocery 1916 2020.6 Copyright WARC 2023,All rights reserved.The challenge199419982000200520142020199519992004201120172023Netscape Navigator launches as a web browser.PayPal launches asan e-commerce payment system.Amazon introduces AmazonPrime membership.Etsy launches.Stripe launches.J launches.Apple Pay introduced as a mobile payment method.COVID-19 drives e-commerce growth.Google introducesGoogle AdWords as an online advertising tool.Amazon launches.Alibaba launches.Shopify launches.Google Wallet introduced as a digital payment method.Cyber Monday sales exceed$6.5B.Shoppable Instagram is introduced.Facebook rolls out Sponsored Stories as a form of early advertising.Milestones in the evolution of digital commerce technology 1994 2022Source:The History of E-commerce:A TRecruiting and retaining top talent has been challenged by rapid innovation in digital commerce7 Copyright WARC 2023,All rights reserved.The challengeThe strategy Copyright WARC 2023,All rights reserved.8A chief marketing officer we spoke with in the home furnishings space explained that the biggest change in the talent market hes seen in the past few years was only visible after a pivot in his companys recruitment strategy.“It went from being impossible to find people to being easy,”he said.This tactic may not be suitable for all,yet it underscores the importance of creativity in recruiting as well as the need for a robust retention strategy to complement recruitment efforts.Without one,a companys top talent is visible and vulnerable to competitor recruitment at any point.Another tactic this organization used was to hire interns to handle routine,repetitive activities like social media monitoring and sentiment analysis.“This ensures we have a pool of entry-level talent to fuel the growth of our business,instead of competing with every other organization to find talent externally,”he explained.The company stopped considering unsolicited resumes and job inquiries.Instead,it recruited candidates directly typically ones working at competitors on LinkedIn and other social platforms.“It went from being impossible to find people to being easy.”Chief marketing officer at Household Goods PureplayThe secret?Start at the beginning:Upskill the recruitersThe strategy9 Copyright WARC 2023,All rights reserved.New roles and old modelsTraditionally roles in sales strategy or brand management fit neatly into organizational chart boxes.E-commerce is different.It can report into sales,marketing,or sit within a Center of Excellence with dotted lines to both.Above all,the lines and boxes drawn today may need to be redrawn to address future opportunities and challenges that simply dont exist today.“Fitting a new model into an old role wont work,”says John Denny,VP CAVU Consumer Partners,who works with the firms Uncommon marketing and creative team,focused on accelerating portfolio challenger brands like Poppi Beverages and Native Pet.“These e-commerce roles did not exist 5-10 years ago because e-commerce was not a priority for most businesses.Now that many organizations have more than 10%of their sales coming from e-commerce,they are seeing the need to change that,“said Denny.For the organization to retain them,they will need to have the right support,leadership,budget and span of control to be successful.The skills that are essential for success in this role are not necessarily ones that can be easily spotted on a resume.“The ideal candidates need to be agile,cross-functional thinkers who are results oriented and are looking to drive change and influence growth in the company.”John Denny,VP CAVU Consumer Partners10 Copyright WARC 2023,All rights reserved.The strategyE-commerce encompasses a diverse array of skills,many of which are aligned to specific technologies or retailers.Success managing retail media with Amazon requires a deep understanding of the platform and the myriad of strategies that can improve business performance.The focus of the role will likely remain on Amazon in order to build a deep expertise around that business.The challenge comes when an individuals career path is constrained to be an“Amazon only“role,possibly depriving the organization of the individuals ability to share and apply successful strategies and tactics with retailers beyond Amazon.The goal is not to hire generalists,but to hire multi-talented specialists who can develop a mastery of a variety of functions.As one recruiter described it,“Its like trying to find a tool that is a Swiss Army knife.”The value of career pathingWhen hiring,the roles career path within the organization is a crucial consideration.Traditional career trajectories often involve experiences across multiple departments to reach a general management position.However,e-commerce disrupts this concept due to its inherently cross-functional nature.E-commerce leaders must adopt a holistic approach understanding the impact digital commerce has on product development,supply chain,marketing,sales,and the impact on the P&L.When hiring for e-commerce,talent specific skill sets are more important than years of experience.Those skills include cross functional alignment,influencing,leading programs and agile thinking.The role of an e-commerce leader is not only to improve business performance,it is to also evangelize the importance of digital to every aspect of the business.“The leaders of tomorrow are increasingly e-commerce professionals.”Lisa Heins,e-commerce recruiter“Im not interested in hiring generalists.But e-commerce talent needs to have multiple skill sets which makes it easier for them to pivot.”Anu Bliss,General Manager Digital Commerce Practice,The Emerson GroupWanted:A multitude of skillsets11 Copyright WARC 2023,All rights reserved.The strategyC-suitee-comm CoEIn the Democratized Model e-commerce roles are dispersed across the organization,often supported by a Center of Excellence(COE).15 212022Source:The Profitero 2022 e-commerce organizational benchmark study(%respondents using model)Cross-functional by natureAnu Bliss,of The Emerson Group,elaborated on the capabilities of key team members,highlighting the talents of individuals who excel in diverse and sometimes unrelated domains.She provided a specific example of a member from the media team,who possesses extensive expertise in omni channel strategies and holds an advanced degree in Learning&Development,and an analytics lead who was very good at developing others talents in the organization.E-commerce leaders versus traditional leadersThe cross-functional nature of e-commerce requires a balanced knowledge of strategy and tactics.Team leaders need to understand how e-commerce works down to the most granular of details such as how many images Walmart accepts or how Target thinks about their retail media attribution strategy,Bliss explained.This deep knowledge enables an e-commerce leader to intuitively recognize when strategic shifts are necessary.The distinction from traditional leadership lies in their requirement to possess a deep,granular understanding of these details while also maintaining a view to formulate overarching strategies.Digital leadership needs to have a balanced understanding between operating the organization and knowing the details of the organization,Bliss said.Centers of Excellence drive demand for cross-functional talentIn the first installment of the WARC Digital Commerce Organizational Readiness series,titled“How Retail Media Disrupts Marketing Structures,”we delved into the transformation of e-commerce teams.Among the three models we analyzed the Embedded Team,the Sidecar,and the Democratized Model the Democratized Model emerged as the most advanced and widely adopted.This aligns with the rising demand for professionals who possess cross-functional skills.12 Copyright WARC 2023,All rights reserved.The strategyIn-source or out-source?Hiring for e-commerce roles requires a careful reevaluation of agency partnerships.(The final part of WARC DCs three part series on organizational readiness focuses on the subject of agency relations,and is scheduled to be published early next year.)The decision to in-source or out-source capabilities has significant implications for both short-term recruitment and long-term readiness.For example,e-commerce content development is defined as the creation of copy and content for product detail pages(PDPs).There are different ways to produce the ongoing stream of content needed:hire an agency,create an internal team,or a hybrid of both.Questions to considerAlthough the choices may appear straightforward,their ramifications can be quite complex.Establishing an internal team will necessitate a multi-year plan.Will this team operate as a service bureau,generating content as needed according to briefs from sales or marketing?Will it be staffed with individuals empowered to make independent judgments regarding copy and content?Will they also manage content syndication?How will we gauge their performance?Whats the projected timeline for getting the business unit fully operational?Conversely,an agency with experience in content development can operationalize quicker much faster than it would take to build an internal team.However,if the need arises to transition agencies,will this result in a disruption in the supply of content to PDP and retail media positions?Agencies are also facing challenges recruiting and retaining digital talent.Will a change of agency personnel adversely,even if temporarily,impact the quality and consistency of output?Are there insights captured by the agency that the agency client might not have easy access to?13 Copyright WARC 2023,All rights reserved.The strategyWhen evaluating what roles to bring in-house some questions to ask might be:How will adding this role affect my overall e-commerce strategy?Is there enough time and role consistency in the organization for those positions to gain expertise and be the subject matter expert(SME)for the organization?Is the organization invested in e-commerce so that this role will have the support it needs to be successful?What tangential functions will the group handle outside its core responsibilities?A word about the role of AIIn the wake of AI being more accessible it is important to not only evaluate which roles to bring in-house but also which tasks can be automated to improve efficiency.Anu Bliss of Emerson includes this in her operating principles:“Grow where the growth is,follow the software,and automate low skill tasks through automation,”she explained.?TimingAccountabilityAdoptionStrategyAsking the right questions14 Copyright WARC 2023,All rights reserved.The strategyThe solution15 Copyright WARC 2023,All rights reserved.Attracting digital talent means the organization needs to create an environment where digital talent can succeed.This means providing the support needed to make an impact,which comes in the form of executive leadership understanding the importance of digital and making it a cornerstone of strategic planning.Ensuring appropriate budgeting and resource allocations so jobs can be done effectively.Cross functional understanding from leadership on how digital impacts individual stakeholders and why it is important to the business.Clearly communicating the impact digital has on the P&L and assigning realistic growth targets.Creation of an environment that is“digital leadership friendly,”which may include the creation of a chief digital officer.Requirements for supporting digital talent:ResourcesKnowledgeTransparencyCultureBuilding a digital-ready talent strategy16 Copyright WARC 2023,All rights reserved.The solutionThe RTO debate(return to office)One key element of a recruiting strategy is the type of work environment offered.Most candidates seeking digital roles today are looking for a remote position.Offering a flexible,hybrid model is also a smart recruiting tactic.“The job market might have softened to some degree,but theres always competition for top talent,”according Brian Elliott,founder of the research consortium Future Forum,in an interview with CNBC*.“People still want flexibility at work,and theyre ready to walk if they dont get it.”The good news is there is ample data to suggest motivated workers,given the right tools and team structures can be as or more productive as they would be in a traditional office environment.Finally,once a talent-friendly environment is created,there needs to be a way to make it known to potential employees.This can take the form of video interviews with leaders,blog posts,LinkedIn campaigns or even interviews with different functions for candidates to get the best picture of how the organization works together.The key is to show that the commitment to digital is actual and not just aspirational.Before COVID 15-20%of people were looking for remote roles.After COVID 85%of candidates wont even consider a role that isnt remote.”Lisa Heins,E-commerce Recruiter*:https:/ Copyright WARC 2023,All rights reserved.The solutionPromote your employee referral programPeople trust and value the opportunities they hear about from friends and family.From new hires to existing employees,it is vital to educate all employees on the benefits of having an employee referral program and make sure they know about the tools available for them.Share data and statistics with your executive team,directors,and hiring managers on companies who have reduced their time-to-fill and cost-per-hire metrics as a result of their employee referral program.Educate your hiring managersPartner with your marketing departmentKeep it easy and rewarding to submit qualified talentShine a light on your employees who participateMarry your employee referral program to your technology12345Source:iCIMS Cloud Based Recruiting18 Copyright WARC 2023,All rights reserved.The solutionCreate a Culture of LearningRetaining digital talent can be different from other roles.The rapid change in the digital space requires more deliberate support to stay current on industry trends and best practices.This comes in the form of continuous educational programs,external subscriptions,conferences and networking in the industry.Digital comes with its own unique set of acronyms and terminology.This can pose a challenge for HR teams to assess a candidates credentials if the recruiter lacks familiarity with the digital space.Educating HR teams and including existing digital talent in the conversation will provide a well rounded understanding of how to describe the role and how to determine if the candidate is the right fit.Empowering organizational transformationEducation should be a crucial component of the digital strategy for any organization.Given that e-commerce is a relatively new industry,its important to note that many employees lack a background in digital technologies,and incorporating digital thinking into their mindset and operations is not second nature to them.To address this,it becomes imperative to provide ongoing,specialized education for employees across all functions.This education should aim to help them comprehend the significance of digital technology,recognize its relevance to their individual roles,and understand the ways in which it influences their specific responsibilities.Companies are learning that building good teams and investing in their development is best practice.One such company is T.Marzetti,whose product line consists largely of refrigerated dips and dressings,frozen breads,and licensed sauces.Michael Reda,Head of e-Commerce,Digital,Design&Insights at T.Marzetti explains his companys approach to education this way:“Weve made a commitment to keep our teams,e-commerce knowledge and experience fresh.We know these skills are in demand and our approach ensures our talent is equipped with the knowledge needed to grow.”19 Copyright WARC 2023,All rights reserved.The solutionNext stepsAssessing digital readiness in recruitment and retention pactices improves the ability to attract top talent,streamline hiring processes,and foster employee engagement that impoves retention and ultimately business outcomes.Enhancing the recruiting teams digital talent assessment skills will enable them to better assess the skills and potential of candidates whose resumes may not accurately refect their capabilities.Creating success metrics for recruitment and retention of digital talent can help identify the strategies and tactics that are most effectively attracting,retaining,and developing talent effectively in the technology-driven digital commerce space.Evaluate“digital readiness”of recruitment and retention practicesLevel-up recruiting teams on assessing digital talentDevelop success metrics to optimize digital recruit and retention12320 Copyright WARC 2023,All rights reserved.The solutionNext stepsPrioritize hiring cross-functional thinkers,particularly in teams handling retail media where problem-solving and and analytic skills are crucial for success in todays rapidly changing work environments.Encouraging employees to participate in recruitment efforts bolsters talent acquisition by leveraging their networks and endorsements,fostering a sense of ownership,and strengthening team cohesion.A corporate“Culture of Learning”can imrove recruitment outcomes by attracting curious,growth-oriented talent,and retaining employees who value continuous development and adaptability in the workplace.Hire cross-functional thinkers,not generalistsIncentivize employees to aid in recruitment effortsCreate a“Culture of Learning”45621 Copyright WARC 2023,All rights reserved.The solutionAt WARC,our purpose is to save the world from ineffective marketing by putting evidence at the heart of every marketing decision.We believe that effective marketing is based on facts and not opinions.Since 1985,weve brought confidence to marketing decisions through the most trusted research,case studies,best practice,data and inspiration.Today,we help 75,000 marketers across 100 countries.Our clients include the worlds leading brands,advertising and media agencies,media owners,research companies and universities including the top-five largest agency groups and top-five largest advertisers in the world.Want to get access to WARC?Get a demo For more info:Gregory Grudzinski WARC Digital Commerce Contact usContact us to find out moreThe mission of the Digital Shelf Institute(DSI)is to shape the future of the industry and advance the growth of commerce through community,content and education.In the digital age,manufacturers have more opportunities to control their commerce destiny than ever before.Taking advantage of those opportunities requires new strategies,agile operations,new partnerships,and continuous improvement in every channel,both online and off.The community was created to bring an ecosystem of experience together to share ideas,outcomes and the strategies that will drive revenue in the years ahead.For more info:Lauren Livak Director|Digital Shelf Institute laurendigitalshelfinstitute.orgwww.digitalshelfinstitute.org22 Copyright WARC 2023,All rights reserved.
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Eurostat-OECD Methodological Manual on Purchasing Power Parities2023 editionMANUALS AND GUIDELINESEu.
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Impact Investing in the Cultural and Creative Sectors Insights from an emerging field ISBN:978-0-7017-0278-6Francesca Sanderson,Seva Phillips and David MaggsNovember 2023The Creative Industries Policy and Evidence Centre(Creative PEC)works to support the inclusive and sustainable growth of the UKs Creative Industries through the production of independent and authoritative evidence and policy advice.Led by Newcastle University with the Royal Society of Arts and funded by the Arts and Humanities Research Francesca Sanderson is currently Director of Arts&Culture Programmes and Investments at Nesta,where she has worked since 2015.Her projects at Nesta have included Arts&Culture Finance;Digital R&D fund,accelerator and research;and Creativity,Culture&Capital.She has also worked at Big Society Capital and JPMorgan.She chairs the UK Social Investment Forum;sits on Investment Committees for UnLtds impact investment funds;and is a member of the Royal Shakespeare Companys Development Advisory Council.The reports authors would like to thank the team at the Creative Industries Policy and Evidence Centre,including but not limited to Professor Hasan Bakhshi,Dr Tom Cahill-Jones,Professor Giorgio Fazio and Bernard Hay,as well as International Council members including John Newbigin and Laura Callanan,for commissioning the report and editorial feedback.We would also like to thank the Arts&Culture Finance team for their cooperation and insights,particularly Nick Wilsdon and Rachel Green for sharing their experience around social impact financial resilience respectively;as well as the generous time given to us by the many sector experts we have interviewed for this report:Sean Geobey Associate Professor,School of Environment,Enterprise,and Development;Jamie Bennett Cultural Consultant;Michael Murray CEO,Ontario Arts Council;Karim Harji Programme Director,Oxford Impact Measurement Programme,Said Business School,University of Oxford;Patti Pon CEO,Calgary Arts Development;Ted Witzel Artistic Director,Buddies in Bad Times Theatre;Robin Sokoloski Director of Organisational Development,Mass Culture;Mauricio Preciado-Awad Director of Innovative Finance and Ventures;Save the Children(formerly Investment Director,Big Society Capital);Marcel Baettig Chief Executive,Bow Arts Trust;Georgie McClean Executive Director,Development and Strategic Partnerships at Creative Australia;Diane Ragsdale Minneapolis College of Art and Design;Wakiuru Njuguna Managing Partner,Heva Fund;Lisa Alberti Chief Executive,Pinc College.We are grateful to Sarah East for incisive and insightful copyediting and to Mike Green for the beautiful design.We would also like to express our gratitude to Metcalf Foundation for their interest in and support for the development of this field for over a decade and Camber Arts and the Canada Council for the Arts for their efforts in extending these findings into new opportunities overseas.Seva Phillips is Head of Arts&Culture Investments at Nesta where he leads the Arts&Culture Finance initiative.Prior to joining Nesta in 2015,Seva held roles at The Young Foundation,the Charities Aid Foundation and EY.He is an experienced strategic advisor to social enterprises and is a Winston Churchill Memorial Trust Fellow(2017).The origin of this research collaboration was ongoing dialogue between Maggs and Sanderson on the health of CCS organisations in post-pandemic economies and the need for more confident and creative approaches to resourcing creativity and cultural production and registering its value as a social benefit sector more broadly.David Maggs is Inaugural Fellow on Arts and Society at the Metcalf Foundation,where his activity has included developing Art and the World After This,delivering an ongoing essay and interview series with Canadian cultural sector leaders,and speaking internationally on issues pressing cultural sectors worldwide,climate change,digital creativity,cultural R&D,etc.About the authorsAcknowledgementsCouncil,the Centre comprises a core consortium of;Newcastle University,Work Advance,Sussex University and the University of Sheffield.The PEC works with a diverse range of industry partners.For more details visit www.pec.ac.uk and CreativePECExecutive summary 4Introduction 6The social impact of the cultural and creative sectors 8 Social impact developing an evidence base 9Local,regional,national and international economic growth 10Capturing the value 10Impact investing 11 The impact investment market 13Intermediation 23Fund structuring and blended capital 14The opportunity for impact investing in the cultural 15 and creative sectorsThe need for transformative models 15Assets to invest in 16New venture models 16The opportunity for system change 17What does impact investment offer the cultural and creative sectors?17Extending the pool of available capital:Blended finance,leverage and recycling 18 Impact investing or just investing?18The investment relationship 19Impact leverage 19How impact investment can work in the cultural 20 and creative sectorsInternational examples 20UK:Arts&Culture Finance 22Creating the conditions 30International 30Local/national 31Conclusion 34Appendix 35Bibliography 35Endnotes 37Contents234514Impact Investing in the Cultural and Creative Sectors:Insights from an emerging fieldExecutive summaryThis report explores how the emerging field of impact investment presents a valuable tool for realising the potential of the cultural and creative sectors(CCS).It is aimed at a broad and diverse group of stakeholders including cultural and creative sector organisations and practitioners,private and public cultural funders,investors and policy makers illustrating their overlapping interests and the opportunities for collaboration.We define impact investing as the provision of capital,typically to incorporated enterprises,with the aim of achieving both a financial and social return.Impact investors proactively seek investment opportunities that will make an intentional positive difference.CCS organisations bring diverse and rich social benefits.Social impact in the cultural and creative sectors can cut across many different kinds of activity from the core artistic or creative form to ancillary community outreach projects and across many different policy areas,such as health&wellbeing,education,criminal justice,placemaking and economic growth.A growing number of working groups and an increasing evidence base are supporting policymakers and funders to incorporate the CCS into decision-making.At the same time,caution needs to be exercised regarding the potential for outcome measurements to be reductive,with recognition that the systems of value of the arts are complex and interdependent.Impact investment is a growing market,with the Global Impact Investing Network estimating the market size as US$1.164 trillion in 2022.In the UK alone,the market has seen more than tenfold growth over the past 11 years,increasing from 830m in 2011 to almost 9.4 billion in 2022 according to data from Big Society Capital,the UKs provider of wholesale impact capital.At the moment,impact investment predominantly comes from charitable trusts and foundations,government agencies,and high net worth individuals and family offices,often through intermediaries such as fund managers that can help bridge the gap between investors and frontline social enterprises.Interest in impact from institutional investors is growing rapidly,and allocations towards impact investments reflect this.In order to attract more constrained or tentative investors with different risk tolerances and less direct experience of investing in the CCS,blended capital structures use concessionary funds to derisk the market for new entrants.These may take the form of grants or first loss equity,and often represent a superior return profile to a standard grant(because some of the funds will be returned to the provider),even before considering the additional benefit of growing the market,attracting a more diverse investor pool and building the universe of case studies.The availability of such concessionary capital is therefore significantly catalytic to market development,including making sure more flexible and risk-tolerant investment products can be extended to organisations in need of finance.New funder and investor relationships in support of CCS organisations will help them to develop new business and impact models and new creative and cultural assets;to 5Impact Investing in the Cultural and Creative Sectors:Insights from an emerging fieldattract and retain audiences while adapting to changing audience behaviours;to navigate risks and opportunities brought about by new technologies,and enable artists to participate equitably in the success of their work.At the same time,a diverse array of assets,both tangible and intangible,as well as an appetite to develop new venture models,mean the sectors offer serious investment potential.For CCS organisations,impact investment has the potential to introduce new,affordable,patient and flexible capital,through capital leverage and recycling,while also stimulating new mindsets and behaviours around innovation and long-term thinking.Impact investment in the CCS is an emerging field with a diverse range of initiatives around the world.The international Creativity,Culture&Capital project1 has made a start at identifying and highlighting impact initiatives in the global creative economy and the funding models used to support them,including New York-based Upstart Co-Lab,researching the potential of and connecting impact investment to the creative economy in the United States;and HEVA in Kenya,building the creative economy innovation and funding ecosystem across East Africa.A comprehensive mapping of global initiatives in this space would be a welcome addition to the literature.The report provides an in-depth case study of the Arts&Culture Finance initiative in the UK,which was incubated by the innovation agency Nesta between 2015 and 2023.Arts&Culture raise awareness of impact investment and the possibilities it presents to invest in and develop CCS assets;illustrate how impact investment can work in practice for both investors and investees;undertake stakeholder mapping and convening exercises;In order to create the conditions for a flourishing impact investment infrastructure for the CCS at the national level,policymakers and other national stakeholders need to:Finance manages three impact investment funds that have supported 51 CCS organisations in the UK,majority non-profit,with 14.6 million of investment since 2015.The case study illustrates a broad range of impact delivered by investees as well as their significant ambitions to grow and develop new activities.Preliminary findings from the Arts&Culture Finance case study indicate that a blended capital model of debt-based impact investment in the CCS can succeed in delivering expected returns to investors.The case study,which spans the Covid-19 pandemic,also illustrates the need for funders and intermediaries to take a flexible and long-term view of the underlying portfolios,in response to the challenges both the macro environment and idiosyncratic organisation-level issues can pose.While a formal evaluation of the ongoing ACF programme has not yet taken place,evidence suggests that investments from Arts&Culture Finance have helped portfolio CCS organisations to achieve their business,financial and impact-related objectives,while also contributing to improved financial resilience.In its Global Agenda,the Creative Industries Policy&Evidence Centre highlighted the need for a coordinated approach for the development of alternative finance models,and impact investing in particular2.An international coalition should work towards making the case for the establishment of a global fund,or pooled capital vehicle,focused exclusively on the CCS,or the broader creative economy.explore possibilities for fund structuring and the role for possible intermediaries;understand demand side factors(pipeline of eligible CCS organisations,their capital needs and degree of investment readiness);map the possible impact of the investment approach;understand what policy measures can be supportive.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field6IntroductionIn this report,we aim to introduce the emergent practice of social impact investment(henceforth referred to as impact investing/ment)in the cultural and creative sectors(CCS).We will outline the opportunity this growing field of investment presents to redouble the potential of cultural and creative assets3 in the UK and internationally.The report follows the 2014 Nesta report The New Art of Finance4,which identified resource challenges facing the cultural sectors,and also highlighted opportunities for action,including the development of an arts impact fund,and public facing R&D programmes supporting structured experimentation and shared learning.A decade later,the challenges not only persist but are exacerbated by more recent events such as the Covid-19 pandemic,cost-of-living crisis,persistent declines in available grant funding,and continued shifts in audience behaviour.The broader impact investing landscape,in contrast,has developed significantly since 2014,with the UK continuing to be an international leader.Indeed,in such a rapidly evolving field,there is some urgency to establishing the cultural and creative sectors as a natural and productive home for the rising tide of capital actively seeking positive social impact.In 2015,Nesta,on behalf of a founding partnership5,launched the arts impact fund initiative outlined in The New Art of Finance.Significant levels of international interest in and engagement with the funds development have highlighted a burgeoning global interest in how impact investing can support the cultural and creative sectors in particular.With this document,we propose that impact investment is a valuable tool for realising the full impact potential of the cultural and creative sectors.We support this view with research,field interviews and proprietary data from Arts&Culture Finance,a specialist creative and cultural sector investment intermediary incubated by Nesta since 2015.We see the relationship between impact investing and cultural and creative sectors(CCS we are using cultural and creative to capture the broad spread of industries and sectors to capture the broad spread of organisation types,i.e.,including non-profits and social enterprises as well as commercial entities)as relevant to a very broad international audience,including(but not limited to):CCS organisations and practitioners.Public arts and culture funders.Policymakers.Trusts and foundations.High net worth individuals.Institutional investors making or thinking about impact.Impact investment intermediaries,either already operating in or considering the CCS.Impact investment wholesalers and advocacy bodies,with a remit to support the development of a vibrant impact investment market/ecosystem/infrastructure.Social/cultural innovation specialists looking for capital to scale successful interventions outside a commercial funding framework.We illustrate the overlapping interests of these stakeholders,and the exciting opportunities for collaboration and innovation to ensure a vibrant future for the CCS and the powerful positive impacts they deliver.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field7We also believe that impact investment as a tool has the potential to strengthen the connective tissue between subsidised culture and the commercial creative industries by encouraging adoption of different legal forms,prototyping new investment tools,and supporting the development of new partnership and collaboration models.There is growing interest in the intersection of these fields,with significant high-profile impact investment events and gatherings now featuring sessions focused on the CCS,such as the European Venture Philanthropy Association(EVPA)Impact Week 2022,Global Impact Investing Network(GIIN)Investor Council,Big Society Capital(BSC)and the European Bank for Reconstruction and Developments(EBRD)Blended Finance event in March 20236,and the Global Steering Group for Impact Investment Summits7 in 2021-2023.At the same time,CCS events globally are featuring sessions on impact investment,such as the World Conference on the Creative Economy in Dubai in 2021,the British Councils International Policy Forum in Istanbul in 2022,the International Society for the Performing This report is structured as follows:Arts Congress in New York in 2022,and the Arts and Humanities Research Councils Beyond Conference in London in 2023.The Creative Industries Policy and Evidence Centre highlighted impact investment as one of eleven key actions in its Global Agenda for Cultural and Creative Industries in 2021 8.This report hopes to continue and support this momentum,serving as a catalyst to the establishment of national and international interest groups and communities of practice with representation from the broad range of interested parties listed above.These communities will provide a necessary supportive foundation for a mutually beneficial intersection between the impact investment and cultural and creative sectors.Success in this regard will be measured by:accelerating capital flows into the cultural and creative sectors.a strong and growing impact investment infrastructure/ecosystem.and a growing evidence base around positive social impact.1 The social impact of the cultural and creative sectors An introduction to the possibilities for social impact in the cultural and creative sectors.2 Impact investing An introduction to the growing impact investment industry and developing practice.3 The opportunity for impact investing in the cultural and creative sectors A discussion of the advantages to the cultural and creative sectors of having this growing source of socially conscious capital.4 How impact investment can work in the cultural and creative sectors Some examples of how impact investment capital is being connected to the cultural and creative sector globally,with a particular focus on Arts&Culture Finance9,an initiative in the UK originated within innovation foundation Nesta10,in partnership with Arts Council England,Esmee Fairbairn Foundation and Bank of America11.5 Creating the conditions A set of recommendations for how to create the conditions for a functioning impact investment initiative in the cultural and creative sectors.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field8 1The social impact of the cultural and creative sectors There is huge diversity and richness to the benefits brought about by CCS organisations and therefore many different ways to think about their social impact.Arts,culture and creativity are broad concepts incorporating many ideas and activities;they are complex by definition.This presents both challenges and opportunities.Challenges can arise,for example,when discussions of value and impact in CCS struggle to find a common language.On the other hand,this plurality means that the benefits of culture can be seen and felt in many different ways and by many different beneficiary groups.Social impact in the CCS can,and often does,cut across different kinds of activity:music programmes in prisons;drama groups for victims of domestic violence;a riot sparked by innovation in musical composition;12 a novel transforming an individuals outlook on life and in order to account for it fully,interested parties need to look more deeply at the work organisations deliver.The cultural and creative sectors deliver positive impact in a vast array of areas,from climate to conflict,and migration to criminal justice;a comprehensive representation is beyond the scope of this report.The range of organisation types represented in the CCS is also important:while some organisations may naturally be more social impact inclined and accountable due to their constitutional objectives,legal structure,regulatory requirements or funding mix,every organisation has the potential to create value beyond the purely commercial sphere.It is common to use the terms intrinsic and instrumental to talk about the value of the arts,broader culture,and creative pursuits having intrinsic value meaning something is desirable in and of itself,while things are deemed to be of instrumental value if they help achieve a particular end(e.g.,reduced falls through dancing classes13;relief of post-natal depression symptoms through singing14).This is appealing as a dichotomy,but it can be hard to know where to draw the line;indeed,it isnt obvious that the intrinsic and instrumental values of a particular artistic endeavour are either mutually exclusive(implying they dont overlap)or collectively exhaustive(implying they capture between them the entirety of value),and they could be argued to be causally linked,i.e.,the instrumental value occurs as a result of the intrinsic value,and often,for example in the case of artistic social practice,vice versa15.Considering the challenges of this framework for understanding value helps us understand why we need to be cautious about reductive outcome measurements,and careful to consider systems of value of the arts as complex and interdependent.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field9Using existing outcomes metricsNotwithstanding the challenges and limitations of measurement,the CCS have increasingly needed to make a case for themselves beyond the intangible common good.Over the last few years,significant and successful efforts have been made to establish and evidence the positive impact of flourishing,accessible and inclusive cultural and creative sectors,mapping it onto accepted measures of recognised positive social outcomes such as improved health and wellbeing or educational performance,or a reduction in recidivism.This has resulted in a growing evidence base and a nascent understanding of the hugely powerful contribution the sector can make to the experience of individuals,communities,society and the planet.For example,in arts and health,the evidence on and interest in positive impact has developed significantly,from the 2017 publication of the All-Party Parliamentary Group on Arts for Health and Wellbeing enquiry report16 to the Social BioBehavioural team at UCLs 2023 investigation of the impact of arts engagement on population health17.R&D in this area has seen increased interest from funding and research bodies18,and in the UK organisations such as the Culture,Health and Wellbeing Alliance and the National Academy for Social Prescribing,launched in 2019.A review of the evidence base for arts and health is provided by the team at University College London,led by Dr Daisy Fancourt19.In terms of representing the full value of assets in cultural and creative sectors and organisations,there are ongoing efforts to recognise and measure these in economic terms(e.g.,the UK Department for Culture,Media and Sports Culture and Heritage Capital20 framework),thereby allowing comparison with the value of other public assets.The case study bank of the Calouste Gulbenkian Foundations Inquiry into the Civic Social impact developing an evidence baseRole of Arts Organisations21 provides powerful examples of the vital social role performed by arts and culture organisations,both nationally and within their local communities.The notion that the intersection between arts and social impact is an area deserving of rigorous interrogation and specialised,intentional investment is thus gathering momentum,and reaping rewards.The Centre for Cultural Value,launched in the wake of the UKs Arts and Humanities Research Councils 2012 Cultural Value Project22,is a national research centre based at the University of Leeds,working alongside cultural practitioners,organisations,academics,funders and policymakers to:summarise existing evidence to make relevant research more accessible;convene discussions around questions of cultural value;shape policy development,and offer funding for research partnerships.Sustainable development:Mapping onto the goalsThe contribution that culture and creativity can make to the United Nations Sustainable Development Goals(SDGs),perhaps the most commonly recognised international framework for understanding social impact,is illustrated in the 2020 report The Missing Pillar23.This was commissioned by the British Council,and uses their funded projects to highlight how cultural and creative organisations have generated progress towards the SDGs.In 2019,in recognition of the power the CCS have to contribute to the achievement of the goals,the UN General Assembly declared 2021 the International Year of the Creative Economy for Sustainable Development24.For the purposes of this report,the creative economy comprises the whole creative industries workforce(creative and non-creative occupations),as well as those working in creative occupations in other sectors25.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field10The creative industries are a global success story for Great Britain,growing at more than 1.5 times the rate of the wider economy over the past decade and contributing 108 billion in gross value added(GVA)annually.Employment in these industries has grown at five times the rate of the rest of the economy since 201126.In June 2023,the UK government released a Creative Industries Sector Vision27,developed with industry via the Creative Industries Council,setting out shared ambitions to build on that success and maximise the growth of the creative industries by 50 billion by 2030,creating one million extra jobs and delivering a creative careers promise that builds a pipeline of future talent.The potential of these sectors to lead through innovation and contribute meaningfully to economic growth is reflected in the establishment of EIT Culture&Creativity28,a Knowledge and Innovation Community designed to strengthen and transform Europes CCS by connecting creatives and organisations to Europes largest innovation network.The Creative Industries Clusters programme in the UK,launched by the Arts and Humanities Research Council in 2018,has delivered a 4:1 return on investment for the government29 and boosted local economic growth,employment prospects and skills development opportunities.The generative effect of co-located or proximate development of creative Funders who take as axiomatic the intrinsic benefits to society of a thriving arts,culture and creative sector,such as public arts funders or trusts and foundations with support of the arts as one of their charitable objectives,may have found it easier to make early impact investments in the arts than investors accustomed to sectors with more generally accepted outcome metrics,such as health or education,or key development outcome metrics such as local and national economic growth and job creation.Local,regional,national and international economic growthCapturing the valueindustries initiatives is also recognised by the recently announced Connecting Creative Corridors enquiry,a national partnership between Arts Council England,the RSA and the Creative Industries PEC30.The power of arts and culture to deliver local economic growth via increased tourism and footfall is reflected in the City of Culture phenomenon.Other large-scale cultural events regularly demonstrate the power of arts and culture to deliver at least short-term economic growth via increased tourism and footfall,and regular events such as Adelaide Fringe31 are delivering structural growth in local economies.Internationally,the cultural and creative sectors are among the fastest growing in the world.According to UNESCO,with an estimated aggregate worth of US$4.3 trillion per year32,the CCS now account for 3.1%of the global GDP,and 6.2%of all employment33,generating annual revenues of US$2,250 billion and nearly 30 million jobs worldwide,and employing more people aged 15 to 29 than any other sector.The CCS has become essential for inclusive economic growth,reducing inequalities and achieving the goals set out in the 2030 Sustainable Development Agenda.The cultural sector and the commercial creative sector have deep symbioses,from inspiration to skills development,and the existence of a vibrant cultural infrastructure and creative education are vital for this continued growth.A challenge arises in trying to strike a balance between top-down imposition of outcome metrics that may not fit a CCS initiative or intervention exactly(either because they are imported from a different sector or because an intervention is bespoke and/or delivers diffuse benefits across multiple outcome areas)and/or may capture only one aspect of value,and using bottom-up,bespoke measures,which can complicate the task of aggregating impact across a portfolio of investments in a meaningful way.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field11 2Impact investing As an emergent field,there are many overlapping definitions and explanations of impact investing across the expanding literature.We intend simply to provide a coherent overview sufficient to develop a basic understanding.“Impact investing is not a thing its a lot of things.Whether you are talking equity in early-stage social ventures where you are willing to take risk in anticipation of reward,or something more like venture philanthropy,where the spirit remains philanthropic while the approaches borrow from the private sector,ultimately there are a lot of very different tools inside the impact investing toolbox.You need to know what you want to do before you pick one of them up.”Karim Harji,Programme Director,Oxford Impact Measurement Programme,Said Business School,University of Oxford34 Impact investing is the provision of capital,typically to incorporated enterprises,with the aim of achieving both a financial and social return.The intention to achieve demonstrable positive change alongside the aim of generating a financial return is the defining feature of impact investment:impact investors proactively seek investment opportunities that will make a positive difference.This positive change can be referenced in terms of measurable outcomes this is a key distinction between financial return and social return,as the financial return is its own evidence35.However,given an increased focus on the potential negative outcomes associated with investments in the broader investment market,social and financial risks and returns are becoming more interlinked,as,for example,the campaign to move towards impact-weighted accounting standards36 gathers momentum.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field12InvestmentapproachFinancialgoalsImpactgoalsTraditionalResponsibleSustainableImpact-drivenPhilanthropyDeliver competitive risk-adjusted financial returnsToleratehigher riskToleratebelow marketreturnsPartialcapitalpreservationAccept fullloss ofcapitalAvoid harm and mitigate ESG risksBenefit all stakeholdersContribute to solutionsDont considerMay have significant negative outcomes forpeople and the planetAvoid harmTry to preventsignificanteffects onimportantnegativeoutcomes forpeople andplanetBenefitEffectimportantpositiveoutcomes forvariouspeople andthe planetContribute to solutionsHave a material effect onimportant positive outcome(s)for underserved peopleor the planetThe impact economyThe spectrum of capital37 As the impact investment market and its players grow in sophistication,breadth,diversity and imagination,we envisage that the appetite for experimentation and risk-taking around social impact delivery will grow,enabling the market itself to contribute both to the impact delivered by the sector and the evidence base around that impact.Impact investors who overlook the cultural and creative sectors in their investment universe could begin to observe that their portfolios are missing an element that can deliver impact in its own right(e.g.,social cohesion,overall population wellbeing)and can also contribute to outcomes typically measured separately(e.g.,educational attainment,mental health,physical health,economic growth and development).Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field13The impact investment marketThe field of impact investing is emerging through an exciting range of experimentation across numerous sectors concerned with social benefit health,education,technology,sustainability,equity,accessibility and social justice.As with any emergent field,there are live debates around definitions.By any definition,though,the growth in the impact investment market over the last ten years outpaces that of the vast majority of other asset classes38.In 2022,the Global Impact Investing Network estimated the market size as US$1.164 trillion39,up from US$715 billion in 2020.The International Finance Corporations 2020 global estimate40 was even higher US$2.3 trillion,of which US$636 billion clearly has an impact management system in place.In the UK alone,Big Society Capitals market sizing exercise for 2022 revealed more than tenfold growth over the past 11 years,increasing from 830 million in 2011 to almost 9.4 billion41.Impact investment typically comes from high-net-worth individuals(HNWI)/family offices,charitable trusts and foundations,and government agencies,often through intermediaries such as fund managers(see below)42,43.Investments are typically made through debt or equity instruments;the UK market is largely debt-dominated,with equity or impact venture investment making up only 7%of the market in 202244.Crucially,the assessment of investee impact(impact returns)usually forms a key part of the deal-making process,in addition to traditional financial analysis,while reporting to investors and intermediaries includes information on both financial and social performance.IntermediationImpact investments can be made directly by capital owners or,more commonly,via intermediaries.Typical advantages of using investment intermediaries can include:For investors:Specialist sector knowledge Networks and expertise Access to investment opportunities Portfolio management Risk management/diversification Economies of scale resulting in lower overall transaction costs Improved liquidity due to capital pooling vehiclesFor investees:Efficient access to investment capital More standardised terms and processes Specialised support on financial management Access to technical assistanceOn top of these,impact investment intermediaries will typically provide:Skills in pre-investment impact assessment Skills in post-investment impact monitoring and evaluation Knowledge of good impact practice Impact management and reporting advice and support to investeesImpact Investing in the Cultural and Creative Sectors:Insights from an emerging field14Another critical role of the intermediary is to distribute and mitigate the fundamental power imbalance between funder and funded organisation,particularly when the intermediary represents a collective of underlying investors.The intermediary adds another cost into the ecosystem,usually in the form of fees.This will tend to increase the cost of capital to the recipient of investment.Fund structuring and blended capitalWhere impact investment is intermediated,the responsibility for pipeline development,deal origination,due diligence and portfolio management typically sits with the intermediary,which may be a standalone entity or part of another organisation.Intermediaries may be impact investment firms,banks,charitable trusts and foundations,or entities set up for the specific purpose of deploying funds on behalf of investors.Funds may be held on the balance sheets of intermediaries or within fund structures managed by the intermediary.The details of how a fund may be structured are subject to a number of variables,including:The type of investment(i.e.,debt or equity)that the fund intends to deploy to social impact enterprises.How investors intend to invest their capital into the fund(e.g.,debt,equity or grant);Investor governance and regulatory requirements,for instance whether investors have a decision-making role in fund investments to be made or whether they have management responsibilities.Investor terms and requirements;for example,how long their capital is outstanding,return requirements and liquidity preferences.The costs associated with deploying the investments/management fee.Blended capital structures,which combine concessionary capital(for example,from philanthropic sources)with non-concessionary capital can attract more conventional investors to impact funds and support the development of more flexible and risk-tolerant investment products(see page 23 for a discussion of how blended capital structures can leverage new capital for the CCS)45.In some cases,concessionary capital can be used to subsidise the operating costs of a fund,which can reduce the cost of capital to investees.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field15 3The opportunity for impact investing in the cultural and creative sectors The need for transformative modelsThe CCS are at a critical juncture,in the UK and globally.Audience behaviours are being disrupted across the gamut of the industries,from the upending of entertainment consumption models by streaming services46,to shifts in attendance patterns after the pandemic47,to broader changes in preferences across demographics,at least in part driven by rising inequality/changes in wealth and income distribution48.Artists rights are in the news at the point of publication,from the Hollywood strikes to the issues surrounding the ownership of Taylor Swifts masters49,and debate rages over the wider threats and opportunities posed by rapid evolution of artificial intelligence,while blockchain developments may hint at more equitable rights models for the future.Enabling artists to participate equitably in the success of their work is not only fair,but is vital to ensuring a healthy forward pipeline of talent and skills,work and content.At the same time,public and philanthropic funding mechanisms for the cultural sector are undergoing a comprehensive interrogation in terms of where the funding comes from,where/whom it goes to,and how it gets there;with a particular lens on whether these structures are upholding legacy inequities50,51,52,53.These uncertainties occurring in conjunction could conceivably engender a retreat of capital from risk,which carries the potential to stifle innovation,removing incentives to create,programme or produce groundbreaking work.At the creator/content level,worrying trends are emerging around the increasing challenge for new artists to break through,as streaming services dominate content consumption54 and recommendation algorithms cement preferences,and the age and profile of festival headliners55 make headlines56.In this environment,new approaches to investment,and particularly those with the ability to unite funders around common social outcomes,could be transformative to the sector.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field16Assets to invest inCCS organisations have a diverse array of assets,both tangible and intangible.While there are obviously physical assets in many cases,such as buildings and collections,there is also a generally underexploited intangible asset base in the form of content,intellectual property and organisational networks.The value of these assets has arguably been underexploited,particularly in the context of strong international demand for cultural content,due to a lack of proprietary capital to invest.Organisations with access to investment capital have incentives to explore how these assets could be developed to generate revenue.Funding these projects through grants can diminish the focus on return on capital calculations,as the budgets will normally be developed and assessed with more attention on immediate cashflows,and longer-term forecasts may be subject to less rigorous evaluation without the requirement of generating investment returns.The availability of capital to invest may thus inspire a reimagining of the revenue-generating potential of assets,and allow organisations to participate in the future successes of their originated projects.This ability to generate cash,internal capital,can in turn support development of new ideas and initiatives.Example:In 2016,with the help of a loan from Arts Impact Fund,Soho Theatre Company launched its own video-on-demand streaming service,Soho Theatre Player57,for which the initial content was a collection of ten self-produced episodes of stand-up comedy that leveraged its extensive nestwork of acclaimed comedians.The content is available to stream directly from the service for a fee,while licensing arrangements were entered into with broadcasters and streaming services such as Amazon Prime to maximise value and drive new audiences.New venture modelsWhile legal forms can be constraining,with non-profits usually unable to take equity investment,new models are also emerging that occupy the space between charity/subsidy and commercial/purely for profit,opening up the possibility of a greater diversity of investment models.Legal forms able to take equity,such as community interest companies(CICs),or certifications such as B Corp that reassure investors that the social mission and integrity of an organisation is protected,are broadening the options for investors seeking impact.Hybrid models such as trading subsidiaries/joint ventures are also a possibility for cultural organisations with potential growth assets but without the immediate cashflows to service a debt investment.Example:In The Room58 is a conversational AI start-up founded as an R&D project within the National Holocaust Museum and Centre,which remains its majority stakeholder,part-funded by an impact loan into the museum.The project,initially a 3D holographic projection using natural language processing models,was developed as a technology-driven response to the challenge of preserving the experience of direct interaction with a Holocaust survivor,which was a fundamental element to the visitor experience offer.In The Rooms founder,Sarah Coward,has observed that having a cultural organisation as majority shareholder lends credibility and integrity to the organisation when dealing with partners and customers,while the museums stake gives it access to the exciting growth potential of the venture.In The Room is part of Innovate UKs Global Incubator Programme,recently travelling to Toronto in partnership with MaRS,as one of the UKs most promising start-ups59.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field17The opportunity for system changeIn countries such as the UK,Canada and Australia,where the existence of significant public funders has traditionally supported a dichotomy between subsidised and commercial activity,impact capital provides an opportunity to explore the space in between,expanding the options for equity investment.Some activities,such as outreach programmes and work with disadvantaged communities,cannot attract revenues without undermining their impact;and some new work or artistic practice will not be predictable enough for investment and therefore requires grant funding,at least for proof-of-concept,so grant capital will always be vital for the sector.However,there are also opportunities to invest in assets or ideas that will not be suitable or eligible for grant funding.Impact investment can use a cross-subsidy lens to look at the impact at the organisational level:the investment can develop an asset,and the associated revenue stream can be reinvested in the impact-delivering activities of the broader organisation.Public funders are also keen to expand the range of funding tools available to them.Georgie McClean,Executive Director,Development and Partnerships at Creative Australia,tells us“.we are now operating under new legislation that enables us to take an equity position,which under our previous legislation we couldnt.We have traditionally been a grant maker,but we now talk about ourselves as an investment and development agency.So newer approaches like impact investing are increasingly part of our narrative and are likely to feature in the way we think about our role.”60What does impact investment offer the cultural and creative sectors?For CCS organisations,impact investment has the potential to bring in much needed new and affordable capital while also helping them develop their capabilities in monitoring,evaluating and communicating their impact.The mindset generated by taking on impact investment can also be markedly different from a grant-funded mindset,with organisations being supported by the former to encourage both innovation and long-term thinking.Prevalent availability of grant subsidy over investment capital can incline organisations towards scoping activity in accordance with available grant revenues,rather than developing more sustainable,less grant-dependent business models and investable business units.Predicating project development by default on grant funding might portend a version of the downward spiral illustrated by American cultural theorist Michael Kaiser,in Curtains?The Future of the Arts in America:less capital,less activity;less activity,less growth;less growth,less viability61.Wakiuru Njuguna of Heva Fund agrees:“.for these businesses,I believe sometimes grants can really make businesses restrict their own growth.And so I dont particularly believe in one way of investing or one way of working within the creative sector.I think a combined approach to investing is what is needed to grow and sustain the creative economy.”62 Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field18traditional risk-return dynamic,which expects higher returns for higher risk investments.This layer within a blended capital structure is often referred to as catalytic or concessionary capital.Recent reports for the UKs Department for Culture,Media and Sport by New Philanthropy Capital63 and for Big Society Capital by Change Coefficient64 discuss this in greater detail.Interest in these models is also evidenced by recent events at the European Bank for Reconstruction and Development and a series for the Global Impact Investing Network Investors Council focused on blended finance.Finally,in terms of the capacity to expand capital available,the repayable aspect of investment can allow funds to be redeployed to the sector often referred to as recycling.This is particularly true of debt,while equity investors may wait years for an exit.In practice,the same capital can be used multiple times over compared to non-repayable funding.In this way,for example,Arts&Culture Finances Arts Impact Fund was able to make loan commitments 1.3x the size of its original investable capital.Extending the pool of available capital:Blended finance,leverage and recyclingThe possibility of financial return suggests that impact investment has the potential to grow capital flows into the arts through the addition of capital holders for whom financial return/capital preservation is a priority and who would be unable to make purely philanthropic transfers of funds.Moreover,the focus on impact evidence implicit in this form of investing has the potential to draw in funders driven by evidence underpinning the credibility of an intervention,rather than by the cultural or creative practice inherent in it.The power of leverage,achieved through the structuring of impact investment funds is also key to expanding investable capital.The participation of lower return-or higher risk-inclined capital within a fund from a philanthropic or public sector funder,for example can catalyse the participation of higher return-or lower risk-inclined capital,such as from banks or private capital.This is often done by providing a first loss or credit protection layer within a fund structure,or by providing a guarantee.Funders primarily motivated by sector or impact objectives can play a unique,catalytic role in this respect because of their capacity to invert the Impact investing or just investing?It might be argued that investment without the impact lens could achieve many of the same outcomes for the CCS,and would have fewer constraints on its deployment,while requiring less of investees.However,the primary concern for many organisations looking for capital may be economic factors such as the affordability and flexibility of loan repayments,or the overall cost of capital65.Particularly for debt investments,investors seeking impact may be prepared to take a lower financial return when significant impact will be delivered,so this in practice is likely to have a positive effect on affordability.This impact may not need to be social in the sense generally accepted within impact investment an investor motivated purely by the intrinsic benefits of the arts may well forgo reporting around instrumental social outcomes.In addition,for organisations looking in any case to understand better or to boost their social impact,working with an impact investor can be beneficial.In terms of growth or higher-return investment opportunities which may be suitable for equity capital now or in the future,there are also instances of financial innovation in the CCS66.There are,for example,initiatives in the creative industries specifically aiming to use investment capital to support economic growth and local development,such as Creative UKs Creative Growth Finance67,68 in the UK which recently launched a 35 million fund in partnership with Triodos Bank,which is forging the way for creative industries-focused investment strategies.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field19The investment relationshipThe value of impact investment in arts and culture goes beyond the purely monetary considerations of leverage,new capital and recycling.There is something to be said about the investor-investee relationship relative to the relationship between grantmaker and grantee.Firstly,the former is typically a longer-term relationship:while its uncommon to see a grant award being made over a period greater than three years,investment realisation timeframes frequently exceed even five years.Secondly,the investor aims,by definition,to get their money back,which means that they are incentivised to closely monitor,understand and support the investee to affect this outcome.Finally,and depending on the investment mechanism,the possibility of legal recourse for investors can sometimes create stronger incentives for investees engagement;while there may be the possibility of grant claw-back in some grant agreements,a grantmaker is rarely a creditor and therefore lacks the protections offered to creditors by law in most jurisdictions,such as the ability to petition for the wind up of a business should repeated demands for payment in the event of default be unforthcoming.For an existing CCS funder aiming to bring about some kind of behaviour change in funded organisations,which is generally accepted to be a challenging and long-term process,there are advantages to embracing an investment relationship.Behaviour change can be incentivised by building relevant indicators and milestones into the terms of the investment,for example,as ongoing reporting conditions.Impact leverageThe Cultural Impact Development Fund(CIDF),another fund within the Arts&Culture Finance initiative(see p.24),used the investment relationship to drive improvements in cultural organisations capabilities for delivering,monitoring and articulating greater impact.Each underlying loan agreement included:A covenant requiring compliance with an impact development plan,which set targets related to outcomes,outputs and monitoring and evaluation.Information covenants requiring social impact reporting on a quarterly basis,as well as a more in-depth annual report.Provisions for annual reductions to the underlying interest rate of the loan,should certain impact targets be achieved;effectively this was an experiment in providing a financial incentive for the achievement of social impact.While it remains too early to say definitively whether these features brought about positive changes to the impact capabilities of CIDFs borrowers the fund allocated its investment funds over the period 2018-2021 there are encouraging early signs,including a high level of engagement with the process as well as the achievement of impact targets qualifying for reductions in the interest rate.Through the use of similar covenants and incentives as part of the investment agreement,the investment relationship could complement efforts to bring about changes in other spheres,for example to encourage more environmentally sustainable behaviours and outcomes or greater compliance with equality,diversity and inclusion-related goals.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field20 4How impact investment can work in the cultural and creative sectors International examplesOur research has surfaced some interesting examples of impact investing in the cultural and creative sectors from around the world.Before diving into an in-depth case study of the Arts&Culture Finance initiative,we highlight the key projects working at this intersection at both the cross-border and in-country level.The Creativity,Culture&Capital(CCC)69 initiative,a partnership between Arts&Culture Finance,US-based Upstart Co-Lab and Argentinas Fundacion Compromiso,with support from the British Councils Developing Inclusive Creative Economies programme,SOCAP Global,United Nations Conference on Trade And Development and the Global Steering Group for Impact Investment,launched in 2021 to coincide with the UNs International Year of the Creative Economy for Sustainable Development.This project highlights one hundred impact initiatives in the global creative economy and innovative funding models used to support them.A European Community of Practice is emerging in impact investment for the cultural and creative sectors,loosely managed by MitOst in Berlin adjacent to its Tandem for Culture70 network,and impact investment bodies and gatherings(such as European Venture Philanthropy Association71,Asia Venture Philanthropy Network72 and Global Steering Group for Impact Investment73)are increasingly featuring culture and creativity in their event programming,which is also helping to highlight new developments and emergent practice.Some illustrative global initiatives in this space are highlighted on the following page.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field21Upstart Co-Lab Upstart Co-Lab74,a US not for profit organisation founded in 2016 in New York,connects impact investment to fashion,food,film and TV,video games and other creative industries to drive deep social impact.Since inception,Upstart has mobilized$45 million towards its mission and is currently raising the first impact investment vehicle for the US creative economy75.HEVA HEVA76,launched in Nairobi in 2013,has generated insights,rolled out more than 100 investments in creative businesses and projects,and innovated financial models specifically for the growth of the creative economy in East Africa.DOEN Participaties The main objective of DOEN Participaties77 is to achieve a positive impact on society by supporting new sustainable or socially inclusive entrepreneurs.Impact is central to all the organisations investments.Over the past 25 years,DOEN Participaties has become the biggest impact investor for sustainable and socially inclusive start-ups in the Netherlands.Currently,the portfolio consists of 50 equity investments and convertible loans,and 18 fund investments.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field22UK:Arts&Culture FinanceGiven the authors greater access to the workings of Arts&Culture Finance(ACF)in the UK,we present a fuller case study of this initiative below.This section is not intended to serve as a formal evaluation of the funds or the ACF project as a whole since repayments to all funds are ongoing.ACF,which was incubated by the innovation agency Nesta between 2015 and 2023,has been the most active impact investment intermediary in the cultural sector in the UK during this period and,most probably,in the world.ACF started as a single project,the Arts Impact Fund,which was designed to explore arts organisations willingness to take on loans,and their ability to repay and persuasively account for their impact.The portfolio of investees grew over time and,after the launch of the CIDF in 2018,the funds were collectively positioned to the CCS as ACF in 2018.The purpose of ACF as the intermediary is to:Raise awareness and understanding of impact investment as a source of capital in the CCS;Develop a pipeline of investment enquiries to its funds;Carry out due diligence and develop investment applications to the relevant funds;Administer and manage the portfolio,ensuring that investee reporting is carried out and deal and fund-level performance is communicated to investors.With the launch of each successive fund under the ACF banner,there was an opportunity to expand the market testing hypothesis,iterate and expand the product,and,ultimately,build the sectors capacity to deliver more work through affordable risk capital.All funds managed by ACF are examples of structured blended finance,where grant funding leverages in significant quantities of tiered repayable capital,all of which is united around a set of core outcomes for the ACF initiative:Increasing access to affordable sources of repayable finance for CCS organisations;Increasing awareness of impact investment as well as repayable finance more broadly in CCS;Improving the financial resilience of organisations taking on finance;Leveraging additional funding for CCS organisations,both at the individual deal level and at the portfolio level;Building capacity to better monitor,evaluate and articulate social impact in the sector;Growing the social impact of investees.A cautionary note is that the focus on ACF necessarily limits this sections scope to debt investments.ACFs impact investment practice represents what some impact investment taxonomies call social investment or concessionary capital,where the impact and financial risk are not offset by unlimited upside as in an equity or venture investment.The broader universe of impact investment opportunities in the CCS encompasses a wider range,including equity investment into creative enterprises delivering positive social outcomes.ACFs investment universe is predominantly,though not exclusively,asset-locked not-for-profit organisations unable to take equity investment.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field23Fund structuringAcross the three funds,the grant capital has come from both public and philanthropic sources(Arts Council England,National Lottery Heritage Fund and The National Lottery Community Fund),while the repayable capital,made by way of loans into the funds,has come from philanthropic and private sources(Esmee Fairbairn Foundation,Freelands Foundation,Nesta,Big Society Capital and Bank of America).With each new fund,there has been an increase in the grant to loan leverage(from 1.33 in the Arts Impact Fund to 3.00 in the Arts&Culture Impact Fund),demonstrating the potential of the model to crowd in new money.The following table provides an overview of the funds and their performance.*Grant to loan leverage shows how much of private or philanthropic loan capital was leveraged for every 1 of public grant funding.*Funds were launched in ultra-low interest rate environments.*Information correct at the time of publication,November 2023.Each fund model was built by solving for a manageable cost of capital for the end investees;projected investor returns were ultimately determined by this,operating costs,projected credit costs and their relative impact and return prerogatives.The building of a functional piece of market infrastructure was an explicit aim,and duly prioritised by the investor group.As Karim Harji observes,if“.there is disproportionate focus on the supply side of capital having the tool lead the conversation can get you into a kind of trouble.”Harji recommends the opposite,asking what tools“are most valued in helping organisations navigate some of the complexity or variability around income streams”78.FundInvestment period SizeInvestorsGrant to loan leverage*Investor returns*Product offerNo.deals made and forecast capital losses*Arts Impact Fund2015 20197m initiallyArts Council England,Esmee Fairbairn Foundation,Nesta,Bank of America1.33Investor loan capital 1%-3%Unsecured loans,150k-600k3%-8.5%interest Repayments over 3-5 years27 deals;live portfolio of 11Forecast losses:13%Cultural Impact Development Fund2018 20218.6m loans made due to recyclingNational Lottery Community Fund,Big Society Capital1.93Initially 5%,revised to 2%following the pandemicUnsecured loans initially,25k-150k coupled with grants following the Covid-19 pandemic5.5%-8.5%interest;interest discount possible on achievement of impact targetsRepayments over 3-5 years10 deals;live portfolio of 7Forecast losses:20%Arts&Culture Impact Fund2020 2023/4840kArts Council England,Esmee Fairbairn Foundation,Nesta,Bank of America,Heritage Fund,Big Society Capital,Freelands Foundation 3.00Investor loan capital 1%-3%Secured and unsecured loans,150k-1m3%-8.5%interest Repayments over up to 10 years14;live portfolio of 10Forecast losses:7%Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field24ACF approach to impact ACF has developed its own framework for assessing social impact in the course of developing its investment applications.This has been an iterative process,balancing investor requirements,sector capabilities and the teams own internal capacities.It also took as a starting point the work of Nesta Impact Investments in its 2017 impact strategy79.It is worth noting that impact measurement across investors varies widely and the ACF framework may not be representative across the industry.ACFs investors have,to date,not been prescriptive as to the positive outcomes they seek;instead,this is left for applicant organisations to define and articulate.Applicants are required to provide an overview of their work,after which the investment team identifies a core programme for deeper analysis as part of the due diligence process.The impact assessment aims to develop an understanding of the projected impact over the lifetime of the proposed investment by looking at both impact returns and risks of the core programme.Impact returns are defined as the difference that the applicant aims to help bring about in individuals,groups,communities,organisations,or systems.The team is specifically interested in the outcomes that are within the organisations accountability line that is,the outcomes that the organisation aims to influence directly and holds itself accountable for as opposed to the longer-term outcomes and impact that depend on a wide variety of conditions and factors that are beyond its accountability or control.Impact returns are assessed through a review of the documents and evidence relating to the applicants impact aims,such as its theory of change,programming plans,and internal and external evidence of need among service users.This assessment has three dimensions:Need:the measure of the gap between the current conditions of the interventions target group and the desired outcomes.Depth:the level of outcomes experienced by the target group,or the measurable or observable changes in attitudes,behaviours,knowledge,skills,or circumstances that the organisation aims to help bring about in individuals,families,communities,organisations,or systems.Scale:the number of users reached in each year of the investment period who meet both the organisations and the funds target group criteria.Impact risks are defined as the factors,both internal and external to the organisation,that affect ACFs confidence that the organisation will be able to achieve its projected impact returns.The risks are assessed against three areas:The appropriateness of the impact model to the needs of the target group,the extent to which it is evidence based and credible in relation to the desired outcomes.The extent to which the organisation is able to deliver the impact model to a high standard;whether it has the appropriate resources,frameworks,and experience across its personnel.The extent to which the organisation has the appropriate frameworks,processes,and capacity to measure and manage the outcomes within its accountability line.If the above two impact risks relate to capability to affect positive outcomes,this risk concerns the capability to provide evidence for these outcomes having taken place.The impact assessment forms a core part of the investment application that is submitted to the relevant funds decision-making committee.On entry to the portfolio,an impact development plan and evaluation framework is developed collaboratively with the investee,centred on the core programme,which is the basis for establishing potential impact returns.The development plan and framework identifies key outcomes targets and corresponding indicators for the programme and is used as the basis for impact reporting for the duration of the investment.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field25While all ACF investment officers contribute to the impact assessment,the work is largely led by the teams impact manager,a role that was introduced to ACF with the launch of its CIDF.This role has been crucial to developing ACFs impact framework and to supporting applicants and portfolio organisations to develop their impact management capabilities.A key part of the role is to bridge the divide between the sometimes esoteric,technical language common to the field of impact management and the day-to-day work of the organisation.Understanding the portfolioBetween 2015 and 2023,ACF was able to make 51 loans across its three funds,representing investment commitments of 14.6 million80.At the time of writing,nearly half of all capital deployed to cultural organisations has been repaid,with the outstanding balances distributed across 28 organisations.Of all the loans made across all funds,four have been terminated due to borrower insolvency;across these four cases,383,000 has been written off to date,representing a current write-off rate of 3.4%on deployed capital.The 51 investments made by ACF span most major art forms music,literature,theatre,dance,painting as well as museums,creative education institutes,heritage organisations and workspace providers.On average,organisations in the portfolio work with at least three different beneficiary groups;just under three-quarters of organisations have activities aimed at reaching children and young people,and 31%of organisations have provisions reaching or targeting those from the global majority.In terms of the impact,as well as contributing to a wide range of outcomes specific to the CCS,it is estimated that the work of each investee contributes to 2.7 UN-SDG outcome areas,on average.Nearly three-quarters of investees are delivering work that is aimed at reducing inequalities.66%are working towards quality education and 59%in providing opportunities for decent work and economic growth.To give specific examples of what social impact delivery may look like in practice:Royal Shakespeare Company:a renowned theatre company that also delivers an education programme in schools based in areas of structural disadvantage to improve young peoples literacy as well as their self-belief in their capacity to learn.Future Yard:a music venue that runs a programme for young people aged 14-24 to develop the skills,understanding and confidence required to pursue careers in the live music industry.InHouse Records:a record label that uses music production activities to effect positive behaviour change in the prison population,including reducing the rate of re-offending and creating pathways to further education and training.While a fuller discussion of income models in the portfolios is outside the scope of this report,fundraised income(either through public funders such as Arts Council England,trusts and foundations or individual giving)is a key part of the income mix for most portfolio organisations.The level of so-called unearned income varies from 0 to around 80%in some cases,but aspirations to greater self-reliance and increased diversification of income sources have underpinned the majority of investment cases in ACFs funds.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field26The specific uses of borrowed funds vary widely e.g.,buying property,paying for staff,paying for services,upgrading fixed assets.Spending on buildings and premises either to acquire or refurbish was a core component of 58%of deals.In terms of a more meaningful taxonomy of end use cases,the following table shows three broad categorisations and the proportion of cases across the portfolios in which they appear.For this analysis,we have In just over half(54%)of all cases,ACFs investment sits alongside other money,either grant or other investment.This funding might come from local government,trusts and foundations,individuals,and other investment intermediaries.In these co-funded cases,ACFs funds contribute to 38%of the project cost relied on the judgement of ACF investment officers closest to each investment.We should also note that for many deals,there is more than one use case for example,a loan might ultimately be used to grow existing activities and try out some new ones.The appetite for developing new income-generating activities(essentially a form of corporate venturing)is both striking and encouraging.on average.How essential is ACFs funding to a particular project going ahead?ACFs investment officers estimate that in 21 of the 51 deals(40%),its funding was essential.Of these,nine were co-funding/investment structures where ACFs investors effectively unlocked 1.80 with every 1 of their own capital.Proportion of dealsSustaining existing activities(e.g.,loans to manage cashflows from existing activities)25%Growing existing activities 63veloping new activities 54se Study:Village Underground A live music venue in the London borough of Hackney,took on a 600,000 loan from AIF that,alongside funding from other investors,allowed it to take on multiple leases representing different venues in one large building,a former art-deco cinema,also in the borough81.After extensive refurbishment works at the property,the site was reopened as the EartH arts centre,which included a new hospitality and catering offer,a new venture for the company.A new music education and production suite has also been built into the site where,in partnership with local arts charities,young people from the borough have the opportunity to gain key workplace skills.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field27Beyond this,some borrowers have commented that going through the due diligence process with an investor is an endorsement in itself,which has positively impacted their ability to raise further funding:“If Arts&Culture Finance has lent you money,then other financial organisations know you have gone through strong due diligence and that gives them more comfort.”82 Nichole Herbert Wood,CEO,Second Floor Studios&Arts Explanation of table column headings Modelled:The write-off rate estimated at the fund design stage.Variance across funds reflects the expected risk profile of each fund,which is a factor of the expected resilience of the typical borrower in the fund and whether the fund will undertake collateral-backed lending.To date:Actual write-offs of deployed capital at the time of writing.To date and current provisions:In addition to actual write-offs,ACF makes a provision for Impact investment in the cultural sector is typically collaborative and,if deployed appropriately,can be catalytic to organisations and their projects,with significant leverage potential.Fund performanceThe current average write-off rate83 across all funds of 3.4%is considerably lower than the equivalent figure estimated at the fund design stage.However,given that each fund is at a different stage in its lifecycle and there is a tendency for losses to be back-loaded(i.e.,companies are less likely to run into difficulties at the outset of an investment),it is likely that the final level of write-offs across all funds will be much higher although still lower than what was modelled at the outset,as the following table indicates.capital that is at risk of being written-off within the year.The percentage of capital provided for may go up or down depending on borrower circumstances,with risks regularly reviewed;as such,this metric should be seen as a prudent current snapshot of possible total losses.Teams current estimate:Given that there remains a significant period of time before all deployed funds are due to be repaid(2025 for AIF,2026 for CIDF,2032 for ACIF),this metric gives the teams current best guess of the total write-off rate for each fund,taking into account their understanding of all current borrowers.Modelled To dateTo date and current provisionsTeams current estimateProjected fund life0000AIF15.41,0324.633517.11,23813.09432015-2025ACIF7.71,3860.0-0.0-7.01,2602020-2032CIDF25.02105.64717.114320.01682018-2026Average163.411.413.33Total2,6823831,3812,371Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field28After taking into account these loss rate estimates,it is expected that all capital and interest payments will be realised within the agreed timeframes,something that is made possible by the grant layer in these funds,which is designed to absorb loan write-offs across the portfolios.A further indicator of positive performance is that Bank of Americas senior facility in the Arts Impact Fund was repaid in 2021,one year ahead of schedule.Keeping loss rates low has been possible only through the flexibility that ACF and its investors are prepared to exercise towards borrowers,where it is clear that borrowers are a viable going concern84.In addition to the blanket forbearance on capital and interest payment offered to portfolio companies in 2020 as a result of the Covid-19 pandemic,loan repayment profiles have had to be restructured at some point in nearly all cases,sometimes multiple times.Restructurings may typically involve capital repayment holidays and extensions of the loan term and are often instrumental in supporting the borrower through challenging trading conditions.Loan variation proposals are developed following reviews of borrowers financial performance and operating conditions and submitted to the relevant fund investment committee for approval.The ACF data leads us to a preliminary conclusion that a blended model of debt-based impact investment in the CCS can succeed in delivering expected returns to investors,provided that funders and intermediaries are able to commit to the project over a time horizon85 that allows for the overcoming of challenges in the operating environments of the underlying borrowers.A significant caveat is the fact that all of these funds were structured in a low interest rate environment and,even then,lenders into the funds were committing to discounted sub-market returns in exchange for a mission-related investment.This is a modest but encouraging conclusion.Modesty pertains to the fact that no claims are being made around the economic potential of the CCS as a whole;ACF uses debt-based investments that were designed to be affordable to the sector.A separate discussion would be required to assess the viability of the sector to achieve the higher financial returns in a higher interest rate environment or a returns profile more usually associated with equity investment.Also,while it is ACFs aspiration to have portfolios representative of the sector as a whole,applicants are ultimately self-selecting.We cannot infer from these organisations general conclusions about the universe of opportunities that could benefit the most from impact investment.There may,for example,be organisations who could benefit tremendously but do not have the awareness or capacity to apply successfully for it86.Nonetheless,the encouragement lies in the fact that the leverage-based impact investment model can work for many organisations in the CCS.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field29Impact on investeesIn order to monitor and evaluate the impact of ACFs lending on its borrowers,the team undertakes annual portfolio surveys and encourages recently repaid borrowers to complete an exit survey.Annual surveys indicate that the majority of investees believe taking on investment has helped their organisation to achieve its business,financial and impact-related objectives:81%of investees think guidance from the team improved their approach to measuring and evaluating their impact at least moderately,with 38%stating they had improved a great deal.These findings are also replicated in exit surveys(albeit with a smaller sample size).“Working with Arts&Culture Finance not only helps us to understand our social impact with greater depth but also how we can develop it.Social impact has become integral to our business model and our future aspirations for our work.”87Tara Cranswick,Director,V22Three out of every four respondents agree that they have been supported to both use their impact findings to improve the way their organisation works and improve the way they communicate their impact to stakeholders.There is also some evidence to suggest that taking on investment has led to improved financial resilience in the Arts Impact Fund portfolio88.Over 50%of borrowers experienced increases in eight out of nine resilience metrics89 in the period after taking on their loan,compared with the period before.In follow-up interviews only 13%responded by saying that the loan had not improved financial resilience90.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field30 5Creating the conditions InternationalThe hypothesis is that a dedicated and intentional international pool of capital/wholesaler could:Whilst ACF has invested exclusively in UK CCS organisations during its incubation period,it has also been active in field-building for impact investment in the CCS at a global level,through the Creativity,Culture&Capital initiative and through active dialogue with interested parties internationally.The Creative Industries Policy and Evidence Centre highlighted the need for a 1.Catalyse the development of local intermediaries by making available seed capital to cornerstone local funds.2.Build a powerful,extensive and diverse evidence base and illustration compendium for the financial and social returns generated by the cultural and creative sector.3.Advocate in the broader impact investment community for the positive impact generated by the creative and cultural sectors,growing both the pool of impact capital and the access of the sector to that pool.4.Share learning across geographies and develop models of best practice for intermediaries,including stakeholder management,operating systems and processes,impact evaluation,management,measurement and evaluation.coordinated approach for the development of alternative finance models,and impact investing in particular,in its Global Agenda.Part of the rationale for creating an international coalition is to make the case for and work towards the establishment of a global fund,or pooled capital vehicle,focused exclusively on the CCS,or the broader creative economy.5.Share skills and experience to expedite the development of functional local and international CCS funding infrastructures,including skills development,training and qualifications,with a focus on inclusive talent pipeline development.6.Drive understanding of the potential of impact investment for the CCS by making capital available at scale.7.Facilitate international collaboration on the development of a shared impact language for the CCS.8.Support and enable international scaling and cross-border partnerships and collaborations between CCS/creative economy organisations.9.Facilitate international trade of cultural and creative products and services.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field31Local/nationalOver and above the creation of a global CCS impact investment fund/wholesaler,policymakers or other national stakeholders can investigate the following questions and take steps to create the conditions for a flourishing impact investment infrastructure for the CCS:Education Raising awareness in the CCS of impact investment and the possibilities it can present to invest in and develop their assets.Outlining the process of taking on impact investment and managing an impact investor,including but not limited to business planning,impact planning and management(including developing a theory of change/outcome metrics),modelling and managing cashflow projections,expectations of the due diligence process,governance and management expectations.Stakeholder mapping and convening Investigate to what extent there is an obvious provider of catalytic capital(such as a public or philanthropic arts/impact investment/creative industries/research funder;high net worth individual or trust/foundation motivated by the sector and by innovation in funding models).Explore the range of stakeholders involved in a strong cultural and creative sector and their appetite for participation in impact investment.Determine the appetite of policymakers for involvement to ensure a supportive policy environment.Fund structuring Mapping investors motivations,constraints,tolerances and target outcomes(e.g.,a public arts funder may be accustomed to forfeiting all or most of their investment,and interested primarily in leveraging new money/engaging new participants or new mechanisms of participation in the funding paradigm;a new entrant may be focused on capital preservation).Costing the provision of the investment/intermediary function,taking care to ensure an ethical supply chain,and ensuring adequate provision for marketing of the opportunity to pipeline organisations/deal origination.Developing blended finance models that represent and optimise different financial and impact goals and constraints.Understanding the minimum level of subsidy required to run a successful pilot that can scale economically,ensuring e.g.standards expected of organisations such as environmental sustainability and living wages are considered.Intermediary mapping Explore existing intermediaries operating in this space.Examine what support these intermediaries might need to scale;identify mechanisms for providing this support.Investigate the need for/advantage to developing a bespoke new intermediary focusing primarily on the sector;determine whether appropriate market experiments could instead be run through existing generalist impact investors.Map out the important stakeholders and critical pathways towards the creation of any new intermediary,taking into account existing and potential power imbalances,equity,diversity and inclusion.Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field32Pipeline/investment universe mapping Investigate how many and what types of organisations could/would/can take on an impact investment,and how this might evolve over time.Establish a sense of the overall market size;commission a primary research tool intended to support the data above(and,as a second order effect,generate interest).Collect examples of what types of projects would be funded,what cashflows they might generate over what time period,what other exit/payback models(e.g.,refinancing/sale)might look like;where possible investigate the prevalence and distribution of these examples to inform a sense of the overall market.Collect further information about the likely investable universe e.g.size(employees,revenue),geography,asset base?Explore what quantum of investment might be required and how this is distributed Establish what kind of return expectations/cost of capital the investment universe can support/tolerate?This is critical to building a feasible model and ensuring the developing market isnt stifled by an excessive cost of capital.Map out the dominant legal forms of sector organisations and what kind of capital they can take.Are there any implicit biases in the proposed investment offer(e.g.,some types of organisations may be culturally debt-averse)?Support requirements How much support and technical assistance is required to get organisations to comply with eligibility and investability requirements,considering both impact and financial standards?Is there additional support required for organisations to meet standards around e.g.,ethical employment,environmental compliance,supply chain compliance,EDI targets?Are there sufficient de-risking initiatives such as grant funds,structured R&D support and incubators/accelerators to ensure that portfolios fully represent the potential of the sector?A diverse and exciting pilot portfolio will be critical to raising additional funds at scale.Impact/outcomes How developed is impact practice within the investable universe?How compatible are the impact requirements of investors with this e.g.,could an initial prototype fund introduce the sector to investment ahead of bringing in an impact hurdle?What is needed to support impact measurement and evaluation capacity within the investable universe?Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field33The authors of the report collaborated with Canada Council for the Arts,Camber Arts,and the Metcalf Foundation on an exploratory summit,held in person in Toronto in July 2023,aimed at examining the feasibility of impact investing in the cultural and creative sectors in Canada.The summit assembled public funders(both national and international),impact investors,philanthropic grant funders,academics and cultural and creative practitioners to establish 1.whether the environment in Canada was conducive to such an initiative;and 2.if so,what it would take to build a constructive pilot.As a result of this,further exploratory design work is in the process of being commissioned.All attendees noted the vital importance of having the full range of stakeholders in the room from the outset,in line with our earlier points about market testing and product design being key to establishing a functional and long-lasting piece of funding infrastructure,as this quote from Karim Harji reflects:“There are important implications for those in the nonprofit sector seeking to engage in impact investing.The first consideration is the importance of having sector voices heard within industry-building efforts in order to credibly situate the role of nonprofits beyond simply the recipients of impact investments.The second is to develop the capacity and skills within the sector to comfortably engage with the private sector and government in negotiating new structures,policies,and terms for impact investment.The third is to organise collectively through existing industry associations or new sectoral or regional collectives and engage proactively with investors to build shared agendas and common principles around how to use impact investing more effectively.”91 Case Study:CanadaImpact Investing in the Cultural and Creative Sectors:Insights from an emerging field34Conclusion Investors are increasingly keen to use their capital in ways that do not just avoid harm,and benefit stakeholders,but also contribute to solutions.Holders of a significant and growing proportion of global investment capital want to use it to deliver positive outcomes,and are becoming more inventive about exploring different tools,strategies,and means to effect this.CCS worldwide are effective at delivering positive social outcomes for individuals,communities and society.The competencies central to cultural and creative activity experimenting,embracing complexity,collaborating across disciplines,applying imagination and ingenuity,venturing into the unknown are key to addressing many of the challenges faced by communities the world over.While essential,these factors can,as a corollary,mean that the impact delivered by CCS is more diffuse,presenting a challenge of measurement,representation and aggregation.At the same time,CCS offer exciting investment opportunities,with digital technology in particular bringing potential to:Scale audiences dramatically,such as through performances in games92.Reach and engage new and underserved members of society,such as through VR experiences93.Develop new artforms and skills.However,CCS have traditionally been understood and embraced only selectively by private investors,and therefore had limited access to development capital and support.A new source of patient capital could enable a step change in productive development of the sectors broad and compelling range of assets.More traditional funders,such as public and philanthropic bodies,can play a critical role in developing new funding models which bring private capital to CCS in appropriate and constructive forms.An emerging network of impact investment practitioners are demonstrating models for understanding CCS and investing successfully,and these can be scaled and replicated.New endeavours are best designed as experimental discovery exercises rather than attempts to arrive at perfect interventions.The key to successful impact investing and blended finance initiatives is collaboration.The priority is to build a coalition of motivated parties around the opportunity to develop a transformative tool for investing in initiatives delivering impact via the cultural and creative sectors.This shared goal is crucial it enables the different parties to benefit from each others skills,experience and perspectives;helps to overcome challenges an investor working alone may find prohibitive;and creates scale,critical mass and momentum.We hope this report will help to inspire more experiments in this exciting area,and to assemble an international community of practice,so local and national efforts can learn from each others experimentation.This will build impact investing in cultural and creative sectors into a powerful force for optimism and lasting change.35Impact Investing in the Cultural and Creative Sectors:Insights from an emerging fieldAppendixAddis,Rosemary.“Foreword.”In Creativity,Culture&Capital:Impact investing in the global creative economy.January 2022.Available online at:https:/www.creativityculturecapital.org/download-essay-collections/Bakhshi,Hasan.The New Art of Finance:Making Money Work Harder for the Arts.Nesta,2014.Available online at:https:/www.nesta.org.uk/report/the-new-art-of-finance-making-money-work-harder-for-the-arts/Bakhshi,Hasan and Elizabeth Lomas.Defining R&D for the creative industries.2017.Available online at https:/www.ukri.org/wp-content/uploads/2022/08/AHRC-260822-DefiningRandDForTheCreativeIndustries-PolicyBriefing.pdfBakhshi,Hasan;Alan Freeman;Radhika Desai.“Not Rocket Science:A Roadmap for Arts and Cultural R&D,”MPRA Paper 52710,University Library of Munich,Germany,2010.2.https:/mpra.ub.uni-muenchen.de/52710/British Council,The.The Missing Pillar.Cultures Contribution to the UN Sustainable Development Goals.British Council,2020.Callanan,Laura.“Upstart Co-Lab:Impact capital for an inclusive creative economy.”In Creativity,Culture&Capital:Impact investing in the global creative economy.January 2022.Available online at:https:/www.creativityculturecapital.org/download-essay-collections/Callanan,Laura.“Impact investing in the creative economy today.”In Creativity,Culture&Capital:Impact investing in the global creative economy.2022.Available online at:https:/www.creativityculturecapital.org/download-essay-collections/Crossick,Geoffrey and Patrycja Kaszynska.“Understand the value of arts&culture:The AHRC Cultural Value Project”Arts&Humanities Research Council,2016.Available at:https:/www.ukri.org/wp-content/uploads/2021/11/AHRC-291121-UnderstandingTheValueOfArts-CulturalValueProjectReport.pdf Fancourt,Daisy and Alexandra Bradbury.“Investing in the arts can improve population health.”In Creativity,Culture&Capital:Impact investing in the global creative economy.2022.Available online at:https:/www.creativityculturecapital.org/download-essay-collections/Green,Rachel.“To what extent does the experience of the Arts Impact Fund support its objective of improving the financial resilience of arts&culture organisations?”.Thesis,Executive Masters in Cultural Leadership.”University of Maastricht.Harji,Karim and Hebb,Tessa(2021)“Impact Investing in Canada:Notes from the Field.”In Susan D.Phillips and Bob Wyatt(Eds.),Intersections and Innovations:Change for Canadas Voluntary and Nonprofit Sector.Edmonton,AB,Canada:Muttart Foundation.Kaiser,Michael M.Curtains?:The Future of Art in America.Brandeis University,2015.MacKinnon,Elizabeth and Christine Pellerin.More than Money:How social finance can build resilience in the arts sector.Metcalf Foundation.January 2018.https:/ and the World After This.The Metcalf Foundation,2021.https:/ also,Mike Hulme,Why We Disagree About Climate Change.Cambridge University Press,2009.Bibliography36Impact Investing in the Cultural and Creative Sectors:Insights from an emerging fieldMaggs,David and Hasan Bakhshi.“Beyond Instrumentalism.”Next Renaissance.https:/www.nextrenaissance.eu/beyond-instrumentalism-by-bakhshi-maggs/Maggs,David and John Robinson.Sustainability in an Imaginary World:Art and the Question of Agency.Routledge,New York,2020.Nesta.Arts Impact Fund.Insights from the first year.2016.Available at:https:/www.artsculturefinance.org/arts-impact-fund-insights-from-the-first-year/Nesta.Repayable finance in the arts and cultural sector.Nesta,2018.Available at:https:/www.nesta.org.uk/report/repayable-finance-in-the-arts-and-cultural-sector/.Nesta.The New Art of Finance:Making Money Work Harder for the Arts.Nesta,2014.Available at:https:/media.nesta.org.uk/documents/the_new_art_of_finance_wv.pdf.Nesta.Social Impact Assessment Framework.Arts&Culture Finance,Nesta.2021.Phillips,Seva.“How impact investment can develop impact management capabilities in the cultural sector.”In Creativity,Culture&Capital:Impact investing in the global creative economy.pp.93-98.2022.Available online at:https:/www.creativityculturecapital.org/wp-content/uploads/2022/12/CCC_Impact-investing-in-the-global-creative-economy.pdf Phillips,Seva.Second year insights from the arts impact fund:financial resilience.Nesta,2017.Available at:https:/www.nesta.org.uk/blog/second-year-insights-from-the-arts-impact-fund-financial-resilience/.Sanderson,Fran.“Nesta:Impact investment and the creative economy taking each other to the next stage.”In Creativity,Culture&Capital:Impact investing in the global creative economy.2022.Available at:https:/www.creativityculturecapital.org/wp-content/uploads/2022/12/CCC_Impact-investing-in-the-global-creative-economy.pdfSchulman,Sarah.“Develop and Deliver:Making the Case for Social Innovation.”Inwithforward.2017.Available at:https:/ Co-Lab.2021 Upstart Co-Lab Impact Report Investing for an Inclusive Creative Economy.2021.https:/www.thealliance.media/members/2021-impact-report-investing-for-an-inclusive-creative-economy/Wong,Melissa.Four steps we take to help arts and cultural organizations improve their social impact management.2019.Nesta,2019.Available at:https:/www.nesta.org.uk/blog/four-steps-we-use-to-help-arts-and-cultural-organisations-improve-their-social-impact-management/37Impact Investing in the Cultural and Creative Sectors:Insights from an emerging fieldEndnotes1.https:/www.creativityculturecapital.org/2.https:/pec.ac.uk/policy-briefings/a-global-agenda-for-the-cultural-and-creative-industries3.Including,but not limited to:physical infrastructure;talent;intangible assets such as content and rights,brand,network and reputation.4.https:/media.nesta.org.uk/documents/the_new_art_of_finance_wv.pdf 5.Arts Council England,Esmee Fairbairn Foundation,Bank of America,Nesta,Calouste Gulbenkian Foundation.6.https:/ of the authors,Francesca Sanderson and Seva Phillips,are on the management team of Arts&Culture Finance.10.Arts&Culture Finance will spin out from Nesta in 2024 into an independent charity,Figurative,which aims to transform the cultural and creative sectors through structured innovation support and impact-led repayable finance.ACF will comprise the impact investment arm of Figurative.11.We also draw attention to Creativity,Culture&Capital,an international collaboration between Arts&Culture Finance,Upstart CoLab in New York and Fundacion Compromiso in Buenos Aires,which has collected 100 stories of creative and cultural impact and illustrations of impact capital from across the world.12.https:/www.bl.uk/20th-century-literature/articles/the-riot-at-the-rite-the-premiere-of-the-rite-of-spring13.https:/dancetohealth.org/about-us/our-impact/14.https:/www.ncbi.nlm.nih.gov/pmc/articles/PMC9289358/#:text=The intervention, which was tested,care arms of the study15.https:/www.nextrenaissance.eu/beyond-instrumentalism-by-bakhshi-maggs/16.https:/wellcomecollection.org/works/xgm8w7d5/items17.https:/sbbresearch.org/news-events-3/18.https:/ae-sop.org/innovate-uk-contract-2023/19.https:/assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/929773/DCMS_report_April_2020_finalx_1_.pdf20.https:/www.gov.uk/guidance/culture-and-heritage-capital-portal21.https:/civicroleartsinquiry.gulbenkian.org.uk/resources?filter=case-study#pagination-anchor22.https:/www.culturalvalue.org.uk/23.https:/www.britishcouncil.org/sites/default/files/the_missing_pillar.pdf24.https:/unctad.org/topic/trade-analysis/creative-economy-programme/2021-year-of-the-creative-economy25.https:/pec.ac.uk/news/national-statistics-on-the-creative-industries26.https:/www.gov.uk/government/news/ambitious-plans-to-grow-the-economy-and-boost-creative-industries27.https:/www.gov.uk/government/publications/creative-industries-sector-vision28.https:/eit-culture-creativity.eu/29.https:/www.discover.ukri.org/research-and-innovation-powering-the-creative-industries/30.https:/pec.ac.uk/news/press-release-creative-corridors-can-be-the-key-to-the-uks-creative-industries-ambitions31.https:/.au/adelaide-fringe-impact32.https:/www.unesco.org/en/articles/promoting-diversity-cultural-expressions-and-creative-economy?TSPD_101_ R0=080713870fab20009b6ad65c4186802e4846933c611 2efebb0a20e05fec4ceb9afe3cd48250e0760082f45ae08 143000549b4fce8befd01e881cf77509a9d8c1972a341 ea7bf6de605eda622884c291f561691f70ffb29d8b03c0 e59e2171bbf33.https:/unesdoc.unesco.org/ark:/48223/pf000038047434.Interview,April 4,2023.38Impact Investing in the Cultural and Creative Sectors:Insights from an emerging field35.Except for the case of fraudulent/pyramid investment schemes.36.https:/ifvi.org/wp-content/uploads/2023/08/IFVI_VBA_Public-Exposure-DRAFT_General-Methodology-1_Letter.pdf37.The Rise Of Impact:Five Steps Towards An Inclusive And Sustainable Economy,UK National Advisory Board On Impact Investing,2017&Impact Management Pr
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AI for B2B Marketers BlueprintSponsored By 2023,Marketing AI Institute,All Rights Reserved.Published October 20232|AI for B2B Marketers Blueprint3 Why Artificial Intelligence Is a Must for B2B Marketers4 What Is AI,Really?3 Core Types of AI 57 How to Find AI Use Cases in B2B Marketing 8 Top AI Use Cases in B2B Marketing 11 Top Companies Using AI for B2B Marketing Software company runs 240 years of A/B tests in 12 months.11 Conversational AI platform sees 129%conversion lift in less than 90 days.1213 Top AI Tools for B2B Marketing Intellimize 13 6sense 14 AiAdvertising 14 Amazon Web Services(AWS)14 Drift 14 Jasper 14 Lately 14 MarketMuse 14 Persado 15 Rasa.io 15 Writer 15 Yext 1516 Why B2B Marketing of the Future Depends on AI About Marketing AI Institute 18 About Intellimize 18Table of Contents3|AI for B2B Marketers BlueprintB2B marketers have a lot on their shoulders.Theyre tasked with acquiring and nurturing customers over a long and complex buyer journey.There are more stakeholders,more touchpoints,and more data to juggle than ever before not to mention an ever-growing number of channels and devices.And B2B marketers are expected to do it all while giving buyers a 1:1 consumer experience.In fact,according to Intellimizes research,90%of B2B buyers expect a B2C personalized experience when making a business purchase.On top of this,theyre under increasing pressure to drive bottom-line growth for their organizations:HubSpot found that B2B marketers top priority in 2023 is to increase revenue and sales replacing increase brand awareness from the previous year.Artificial intelligence can help.And by“help,”we mean:1.Increase productivity.AI software can complete tasks in seconds that might take humans hours to complete.From analyzing data,to debugging code,to building entire campaigns,AI can unlock efficiencies that make the impossible possible.AI can perform manual tasks at scale and free up team members to focus on uniquely strategic and creative elements.2.Decrease costs.Efficiency gains can also streamline marketing costs,which means you can do more,publish more,and deliver more value to your organization at a price that still fits within your marketing budget and drives down customer acquisition costs(CAC).3.Elevate performance.AI can analyze data sets more massive than humans are capable of alone,and is able to test,learn,and pivot at lightning speed.This means performance gains for you and your team.While this all sounds great,the truth is that most organizations,business leaders,and marketers are entirely unprepared for the power and potential of AI.The good news is:You dont need to become an overnight expert in data science or machine learning to understand and benefit from AI.You just need to understand:What AI is and what it can do.What AI use cases are available to B2B marketers today,and how to identify relevant use cases for your organization.Which specific AI tools would most benefit your company.We cover all three in this guide.Youll see real-life examples of companies like yours succeeding with AI,gain the confidence to adopt AI in your marketing strategy,and turn the following pages into real business results.Why Artificial Intelligence Is a Must for B2B Marketers90%of B2B buyers expect a B2C personalized experience when making a business purchase.4|AI for B2B Marketers BlueprintAI has been making waves in the media this past year.Sensationalist headlines about labor-stealing robots have reached a fever pitch,while“AI-powered companies”and“experts”have been popping up left and right.In all of this,its become hard for B2B marketers to distinguish the signal from the noise.So lets take a step back.AI is a collection of technologies that make machines smart.And what does it mean for a machine to be smart?Traditional software requires strict rules and parameters to complete defined tasks.When were talking about AI and smarter machines,were typically talking about machine learning:a subset of AI that can recognize patterns,change course dynamically,and determine its own path to achieve a desired outcome.So,is AI going to take our jobs?Not exactly.With todays AI,humans must still remain in the loop in order to:1.Define the goal that the AI is trying to achieve.2.Provide the initial training data.New AI models require massive amounts of data to understand the objective and possible solutions.Based on these past examples,machine learning predicts an output that meets the set goal or criteria.3.Offer feedback on the AIs outputs so it can improve over time.4.Review the output in the context of your companys goal,industry,audience,brand standards,etc.,and then add in uniquely human perspectives,examples,and creativity.Despite lurid headlines and fear-mongering narratives,humans remain a critical piece in wielding AI strategically and responsibly.Lets look at a practical example:Your CMO wants to improve the websites conversion rate to capture more leads in Q2.So the marketing team outlines an experiment to A/B test.You wait for the copywriter to deliver new text for the headline,or for your graphic designer to pull together new images;and for the analytics team to make sure all of the correct tracking is set up.You launch the test and wait for enough data to be collected.Once it is,you wait some more,for the analytics team to analyze the data and deliver the results.If youre lucky,the results are conclusive enough to drive a decision.Rinse and repeat for every single test of every single element.Now,lets try this again using AI.Instead,the team uses an AI-powered personalization solution like Intellimize to run unlimited experiments across your site.Intellimizes AI Copy Suggest instantly crafts headlines,copy,and CTAs.The technology shows unique page variations to website visitors.What Is AI,Really?5|AI for B2B Marketers BlueprintUsing proprietary AI trained on more than 10 billion web pages,it serves website visitors the version of your page with the highest probability of converting.As a result,you now run data-driven experiments 25x faster than traditional testing methods.Youre testing hypotheses,getting answers,and continuously iterating your web experience to optimize for conversions and sales.Its not science fiction,and its not hype.Its AI,and its here to stay.Just like programmatic advertising revolutionized digital ads,AI is reimagining whats possible with conversion rate optimization(CRO),website personalization,1:1 customer experiences,and more.Data is central to sophisticated digital strategies,but historically its taken time,and effort,to collect,analyze,and make decisions on that data.AI can unlock new insights,process huge amounts of data,and iterate more rapidly than humans can on their own.With the help of AI,your marketing team can:Produce assets at scale,maintaining quality while reaping massive efficiencies.Make better decisions,using data-driven insights to supercharge your learnings.Iterate faster,and dynamically serve up the content and creative with the greatest likelihood of converting.Lower customer acquisition cost(CAC)through personalization by serving up the right message at the right time to increase conversions.And the best part is,AI learns based on past performance so you get better results each time.3 Core Types of AITo be honest,theres a lot of AI jargon and applications out there,but B2B marketers only need to pay attention to three core AI applications:Language,Vision,and Prediction.Language The ability for machines to analyze,understand,and generate language.This includes the written and spoken word.Common terms that fall under Language AI include:Natural Language Generation(NLG)Voice Recognition Natural Language Processing(NLP)Text Analysis and Summarization Sentiment AnalysisAn example of Language AI is an AI-powered chatbot.The machine can understand a website visitors message,answer questions,respond to requests,transfer the visitor to the correct employee,and even analyze the visitors tone.What Is AI,Really?6|AI for B2B Marketers BlueprintVision The ability for machines to analyze and understand data in images and videos.Common terms that fall under Vision AI include:Object Recognition Emotion Generation Image Generation Optical Character Recognition(OCR)Video GenerationExamples of Vision AI are object detection and image classification.A social media team might use these capabilities to monitor User Generated Content(UGC)for its products in action.Vision AI would make it possible to flag UGC(whether still images or videos)that contain one of the companys products,and identify the product category and model in use.PredictionThe ability for machines to predict future outcomes based on data.Common terms that fall under Prediction AI include:Personalization Pattern Recognition Forecasting RecommendationAn example of Prediction AI is surfacing personalized content recommendations to a website visitor based on their location or past purchasing behavior.What Is AI,Really?7|AI for B2B Marketers BlueprintTo summarize what weve covered so far:AI can help B2B marketers digest and analyze massive datasets,make better decisions based on their data,and generate assets at an unlimited scale and with unprecedented efficiency.With so much potential,it can be hard to figure out where and how to utilize AI in your marketing strategy.A good starting point to discover possible AI use cases in your organization is to ask:Is it data-driven?Are you already using data to do this task or could you?Consider any tasks that rely on customer demographics,transaction history,browsing behavior,and other data points.Also consider your most robust and reliable sources of marketing and customer data.Is it repetitive?Is the task clearly defined,highly structured,and repeatable?For example,pulling a monthly report or summarizing blog posts for a weekly newsletter.AI is fantastic at completing mundane or routine tasks freeing up your team to focus on more strategic,unstructured,and creative work.Is it making a prediction?Looking to improve the performance of an asset,channel,or campaign?Do you have substantial historical data to learn from?AI can crunch the numbers of seemingly massive data sets,so you can uncover patterns,unearth new insights,and better predict which elements of your marketing will perform best.If you can answer“yes”to any one of these questions,youve identified an opportunity to boost your organizations productivity or performance with AI.If youve answered“yes”to all three,youve just found your first AI pilot project.How to Find AI Use Cases in B2B Marketing8|AI for B2B Marketers BlueprintNow lets look at some AI use cases for B2B marketing teams.Conversion Rate Optimization(CRO)Easily test any element of your website(creative,color,copy,size,placement)to learn faster and improve customer experiences.Set up and more precisely target different audience segments based on firmographic,technographic,first-party,or third-party data to dynamically serve the right content to each audience.Easily tailor website messaging to deliver personalized customer experiences.Show different website versions to each visitor to deliver the combination with the highest likelihood of converting.Execute sophisticated tests of site landing pages,headlines,images,offers,calls to action and more,and automatically apply the learnings to maximize conversion rates.Account-Based Marketing(ABM)Predict the accounts that will buy based on your existing customers and help team members prioritize similar leads.Generate digital assets at scale.Transform one core page into an ABM campaign by customizing it using AI,whether its 1:1,1:few,or 1:many.Create hyper-personalized assets including content,creative,format,number of touchpoints,etc.Base these campaigns on each companys unique needs,pain points,internal stakeholders,past interactions with your brand,and more.Use predictive AI to determine the best messaging to pair with each organizations internal decision-making processes,company ethos,business goals,and specific challenges.Analytics and Reporting Track and report on the full customer lifecycle across different stakeholders,channels,and devices.Synthesize massive data sets for patterns and emerging trends.Measure the full funnel impact to see which marketing channels are the highest converting.Use these learnings to inform future campaigns.Scan social media for mentions of your company and products,allowing you to identify influencers,analyze brand sentiment,and gather insights about how your products,services,or messaging are being perceived.Track and measure performance on all marketing activities in dashboards and interactive reports.Discover insights on top-performing content and campaigns for each industry,product category,or business segment.Top AI Use Cases in B2B Marketing9|AI for B2B Marketers BlueprintTop AI Use Cases in B2B MarketingContent and Brand Compliance Develop and maintain editorial policies,brand standards,style guides,and content governance guidelines,even across large organizations and many different teams.Personalize product and content recommendations.Better match products to each prospects needs,to increase the conversion rate for initial purchases,as well as cross-sell and upsell opportunities to“land and expand”key accounts.Serve users individualized content recommendations that increase content consumption and brand engagement.Surface relevant organizational information to employees while they work,like your products,internal initiatives,or industry jargon.Dynamically serve the content that will most likely help a prospect take the desired next step toward a purchase,like downloading an implementation guide.Automatically correct copy so it reflects the brands language,grammar,and formatting standards.Provide real-time guidance on brand tone,phrasing,and complexity.Generate,edit,and remix images,video,and audio to produce professional-grade content in different formats and styles.Predict which content will perform best and generate ROI.Test different content formats,headlines,lengths,etc.Transcribe presentations,podcasts,and webinars.Website Experience and Personalization Create dynamic and personalized website experiences that help users find the product theyre looking for based on their job title,industry,or product lines theyve purchased from in the past.Automatically serve personalized website versions to anonymous and first-time visitors.Better engage visitors with contextual greetings using AI-powered chatbots and personalized website content.Create contextualized recommendations.Provide recommendations based on specific contextual factors,such as device type,location,time of day,etc.Make product and content discovery intelligent.AI can analyze product metadata to serve up smarter search results and help customers find what they want faster.Streamline customer service and support with AI-powered chatbots that can provide relevant answers immediately.Direct site visitors to relevant website resources or route them to the correct department.Tailor ads,emails,push notifications,and more to individual user behavior,and mirror that experience on your website.Maximize the value of your data by unlocking information trapped in product descriptions,reviews,or other unstructured text to generate more relevant recommendations.10|AI for B2B Marketers BlueprintTop AI Use Cases in B2B MarketingTrade Show and Event Marketing Use an AI chatbot on a tablet at your trade show booth to answer frequently asked questions and collect contact information.As a bonus,this frees up team members to have deeper,more personalized conversations with potential customers.Rapidly create unique assets for each event your team attends.Better yet,create hyper-personalized landing page experiences based on a booth visitors demographics,company characteristics,purchasing history,and past digital interactions.Analyze data collected from each event to uncover patterns and insights your team might not have noticed such as traffic patterns around the booth,engagement with marketing materials,and conversion rates of different audience segments.Rely on AI-powered algorithms to run sophisticated lead scoring and predict which booth attendees are most likely to become customers.By identifying high-quality leads,marketing teams can better prioritize their follow-up efforts.Use predictive AI to forecast potential success based on data collected from previous events.This can help the marketing and sales teams optimize their approach for each event.Create an interactive and engaging experience for booth visitors with a voice-powered AI assistant.It can interact with booth visitors,answer common questions,provide information about your product or service,and more.Leverage AI to automate and personalize the post-event nurturing campaigns.Score and prioritize leads,determine the optimal timing for follow-up,and tailor messaging based on interactions at the trade show.Another way to unlock value from AI is to look for vertical-specific technology or use cases.As AI technology proliferates,youre bound to see more and more players in the market,building tools tailored to your specific needs.Software-as-a-Service(SaaS)and Technology Predict the intent behind search topics,so you can create more content on topics being searched by sales-ready buyers.Predict the messaging,creative,and timing most likely to convert a freemium user or upgrade accounts to a higher-paying tier.Provide content recommendations to increase user adoption and retention.Streamline podcast or video production to differentiate your SaaS brand in your industry.Test which text,video,and imagery will lead to the highest number of product signups or app download conversions.Discover topics and keywords where you have a unique competitive advantage to outrank better-resourced competitors.Manufacturing and Supply Chain Create images and videos that show how complex systems and parts work.Proactively recommend content,product,or parts based on personalized replacement or upgrade timelines.Predict the accounts most likely to churn and flag them for extra nurturing and support.Identify cross-sell and upsell opportunities best suited for a particular buyer based on browsing history.Speed up the RFP process with predictive text and generative writing programs.Better predict project scope based on historical data.Draft compelling sales content,sales presentations,and proposals personalized to each prospects challenges,goals,and decision-making style.Allow website visitors to automatically set up meetings with the right person on your team and avoid the back-and-forth of scheduling with field teams.Financial Services Automatically outline,generate,and summarize long-form content assets,like whitepapers and reports,to explain complex financial topics clearly to audiences.Standardize financial terminology and messaging to be more inclusive of audiences from all backgrounds.Personalize content and messaging to a users specific financial data or goals,making it highly relevant to audiences with different incomes,financial targets,or lifestyles.Industry-Specific Use Cases11|AI for B2B Marketers BlueprintThis all sounds great in theory,but what does AI adoption look like today?Here are just a couple stories of B2B organizations like yours that are winning big using AI.Software company personalizes the web experience with 590,000 versions of its homepage at the same time.Coupa Software Incorporated is a cloud-based Business Spend Management(BSM)platform that unifies processes across supply chain,procurement,and finance functions.Like many B2B companies,a“land and expand”approach to Account-Based Marketing(ABM)is a core pillar of its growth strategy.The Coupa marketing team was looking to elevate its digital strategy through more dynamic website optimization and more sophisticated ABM.With Intellimize,they found both.The team identified four target verticals,then isolated these audiences using first-and third-party data,to ensure the right audience saw the right website variation.Then came 28 separate homepage experiences with industry-specific headings,logos,images,and more.With Intellimize,the team could test different copy and image variations within each vertical without writing a single line of code.What came next could only be possible with an AI-driven solution:Coupa tested 590,000 versions of its homepage at the same time,all while ensuring the experiences users saw were relevant to them.And it turns out,delivering uniquely personalized experiences works:Coupa has seen a 32%lift in revenue from the homepage,with some of their best experiments realizing over 100%lift.Not to mention,theyve completed the equivalent of 240 years of A/B testing in just one year working with Intellimize.For Coupa,this is just the beginning.The team has big plans to continue to refine and optimize their ABM programs.Plus,with a site redesign underway,it knows it has the right tech in its corner to test new ideas before pushing them out.“With the Intellimize team,weve been able to partner on strategy in the best way to build our audiences,which has really been the key to success with our ABM efforts.We love working with their team and the results weve achieved speak for themselves.”-Ally Vandenherik,Conversion Rate Optimization Manager,Coupa Software Incorporated Top Companies Using AI for B2B Marketing12|AI for B2B Marketers BlueprintTop Companies Using AI for B2B MarketingConversational AI platform sees 129%conversion lift in less than 90 days.Imagine running 30 million A/B tests in 90 days.Drift,an AI-powered conversational platform that integrates chat,email,and video,is no stranger to personalization.The company powers personalized experiences at scale,so when it came to its own website,it lets the data do the talking.Make no mistake:The marketing team had opinions on what their new site design should look like.(The top navigation bar was a particularly hot topic.)So they partnered with Intellimize and turned to testing to settle the debate.The team needed confirmation that the sites all-new look,feel,and messaging would resonate with their target audience.And of course,it was critical to maximize engagement with website visitors and convert as many as possible into qualified sales leads.Drift tested 19 different campaigns,with 121 variations.In particular,they focused on the main navigation bar,headlines on top pages,the sign-up form,and the sites resource section.In total,the team used Intellimize to test more than 30 million unique page combinations.This large-scale testing paid off:They experienced a 129%improvement in website conversions in less than 90 days.That translated into more than$2.8 million in incremental revenue.With Intellimize,Drift got data-backed answers to its top website personalization questions.It got assurance that its new site would convert.It got results.Lesson learned:When you listen to your customers,everyone wins.“Websites are never done;theyre a living organism.And the information we got made us very confident going into a website launch,which can ordinarily be a very anxiety-ridden process.”-Justin Keller,VP Revenue Marketing,Drift13|AI for B2B Marketers BlueprintIf youre ready to take the next step,here are 12 AI companies you need to check out today.IntellimizeDrive 1:1 Personalized Experiences at Every TouchpointIntellimize is an AI-driven experience optimization platform that enables companies to deliver uniquely personalized 1:1 website experiences to every unique visitor,maximizing revenue and reducing acquisition costs.Launch A/B tests in minutes and find a single winner with confidence.Target 1:1 audiences and personalize the first page visit for known and anonymous visitors.Dynamically optimize each visitors experience to convert faster.“AI has allowed me to push the team and be more creative and more daring.The AI technology is going to decide the right route and help us find what good looks like faster.Lets find 10 great ideas and let the machine tell us whats going to work.”-Chris Baszto,Head of Marketing,IndustriousIntellimize makes it easy for you and your team to work together to accomplish your aggressive optimization goals.Quickly make changes in the Visual Editor or code it on your own.AI Content Studio allows your team to create blog,ad,website,and social copy,and then bake those into your testing program.Intellimize is:Easy.Move,add,or update copy,font,imagery on any page instantly.Insightful.Understand whats working and get recommendations on suggested copy for new tests.Flexible.Use Intellimizes WYSIWYG Visual Editor or custom code experiences.Impactful.Measure the full funnel impact of your testing and personalization programs.Top AI Tools for B2B MarketingSound good?START HERE14|AI for B2B Marketers BlueprintTop AI Tools for B2B Marketing6sense6sense Revenue AI helps B2B organizations eliminate guesswork to proceed with confidence putting the power of AI,big data,and machine learning behind every member of the revenue team.Its platform uncovers anonymous buyers,understands their behavior,and directs you to engage the ones most likely to buy.with the right message at precisely the right time.AiAdvertisingAiAdvertising is a cloud-based Artificial Intelligence-as-a-Service(AIaaS)advertising platform that allows marketers to easily plan,predict and execute hyper-personalized advertising campaigns with full transparency,while gaining the intelligence they need to prove advertisings impact on the bottom line.This means powerful,high-impact ads that convert.Amazon Web Services(AWS)Amazon Personalize empowers you to quickly build and deploy an array of personalized recommendations and intelligently segment users at scale.It uses the same proven machine learning technology that A has used for more than 20 years on its own website.Amazon Personalize is an API AI service that allows you to host machine learning models for recommendations and user personalization.These models can be tailored to your individual needs,and the solution is designed to easily integrate personalized recommendations into your existing websites,applications,email marketing systems,and more.Drift Drift increases lead generation and efficiently grows revenue by connecting with website visitors instantly to share content,answer questions,and book meetings 24/7/365.Drifts Conversation Cloud breaks down the silos across your team so you can deliver personalized experiences that turn into more quality pipeline,revenue,and happy customers.JasperJasper is an AI content generation tool that can write blog posts and generate images in seconds.First,tell Jasper what you want to write about.Then,provide it with a few bullet points to work off.Click a button,and voila!Fresh content written by AI.LatelyLately is a social selling platform that learns the voice of each individual employee and what will make each of their unique audiences click,like,comment or share.Then it takes all of your content and turns it into targeted,effective social media posts increasing visibility and leads.MarketMuseMarketMuse is an AI platform that identifies your top content opportunities.The platform uses AI to tell you which topics to target and how to rank for them,and it even generates content briefs for those suggested topics.Plus,it can show you what other pieces of content on Page 1 of SERPs missed,so you can beat out your competitors.15|AI for B2B Marketers BlueprintTop AI Tools for B2B MarketingPersadoPersado allows you to automatically personalize each and every message to an individual users preferences.Its AI knows what type of language a user prefers,adjusting your content to make it maximally appealing to that individual.And it does it at scale across your entire audience.Rasa.ioWith rasa.io,you can send personalized smart newsletters that are tailored to each prospects individual content preferences.Using AI,rasa.io evaluates how each user engages with content in your email newsletter.Then it customizes future newsletters to deliver more of the content an individual prefers,making it more likely theyll open and engage with your email.WriterWriter is an AI writing platform built for teams.Unlike other GPT-powered applications,Writer is trained on your data your best-performing blog posts,landing pages,social media posts,as well as your brand style guide.YextYext helps organizations build digital experiences across any channel on its open and composable platform.The Yext Digital Experience Platform collects and organizes content to deliver AI-led experiences for any organizations customers,employees,or partners.16|AI for B2B Marketers BlueprintAI has the power to simplify the complex buying processes of B2B organizations giving marketers the ability to deliver 1:1 experiences that their buyers deserve.B2B marketers can use AI to drive growth,personalize and optimize customer experiences,produce content at scale,reduce customer acquisition costs(CAC),and increase marketing ROI.In fact,many of your peers already are:Forrester recently found that two-thirds of B2B companies are already using AI in their marketing programs.But its still early.You have an opportunity to be the change agent and leader within your organization.To champion responsible,ethical,and strategic AI adoption in your marketing strategy and campaigns.To shape the future of your company and your career.Youve already taken a critical first step:by investing in and learning more about how AI can supercharge your marketing strategy.Now its time to explore,test,and see whats possible.Theres no time to waste.Why B2B Marketing of the Future Depends on AI17|AI for B2B Marketers BlueprintLearn more at 18|AI for B2B Marketers BlueprintAbout Marketing AI InstituteMarketing AI Institute is a media,event,and education company founded in 2016 that makes AI approachable and actionable for marketers and business leaders.The Institute owns and operates the Marketing Artificial Intelligence Conference(MAICON),AI for Writers Summit,AI for Agencies Summit and AI for B2B Marketers Summit,hosts The Marketing AI Show podcast,runs the AI Academy for Marketers featuring dozens of on-demand courses,and published Marketing Artificial Intelligence:AI,Marketing,and the Future of Business(Matt Holt Books,2022).Learn more at .About IntellimizeIntellimize is an experience optimization and personalization SaaS platform that uses AI to dynamically personalize website experiences across the entire buyers journey.ABM and Demand Generation Marketers gain a competitive edge when using Intellimize to drive efficient pipeline and revenue growth in a cookieless world.Leading marketing teams at Gong,Mercari,Okta,Dermalogica,Drift,Tubby Todd and more trust Intellimize to create,test and learn faster,drive revenue,and be more efficient.Learn more at I.
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BlueprintAI for Content Marketing 2|AI for Content Marketing Blueprint 3 Why Artificial Intelligence Is a Must for Content Marketers5 A Quick Introduction to AI for Content Marketing What Is AI?5 About Killer Robots and Out-of-Control Machines 6 Machine Learning and the Core Types of AI 79 How to Find AI Use Cases for Content Marketing Top AI Use Cases in Content Marketing 9 Top Content Marketing Use Cases by Industry 10 How Content Teams Can Scale AI 1113 Top Companies Using AI for Content Marketing Software company increases content output by 500 High-growth ecommerce startup saves 35 hours per month,per writer 13 Intuit overhauls brand voice and inclusivity 1415 Top AI Tools for Content Marketing Writer 15 ChatGPT 17 Cohere 17 Copy.ai 17 DALL-E 2 18 Descript 18 GoCharlie 18 Grammarly 18 Jasper 19 HyperWrite 19 MarketMuse 19 Persado 19 Wordtune 20 Writesonic 2021 Why AI Is the Future of Content Marketing Table of Contents3|AI for Content Marketing Blueprint Every content marketing team faces some version of the same problem:Content bottlenecks prevent you from hitting content and revenue targets.There are plenty of factors to blame for that.Do any of these sound familiar?Your team must do more with less due to scrutiny of budgets,headcount,and productivity.Your team doesnt move fast enough to publish the type and volume of content your audience demands.You have glaring content or messaging gaps in topic areas that your audience cares about.These problems are not easy to solve on your own.And,left unresolved,they put your company and career at risk.Thats why smart content marketers are turning to artificial intelligence(AI).AI is not about robots taking over or machines running out of control.(Thats a fantasy from science fiction and movies.)Instead,AI is a very real,very powerful technology that is available right now.And you can use AI to scale your content marketingwithout compromising on quality.Today,AI can:1 C-suite Series:The 2021 CEO Study2 The State of Marketing Budget and Strategy in 20223 Leadership Vision for 2021:Chief Marketing OfficerWhy Artificial Intelligence Is a Must for Content Marketers Speed up content creation by generating content,outlines,summaries,and ideas.Make writers more productive by creating templates for reuse at scale.Align brand,language,and style across content teams.Provide data-driven recommendations on what content works and what doesnt.Predict which assets and formats will perform best before you launch.Identify exactly what content topics have the highest impact on audience and revenue.In the process,AI turns your human teams into superheroes.It makes them 10X more productive,agile,and adaptable.In fact,competing in content marketing will soon be impossible without AI.The future of content marketing is human machine.The future of content marketing is human machine.4|AI for Content Marketing Blueprint Content strategy.AI can now build smart content programs with unprecedented strategic insight and personalization.AI tools like MarketMuse predict performance before you create content.Tools like Persado hyper-personalize messages,so they resonate with different types of audiences.Content ideation.AI can now ideate at scale in seconds.Tools like ChatGPT provide content ideas,topics,and angles.Others,like DALL-E 2,produce variations of any image in any style,from scratch,for low cost.Content creation.AI can now create expert content at a near-human level of quality.Tools like Writer,Jasper,and Copy.ai write articles,headlines,ads,social posts,and more.They also outline and summarize content instantly.Tools like these have secured more than$1 billion in funding to disrupt content marketing as we know it.1 C-suite Series:The 2021 CEO Study2 The State of Marketing Budget and Strategy in 20223 Leadership Vision for 2021:Chief Marketing OfficerFor proof,look at how AI is taking over major areas of expertise in content marketingspecifically,content strategy,ideation,and generation.These powerful AI tools are commercially available to anyone.And theyre usable by anyone,regardless of technical background.In fact,top brands are already using them to boost performance,productivity,and revenue.If youre not using AI today,you need to be.Otherwise,you risk becoming obsolete.Thankfully,you dont need a degree in data science or machine learning to take advantage of AI.You just need to understand the following:What AI is and what it is capable of doing.What AI use cases are available for content marketing,and how to find your brands specific use cases.What specific AI tools can create real business outcomes for you.The rest of this guide shows you exactly how to do all three.In it,youll become completely up to speed on AI for content marketing.And youll become equipped to explore AI for your own company and career.Why Artificial Intelligence Is a Must for Content MarketersIf youre not using AI today,you need to be.Otherwise,you risk becoming obsolete.5|AI for Content Marketing Blueprint To grasp whats possible with AI,you need to understand the technology.But dont worry.You dont need to get a Ph.D.in the subject to do that.All you need is a simple,useful definition of AI.That will allow you to see how its differentand much smarterthan the technology you use today.Lets dive in.What Is AI?If you ask 10 experts to define“AI,”youll get 10 different definitions given the complexity of the subject.Our favorite definition is simple.It comes from Demis Hassabis,Co-Founder and CEO of Google DeepMind,a major player in AI:AI is“the science of making machines smart.”By“being smart,”these machines,in turn,enhance human knowledge and capabilities.So,what does“being smart”actually mean?We dont even agree on a definition of intelligence in humans,so how can we determine one for machines?Thats a topic for a graduate seminar,not a practical blueprint on AI.Instead,what we mean by smart in regard to AI is simple:AI is smart because it can determine its own pathways to achieving an overall goal.To illustrate what we mean,lets look at the traditional software you use today.That software can only do what you tell it to do.You give it rules and instructions.It follows those rules and executes those instructions to the letter.Lets look at an example:Say you are launching a new ebook campaign designed to attract and convert three core audiences for your business.Heres what that typically looks like:1.You manually brainstorm,research,outline,write the asset,and generate images and designs to complete it.2.You manually construct a landing page to host the asset after brainstorming and choosing a compelling headline,and determining an interesting value proposition for the page.3.You manually promote the landing page across paid advertising,site CTAs,and social media to drive downloads,manually adjusting the language of each promotional method to appeal to your three different audiences.Every step of the way,your traditional software makes this process more efficient.It helps you quickly publish and host the finished asset.It makes building a landing page easy and intuitive.And it makes it more efficient to schedule ads and social media posts in bulk.This is helpful,no doubt.But,every step of the way,youre in charge of giving the machine instructions and telling the machine what to do.And it follows them without deviation.Its like having an army of talented interns who follow your instructions literally.They dont offer new ideas.They dont innovate new approaches.They just follow commands.A Quick Introduction to AI for Content MarketingAI is“the science of making machines smart.”6|AI for Content Marketing Blueprint A Quick Introduction to AI for Content MarketingAI is fundamentally different than traditional software.Lets stick with our ebook campaign as an example.Instead of just doing what we say faster than if we did it manually,AI-powered content marketing technology can do things like:1.Automatically generate outlines,copy,images,ads,and social shares from text prompts or from work your human content teams have produced.2.Automatically test different landing page headlines and formats dynamically in real-time for all three of your different audiences,then display only the highest-performing ones to drive more downloads.3.Automatically serve different variations of ads,CTAs,and social shares to different audiences based on their preferences,motivations,and needs,then adjust those campaigns based on performance.Now,thats impressive on its own.But heres the real AI secret sauce:AI learns each time it tries to achieve your goals.Each time you promote your content,AI learns more about what copy and content your audiences like best.It learns more about what headlines work well.And it adjusts its approach to even better reflect an audience members behavior.So,the next time you go to create a content campaign,your AI tool isnt just following the playbook from the last one.Its actually following a new and improved one.Thats why AI is so powerful:It has the ability to unlock exponential performance gains over time the more you use it.If traditional software is like having an army of interns,AI is like having an army of pros at the top of their game working independently for you 24/7.Traditional software simply cant compete.And neither can companies using it.In all this talk of AIs ability to learn and act on its own,you might worry about AI acting outside of your control.Given how powerful the technology is,its understandable to wonder about what youve seen in the movies.Dont worry.There are no killer robots and out-of-control machines in the real world.While AI can act on its own to achieve a goal,you always control when it acts.Its not able to go send emails on its own while you sleep or do other tasks its not built specifically to do.(Now,make no mistake:There are plenty of legitimate concerns about how AI may use data or choose to achieve goals.)But,when you use AI,youre just using much smarter software to achieve a very narrow goal.Youre not unleashing some superhuman intelligence.About Killer Robots and Out-of-Control MachinesAI is fundamentally different than traditional software.AI learns each time it tries to achieve your goals.7|AI for Content Marketing Blueprint A Quick Introduction to AI for Content MarketingMachine Learning and the Core Types of AIWeve established why AI is much differentand much betterthan traditional technology.Now,lets define a few final ways of thinking about AI that are important to fully grasp the subject.The term“artificial intelligence”is a category of technology,not a single tool.Its a broad suite of tools that leverage smart machines in different ways.These tools rely on“machine learning”to work their magic.Machine learning is the primary subset of artificial intelligence technology.Its how AI tools achieve goals on their own and learn from their efforts.There are a couple of steps to get a machine to be smart.First,humans have to train the machine.We show the machine data,then train it to recognize patterns in that data.Using those patterns,the machine learns how to achieve goals.Once fully trained,it can recognize those patterns and achieve those goals in the wild.It can also then train itself on what it learns rather than returning to its human teachers.For instance,we could train the machine to recognize high-performing blog post headlines.Once it learns,customers like you then use the machine to write blog post headlines.It learns even more from each blog post you publish,improving its performance over time.Thats all possible because of machine learning.Now,you might be asking yourself:What if the machine is trained on blog post headlines that have nothing to do with my business?That can certainly happen.It doesnt mean the machine cant perform well.(Often,it can perform spectacularly.)But it does mean that an AI tool may not be specifically suited for your business needs.(After all,subject lines and their effectiveness vary wildly between industries.)Thats why custom training is so powerful.Custom training is when a machine learns from your data,not a generic dataset.AI tools like Writer can be trained on data from your specific business.They can learn how to write like you,in your specific tone and voice,not another brands.Now,machine learning isnt the only term youll hear in discussions of AI,like:Deep learning Reinforcement learning Neural networks Topic modeling Robotics And many,many moreThese terms can be useful to learn.But you dont need to know all the jargon to understand how and where to apply AI in your business.Machine learning is the primary subset of artificial intelligence technology.Its how AI tools achieve goals on their own and learn from their efforts.8|AI for Content Marketing Blueprint A Quick Introduction to AI for Content MarketingYou only need to know that there are three core applications of AI:Language,Vision,and Prediction.Language AI.This is the ability of machines to understand and generate written and spoken words.Language AI technologies and terms you may encounter include:Natural language generation.Voice recognition.Natural language processing.Text analysis and summarization.Sentiment analysis.An example of Language AI in your everyday life is Gmails Smart Compose feature.You type an email,and Gmail predicts how to complete your next sentence.Vision AI.This is the ability of machines to analyze and understand data from still images and videos.In essence,vision AI seeks to automate tasks that the human visual system can naturally do.Vision AI technologies and terms you may encounter include:Computer vision.Video generation.Facial recognition.Emotion detection.Image generation.An example of Vision AI in your everyday life is the facial recognition that unlocks your iPhone.Vision AI determines if the face it is seeing is yours and,if it is,grants you access to the device.Prediction AI.This is the ability of machines to predict future outcomes based on historical data.With machine learning,predictions continually evolve and improve based on new data.The better the data that goes in(the inputs),the better the predictions that come out(the outputs).Prediction AI technologies and terms you may encounter include:Personalization.Pattern recognition.Forecasting.Recommendation.An example of Prediction AI in your everyday life is the alerts from the weather app on your phone.The AI predicts it will begin raining in 20 minutes in your location,then notifies you.All three types of AILanguage,Vision,and Predictionapply to content marketing.Language AI can create/edit blog posts,ebooks,landing pages,ads,and social posts.You can also use it to generate and edit audio and video content.Vision AI can generate original,eye-catching images for digital content.And it can automatically extract video clips from longer content and edit visuals.Prediction AI can predict content performance before you publish.It can also forecast which topics you should be creating content around for maximum ROI.There are literally hundreds of use cases for AI in content marketing.But they all fall under one or more of these three core applications.Now,lets find one or more use cases for your work and business.All three types of AILanguage,Vision,and Predictionapply to content marketing.9|AI for Content Marketing Blueprint Finding AI use cases doesnt need to be rocket science.You dont have to go from where you are today to having fully AI-powered and AI-infused content marketing.(Though thats a worthy long-term goal.)All you have to do is figure out how AI can supercharge select tasks you do all the time(or wish you could do all the time).So,how do you do that?Start by listing out all the tasks you do in any given day,week,month,or quarter.Go down the list and ask three questions about each task.Is it data-driven?Are you using data to do the task?Alternatively,do you have data you should be using to do the task,but youre not?Data is the lifeblood of AI systems.If your task is data-driven,AI can likely do it better and faster.Is it repetitive?Do you do the same thing over and over again to accomplish the task?Is there a process to accomplish the task that you can define steps for?AI excels at augmenting or automating tasks that have standardized,repeatable steps.You also dont even need to automate an entire repetitive task with AI.You can look at making individual steps of the process better and faster using AI.Is it making a prediction?Almost everything we do as marketers is trying to predict an outcome or behavior.And making predictions is what AI does best.You dont have to answer“yes”to all three questions to have an AI use case.Answer“yes”to one or two questions,and the task is a likely use case for AI.Answer“yes”to all three questions,and it definitely is.Top AI Use Cases in Content MarketingTo show you whats possible,here are some of the top use cases that content marketers rely on AI for today:Develop intelligent content strategies and briefs.Develop and maintain editorial policies,brand standards,style guides,and content governance guidelines.Discover insights into top-performing content and campaigns.Distribute content at scale across different owned,earned,and paid channels.Generate,edit,and remix images,video,and audio to produce professional-grade content.Optimize website content for search engines.Recommend highly targeted content to users in real-time.Predict which content will perform best and generate ROI.Repurpose content into different formats and styles.Test different content formats,headlines,lengths,etc.Transcribe presentations,podcasts,and webinars.Write and edit marketing copy,blog posts,website content,ebooks,whitepapers,case studies,and other collateral.How to Find AI Use Cases for Content MarketingAll you have to do is figure out how AI can supercharge select tasks you do all the time.10|AI for Content Marketing Blueprint How to Find AI Use Cases for Content MarketingTop Content Marketing Use Cases by IndustryAnother way to look at AI use cases in content marketing is to draw inspiration for use cases by industry.Software-as-a-Service(SaaS)Predict the intent behind search topics,so you can create more content on topics being searched by consumers ready to do a demo or make a purchase.Streamline and automate podcast creation and production to differentiate your SaaS brand in your industry.Predict which text,video,and imagery will lead to the highest number of conversions into product signups or app downloads.Surface topics and keywords where you have a unique competitive advantage to outrank better-funded competitors.Automatically outline and generate blog posts for your target audiences and verticals.Financial Services Automatically outline,generate,and summarize long-form content assets,like ebooks and reports,to explain complex financial topics clearly to audiences.Standardize content language and messaging to be more inclusive of audiences from all walks of financial life.Personalize content and messaging to a users specific financial data or goals,making it highly relevant to audiences with different incomes,financial targets,or levels of interest in specific financial products.Generate outlines,scripts,and transcripts for hosted webinars or partner webinars.Scale content creation and improve writer productivity across teams and product lines.Healthcare Automatically generate content about common health conditions,symptoms,and medications.Improve operational efficiency by refining time-consuming processes like claims processing,denials,and collections.Deliver customized recommendations on health content based on a users content consumption habits.Generate summaries,outlines,and simplifications of longer-form and more technical health content.Automatically summarize and simplify language from medical studies.Intelligently optimize existing healthcare content to rank higher in search.Standardize the usage of medical terminology across teams and departments.Ecommerce Dynamically test landing page headlines,copy,and content to improve conversion rates.Predict which ad content and images will lead to the highest conversion rates.Automatically generate product descriptions.Automatically generate different variations of product listings and images at scale to fit the standards of different content channels.Intelligently recommend content and products based on consumer preferences and behaviors.11|AI for Content Marketing Blueprint How to Find AI Use Cases for Content MarketingHow Content Teams Can Scale AIAny content marketing team of any size can use AI across a wide variety of profitable use cases.Once youve successfully used AI across some use cases,you can turn your attention to scaling it.Here are some ways AI can help you scale content operations:Use custom training to train AI on your own content,tone,and style.That allows AI to create content,headlines,and summaries that sound like your brand and team.Use AI to create and enforce extensive team-wide style guides.This automatically keeps content creators consistent without having to manage writers manually.Use AI to create and enforce common language and messaging across different assets.Automatically create AI-powered content using snippets and templates.This allows you to reuse content that already exists.Use AI-powered insights to determine how teams are using current AI tools.Some tools can show you usage rates across teams.You can use that information to get more value out of your existing technology.Use AI to stay secure and compliant across use cases.Find AI platforms designed to follow all privacy and data laws in your industry.Successfully scaling AI implementation depends on your teams current content maturity level.Content maturity refers to your ability to execute content strategies.More mature content organizations will get the most out of AI,plain and simple.As you pursue AI scaling,you need to gauge your content maturity level.To do that,Writer has a content maturity rating system detailing the five levels of content maturity.At each level,the system has recommendations on how to approach AI.Level 1:ChaoticTeams that have no formal content operations should focus on creating standardized content processes before bringing in AI tools.Do:Dissect the content strategies of the companies in your space;develop a basic content strategy framework.Dont:Use AI to start spewing keyword volume plays that can hurt your domain and brand before youve even started.Level 2:PilotingTeams that are starting to develop a content strategy can use AI to speed up ideation and experimentation.Use AI tools to support writers to edit their own work,get help with top-of-funnel article outlines and first drafts,generate headlines,create FAQs for SERPs,and speed up landing page creation.Do:Invest in hiring at least 1 strong writer who is AI savvy.Build out a style guide that clearly defines your brand voice,messaging,audience goals,differentiated POVs in the market,and your head terms.12|AI for Content Marketing Blueprint How to Find AI Use Cases for Content MarketingDont:Neglect to staff your team with strategic,skilled writers or become overly reliant on AI it can prevent you from getting to Level 3.Dont try to scale without building out the basics of your style guide and messaging.Level 3:ScalingTeams who have experience with creating quality content can use AI to scale.Use AI tools to build out blog posts from human-created search-optimized outlines,repurpose content into shorter snippets for different channels,like social media,and create distribution support content like newsletters,social posts,and metadata.Do:Invest in a business-grade AI platform;connect with and learn from other marketing teams who are scaling with AI;get AI into your growth/demand marketing teams.Dont:Reinvent the wheel:learn how to prompt AI effectively;learn how to grow SEO traffic with AI.Level 4:SustainingTeams with a mature,scaled-up content operation can use AI tools to enhance their content strategy.Use AI to develop your own draft templates,train your own content models,find keywords,develop briefs,and analyze content performance.Do:Use a platform like Writer to build a library of customized templates for first drafts and develop training data for your own AI models.Dont:Expect AI to do your research;the richer and more unique the stats and quotes you feed AI,the higher quality your output(and the better youll get TOFU content to rank).Level 5:ThrivingTeams with mature and integrated content operations can use AI to enhance all areas of their content process.They can use AI to personalize content by identifying different customer cohorts to target with different types of content.Do:Think about ways AI can help with content personalization.Dont:Brag about how efficient,successful,and happy your content team is;keep learning!13|AI for Content Marketing Blueprint You have a foundational understanding of AI.You haveor know how to finduse cases for AI.Now,lets look at how real brands are using real AI technology to excel at content marketing.Software company increases content output by 500%iManages document management system helps you activate the knowledge inside your organization.As an industry leader,the company was publishing a ton of content.But their small content team was underwater.They were swamped with a backlog of reviews and edits.It got so bad that they had to turn away authors who had valuable things to say to their audience.The worst part?iManage knew their content was a hit with their audience based on the numbers.And they knew the audience wanted more.But they couldnt provide it.There was a big culprit to blame:The content team spent a huge amount of time making the same types of edits time and time again.They had constant issues keeping writers consistent on language,style,messaging,and terminology.That changed when the team turned to AI.Using Writer,a leading generative AI platform,iManage vastly streamlined its content operations.The company used Writers AI-powered style guides to transform how they worked.Instead of manual reviews,Writer automatically enforced style guidelines across all content creators.That meant iManages team no longer had to review pieces for consistency.Writers were now empowered to correct issues on their own.iManage was even able to customize Writer to learn their own specialized terminology.That tailored the system to their exact needs,not some generic style guide.Heres what happened next:AI from Writer helped iManage remove these editing bottlenecks holding up publication.That freed up their writers to do what they do best:Create industry-leading content.As a result,the companys small content team went from publishing 200 articles a year to 1,000.And they did it without significantly increasing headcount.Top Companies Using AI for Content Marketing14|AI for Content Marketing Blueprint Top Companies Using AI for Content MarketingHigh-growth ecommerce startup saves 35 hours per month,per writerAdore Me is a womens fashion ecommerce company that is in high-growth startup mode.As a high-growth startup,time and resources are everything to Adore Me.Employees wear a lot of hats and work in a lot of different areas of the business.Every hour(and dollar)spent on any given task means a missed opportunity to make an impact elsewhere.And Adore Me was spending a lot of time on mundane but necessary types of content creation.Adore Me thrives by creating content like product descriptions,ads,and press releases.But,creating this content was a massive time-suck for their writers.Instead of coming up with the next big thing,they were bogged down creating core assets.That was a major disadvantage in a ruthlessly competitive and innovative industry.AI came to the rescue.Using AI-powered features from Writer,Adore Me could generate content automatically.That included product descriptions,Google and Facebook ads,and press releases.Adore Mes writers stopped spending hours crafting these assets.Instead,they started creating them in minutes by giving Writer bullet points as a guide.And the AI learned the companys style,so tone and brand were consistent across assets and teams.As a result,Adore Me saves each of its writers 35 hours per month on these types of content creation tasks.In other areas,theyre saving up to 50%of the time it takes to create content.Is there an impact on the companys content creators?You bet.A hugely positive one.At every level,AI is freeing up content resources.Those resources are now redeployed to bigger and better campaigns with higher impact.15|AI for Content Marketing Blueprint Top Companies Using AI for Content MarketingIntuit overhauls brand voice and inclusivityIntuit is the$100 billion company behind the hit accounting software product QuickBooks.And,it had a problem.It had just overhauled the brand voice of QuickBooks,one of its leading products.The brand voice was now more engaging,relevant,and differentiated.At the same time,the company made a public commitment to making its language more inclusive.Being more inclusive meant using language that resonated more with people of different backgrounds.It also meant avoiding terms and phrases that might carry racist historical baggage.That wasnt the problem.In fact,audiences and employees loved the new initiatives.The problem was making sure that writers followed the standards consistently.To solve the challenge,Intuit leaders adopted Writers generative AI platform.Writers AI showed writers exactly when language needed to change in their work.It then empowered them to change it.That included adjusting writing to read at a fifth-to eighth-grade reading level for clarity.It also included making writers aware of how to make language more inclusive.It even helped writers remove the passive voice from their work.This was all made possible due to custom training.The AI learned Intuits specific brand and inclusivity standards.Then,it deployed them across writers and teams.Turns out,AI was a huge hit at Intuit.More than 300 people at Intuit ended up using Writer to follow brand guidelines.Staff also raved about how proud they were that the company had committed to inclusivity.All in all,doing the right thing also turned out to be the smart thing to do.All in all,doing the right thing also turned out to be the smart thing to do.16|AI for Content Marketing Blueprint Ready to try out AI for yourself?Weve got you covered with 14 top-of-the-line AI tools for content marketing that you need to try today.WriterWriter is a generative AI platform that helps you create content at scale.It does that by accelerating your writing workflow,from ideation to drafting to distribution,using the power of AI.With Writer,you can use AI to:Brainstorm content ideas.Generate first drafts in seconds.Automate brand,editorial,and style edits.Instantly produce content distribution.Repurpose content into different formats quickly.And much more.Writer is built specifically for teams with enterprise-grade functionality,data,and security features.Writers core features are designed from the ground up to harness the power of AI:Styleguide:Build an AI-powered style guide that enforces style and brand automatically and in real time.Terms:Writers AI also manages and enforces the specific language choices that matter to your brand.Snippets:With Writer,you can write something once,then use it endlessly on repeat to save time.CoWrite:Writer CoWrite automatically generates content for headlines,press releases,blog posts,and more.Top AI Tools for Content Marketing17|AI for Content Marketing Blueprint Top AI Tools for Content MarketingNot to mention,Writer also offers the powerful ability to custom-train its AI on your specific content and data,so it produces outputs that sound exactly like your brand.No other tool offers such a robust combination of AI capabilities specifically designed for teams.Use cases for Writer include:Content strategy:Automate and accelerate your content strategy by using Writer as a single source of AI-powered truth.Marketing:Create high-quality,consistent content and messaging at scale.Editorial:Create and enforce consistent editorial guidelines across assets,teams,and products.Support:Empower agents to write better responses to customers.Documentation:Write clear,consistent,and scannable documentation.Learning and development:Build high-quality learning content.Operations and IT:Roll out Writers AI capabilities across teams quickly with a fully compliant and secure platform HR:Improve communication and encourage healthy communication across teams.Writer offers two main licenses,Team(for 1-5 people)and Enterprise.The best part?Its absolutely free to try.SIGN UP HERE18|AI for Content Marketing Blueprint 19|AI for Content Marketing Blueprint Top AI Tools for Content MarketingAI can now assist you with a range of content marketing tasks,and the only limit is your imagination.ChatGPT from OpenAI is an AI tool that responds to natural language prompts.Just type in a question or command into ChatGPT,and it gives you a cohesive,complete answer.You can tell it to do common content marketing tasks like:Organize notes into outlines.Write short blog posts based on bullet points.Summarize transcripts and articles.Reword or rewrite content.Brainstorm content ideas and headlines.Populate editorial calendars.And much,much more.ChatGPT doesnt replace content marketers.And you always need to verify its output.But,even so,it saves content marketers hours of time each day ideating and creating.Cohere provides a suite of tools that use AI to help you build custom AI-powered content solutions for your business.Using Coheres API,you can tap into large language models for a variety of use cases.That includes:Harnessing the power of content and language classification using its Classify product.Tapping into text generation capabilities with Cohere Generate.Uncovering trends in text using the companys Embed product.If you need help creating content for blogs,social,or email,AIs got your back.Copy.ai creates content in just a few clicks for a variety of content marketing use cases,including:Blog content.Sales copy.Social media content.Website copy.And much,much more.In the process,it helps you beat writers block,come up with new ideas,and get started writing faster.20|AI for Content Marketing Blueprint 1 C-suite Series:The 2021 CEO Study2 The State of Marketing Budget and Strategy in 20223 Leadership Vision for 2021:Chief Marketing OfficerTop AI Tools for Content MarketingIf you need eye-catching original art for your content,AI can help.DALL-E 2 automatically creates and edits images based on the text prompts you give it.First,describe the image youd like DALL-E 2 to create.It can be almost anything you want,in any style.Then,DALL-E 2 generates several professional-grade images that match your prompt in seconds.Its that simple.Its perfect for content marketers tired of combing through tired stock photos.Instead,why not generate stunning original art to go with each piece of your content?All-in-one video and audio editing just became simple,thanks to AI.Descript uses AI to put professional-grade video and audio production in your hands.The tools simple UI makes it easy for anyone to produce videos,audio clips,transcripts,and more.Its perfect(and affordable)for podcast,webinar,and course production.And you dont need to hire pricy production firms to create multimedia content assets.Content repurposing is key to getting the most out of your content marketing.And AI can help you do it better,faster,and cheaper.GoCharlie is an AI writing tool that can turn YouTube videos into blog outlines.Just drop in a URL for your YouTube video,and GoCharlie fetches a complete blog outline.You can then have the tool generate a full blog post based on that outline.(It generates content,too.)Last,but not least,it can summarize content for you.21|AI for Content Marketing Blueprint Top AI Tools for Content MarketingAI doesnt just create content for you.It can also make your existing content better.Grammarly uses AI to automatically check your writing for typos and grammatical errors.But thats just the beginning.Grammarly also shows you how to adjust tone to achieve specific effects on your audience.And,itll help you communicate with crystal clarity through writing recommendations.Its like having a professional editor on-call 24/7.Need to create blog posts fast?AI from Jasper can help.Jasper is an AI content generation tool that can write blog posts and generate images in seconds.First,tell Jasper what you want to write about.Then,provide it with a few bullet points to work off of.Click a button,and voila!Fresh content written by AI.Writers block is the enemy of every content marketer.AI from HyperWrite can help you beat it.After youve written a sentence in HyperWrite,it can complete your sentence or paragraph.From there,you can break through a blockor tell it to keep writing.No more staring at a blank page.No more banging your head against a wall trying to figure out what to write next.If youre creating content strategies without AI,youre at a disadvantage.MarketMuse is an AI platform that identifies your top content opportunities.The platform uses AI to tell you which topics to target and how to rank for them.It even shows you what other pieces of content on Page 1 of SERPs missed,so you can outcompete them.Not to mention,MarketMuse generates AI-powered content briefs.The briefs give your writers precise guidance on how to craft content that dominates.The result?Incredibleand predictablecontent performance.22|AI for Content Marketing Blueprint 1 C-suite Series:The 2021 CEO Study2 The State of Marketing Budget and Strategy in 20223 Leadership Vision for 2021:Chief Marketing OfficerTop AI Tools for Content MarketingWhat if you could automatically tailor your messages to an individual users preferences?AI platform Persado shows users the language that motivates them most to engage and act.Say goodbye to one-size-fits-all messaging.Persados AI actually knows what type of language a user prefers.Then,it adjusts your content to make it maximally appealing to that individual.And it does it at scale across your entire audience.The result is higher rates of content engagement and increased revenue.Sometimes,you dont need to just create content.You need to say it in the rightor a differentway.Thats where AI from Wordtune comes in.Wordtune can rewrite and rephrase any piece of text you give it.It can also alter a piece of text to have a more formal or casual tone.It can even shorten or expand your text as needed.Want to write content like top brands do?Check out AI from Writesonic.Writesonics AI has been trained on the top-performing copy from major brands.That means it can generate blog posts,landing pages,and other types of content like the pros.It also features a ChatGPT-like interface to prompt the AI writer with voice or text.23|AI for Content Marketing Blueprint AI is the future of content marketing because it solves content marketings biggest challenge:removing content bottlenecks that cripple performance and revenue.AI gives you the ability to 10X the impact of your content marketing team,no matter how big or small.That,in turn,makes it possible to actually scale your content marketingan outcome impossible to achieve with traditional technology.And its just the beginning.AIs capabilities are rapidly improving,and its cost is dropping.Today,AI for content marketing is highly powerful,easy to use,and affordable across hundreds of use cases.In the coming months,it will only grow more so.Businesses that invest in understanding AI,finding use cases,and testing tools will outcompete anyone doing things the old way.So,what are you waiting for?You have the understanding.You have the use cases.And you have the tools.Now,its time to get to work.Why AI Is the Future of Content MarketingAI is the future of content marketing because it solves content marketings biggest challenge.24|AI for Content Marketing Blueprint About Marketing AI InstituteMarketing AI Institute is an online education and event company that makes AI approachable and actionable to marketing leaders around the world.The Institute owns and operates Marketing AI Conference(MAICON),a global event that attracted 300 marketing leaders from 12 countries in its inaugural year,and Piloting AI for Marketers,a course series that teaches marketers and business leaders how to drive productivity,creativity,and performance with AI.Since its launch in 2016,Marketing AI Institute has educated tens of thousands of marketers on the present and future potential of artificial intelligence,and connected them with AI-powered technologies to drive marketing performance and transform their careers.Today,our weekly newsletter subscriber list includes marketing leaders from major brands such as Accenture,Adidas,Adobe,Disney,Ford,IBM,KPMG,LEGO,LinkedIn,MasterCard,Mayo Clinic,Microsoft,Nasdaq,Nvidia,Oracle,and Samsung.Marketing AI Institutes founder and CEO is Paul Roetzer.Roetzer is founder and CEO of Marketing AI Institute,and founder of Ready North(formerly PR 20/20),HubSpots first partner agency.He is the author of Marketing Artificial Intelligence(Matt Holt Books,2022),The Marketing Performance Blueprint(Wiley,2014)and The Marketing Agency Blueprint(Wiley,2012),and creator of the Marketing AI Conference(MAICON).About WriterWriter is the leading generative AI platform built for the needs of companies and teams.Unlike other AI products,Writers training happens securely on a companys own provided data and their style and brand guidelines.The result is content thats consistent and on-brand,whether the initial text came from humans or from AI.Writer is enterprise-grade with all of the security and data privacy features needed for organization-wide rollouts.Writer is deployed widely at leading companies like UnitedHealthcare,Accenture,Intuit,UiPath,HubSpot,Spotify,Hilton,Uber,and Deloitte.
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