Identifying the new opportunities and threats in the Creative Economy

Purpose – The author observes that as customer-focused innovation takes hold in more and more industries, the result is a business environment that is coming to be known as “the Creative Economy,” an operating arena with unique “physics” that successful practitioners are beginning to be able to describe. Design/methodology/approach – The author interprets the insights of both a successful serial entrepreneur and cutting-edge academics to shed fresh light on how to distinguish between real and false opportunities and threats in the new operating environment of the Creative Economy. Findings – The author examines serial entrepreneur Peter Thiel’s seven – sometimes surprising – tools for implementing market-making innovation in the Creative Economy. They are, “the seven questions that every market-creating business must answer.” Practical implications – A key insight of the article is that “All truly successful market-creating firms are de facto monopolies.” Originality/value – For both practitioners and academics, the article provides a guide to assessing market-making innovations and connects the experience of successful entrepreneurs with new conceptual models by thought leaders like John P. Kotter and Clayton Christensen.