Art enthusiasts who visited the dynamic inaugural mixed media exhibition by Glimpses of Art in Shoreditch, London, didn’t just see an eclectic and unique mix of work by international artists specialising in a wide range of different art forms, but also experienced a distinctive and equally unique business model in full swing – one that could provide a new template for the creative industries.
The event brought together 30 international artists, more than 90% of whom were female or non-binary artists, to explore identity from a non-normative perspective. Yet interestingly, behind the scenes, Glimpses of Art is taking a non-normative approach to its business in a way that will interest those looking for new ways to grow stakeholder value in a more equitable way.
The catalyst for the new approach came from the large social media networks, such as Facebook, Instagram, Twitter and TikTok, which have a business model that utilises the creativity of millions of content creators to make tens of billions for dollars for their shareholders, while the creators go largely unrewarded. This inequity undermines creativity and innovation and stifles growth. It is something that Glimpses seeks to address.
Glimpses’ business model divides its ownership into three equal parts, with each part fulfilling a specific function. The parts can be loosely called A, B and C. Of these, A stands for Angel and other investors who help to scale up the business; B is for Builders, the people working in the organisation in the traditional corporate functions, such as accounts, marketing, human resources and sales; and C is for Ceators, the artists represented by the agency who come up with new ideas and content.
It means that the artists benefit from having part-ownership in the actual business and can be rewarded in an equitable way as the business grows. It is likewise for the other stakeholders – the investors and the builders. As well, the model is completely scalable, so be it builders or creators, it can accommodate ten, a hundred or a thousand of them. More investors are welcome too.
A triangle of forces
This triangle of forces gives the business model strength. By dovetailing financial, intellectual and creative elements in such a way, it is a business concept that is new and presents a vision of the future, particularly given the post-Covid flexible hybrid working patterns and the growth of the gig economy. After all, many of the creators will have more than one gig – likewise the investors and builders.
Clear rules and the democratisation of capital – be it financial, intellectual or creative – enable the creation and building of a company to be converted into financial gain for all involved. It is a business model that aims to balance power and capital.
Glimpses’ new structure enables the creators to get the slice of the pie they rightly deserve, thereby stepping away from the model that has skewed wealth towards the initial founders and financiers. It’s an approach that’s not socialistic, but social. Glimpses is a privately held commercial business, but it incorporates social capitalism too, meaning that it thinks of others in society. This is what gets stakeholder buy-in and has them all pulling in the same direction, increasing the likelihood of success. Hopefully the pie will grow enabling everyone to get a larger slice.
Glimpses’ approach may not be perfect, but it is a genuine attempt to improve on what’s gone before. It will hopefully encourage some fresh thinking on the way companies operate, combine people and capital, and prompt other creative businesses to follow suite or evolve the process further.
By Robert Minsaas, Founder and Chief Executive Officer, Glimpses of Art.
