Innovate UK is investing in the UK’s next generation of createch innovators through Next Wave, a new growth programme for ambitious micro businesses and small to medium enterprises (SME) working at the intersection of creative and technology frontiers.
The programme will support businesses to develop and commercialise innovative products and services, while connecting them to the expertise, markets and investment needed to scale from the UK.
Innovation within the creative industry
The first £10 million Next Wave pilot, Breakthrough Wave 1, attracted 700 applications from creative technology businesses right across UK regions, demonstrating the depth of ambition and innovation within the UK’s createch ecosystem.
Building on this momentum, Innovate UK will launch further Next Wave opportunities in 2027, backing innovation across four frontier creative industry areas:
- film and TV
- video games
- music, performing and visual arts
- advertising and marketing
By 2035, Next Wave aims to support the creation of at least 10 future centaurs and two future unicorns, while unlocking more than £300 million in private investment.
Extraordinary creative talent
Dr Joanna Choukeir, Deputy Director, Creative Industries at Innovate UK, said:
The UK is home to extraordinary creative talent, technological expertise and R&D infrastructure. Next Wave is about backing the people pushing the boundaries of what’s possible when creativity meets technology.
By connecting ambitious createch SMEs with funding, expertise, markets and investment, we’re helping make the UK the #1 place for the next generation of creative businesses to start, scale, stay and create impact.
Creative Trade Forum to boost global growth
The Next Wave investment comes alongside the launch of the Creative Trade Forum, a new partnership between government and industry to help UK creative businesses increase exports, attract investment and compete internationally.
Reporting to the Creative Industries Council, the forum brings together leaders from industry and trade bodies, including:
- YouTube
- the British Film Institute
- Innovate UK
- WPP
- the British Council
- UKRI
- BBC Studios
The forum will provide industry insight to government, identify barriers to growth, champion UK creative exports and strengthen international commercial partnerships.
Members of the Creative Trade Forum at the Launch Event at Edinburgh International Festival.
Success in global markets
Tom Fiddian, Head of Creative Industries at Innovate UK, said:
I’m delighted that Innovate UK is joining the Creative Trade Forum. The UK’s creative industries are already a global success story, generating £145 billion in GVA each year and attracting more creative foreign direct investment than almost any other country.
The opportunity now is to turn more of that global demand into growth from within the UK, helping creative businesses scale confidently while retaining more IP, ownership and long-term value here.
I’m excited to work alongside leaders from across government and industry to identify opportunities, strengthen connections and ensure more UK creative businesses have the support they need to succeed in global markets.
A clear blueprint for growth
Francesa Hegyi, Co-Chair of Creative Trade Forum and CEO, Edinburgh International Festival said:
The UK’s Modern Industrial Strategy, launched in June 2025, is a clear blueprint for economic growth, and creative industries are a key part of that.
I’m really pleased that the groundwork we’ve laid over the past couple of years is now translating into tangible action through the Creative Trade Forum. This will unlock genuine export and investment opportunities for creative businesses right across the UK.
Supporting the UK’s creative economy
Creative industries are one of the six priority sectors identified in the Innovate UK prospectus and part of UKRI’s R&D strategy for the creative and cultural economy.
This reflects the sector’s significant contribution to the UK economy and its potential for future growth.
Next Wave forms part of Innovate UK’s wider commitment to helping high-potential businesses turn breakthrough into commercially successful and globally scalable products and services.
By strengthening the pipeline of globally competitive creative technology companies, Next Wave will help attract private investment and strengthen exports.
This will also support the government’s ambition to double business investment in the creative industries by 2035.
