Descriptive Analysis and Business Model Innovation on Creative Economy Development in Yogyakarta

Abstract

Aims: In this transformation era, creativity and knowledge quickly became powerful tools to drive progress in economic development. Unforeseen economic challenges around the world are pushing many countries and regions to adapt in new ways and are oriented towards the creative economy. The creative economy is a development concept based on creative capital that has the potential to increase economic growth. As a city of education and culture, Yogyakarta has social, economic, and cultural wealth potential to be developed into a creative industry. However, the potential for the creative economy has so far not been identified and utilized optimally. This study aims to map performance, potential, and several keys to success for the development of the creative economy in Yogyakarta. Study Design: The analytical method used is the descriptive analysis method, business model, and Critical Success Factors (CSF). Place and Duration of Study: The description of the creative economy of Yogyakarta begins by analyzing the number of creative entrepreneurs in Yogyakarta city in 2021. Methodology: The methodology of this study is a qualitative study by observations in the field, interviews with the Yogyakarta government, and creative economy actors. Results: The results obtained to develop the creative economy of Yogyakarta City are six critical success factors, namely: a) Database, b) Human resources, c) Mastery of technology, d) Creative arena and infrastructure, e) Financing and investment, and f) Institutional. Conclusion: The creative economy is a sector with considerable potential in the city of Yogyakarta because there are many creators who have quite high production values. Unfortunately, the creative economy in Yogyakarta has not been properly recorded and is still underestimated.