?? Creative Tech News & Insights — Nov 1, 2024

From innovative funding for inclusive talent to AI’s influence on creative sectors, this week’s updates bring you the latest insights and trends across the industry. Let’s get started!

Investment of the Week

Making Space, an innovative platform dedicated to empowering pre-qualified Disabled talent through talent acquisition and accessible learning, has secured funding from Upstart Co-Lab. By collaborating with major players like NBCUniversal, Netflix, and Amazon Studios, Making Space is transforming corporate learning with inclusive education, paving the way to quality careers. This marks Upstart’s first direct investment in a company, and its fourth under the Inclusive Creative Economy Strategy. Notably, Techstars has also supported Making Space, participating in two funding rounds, including the most recent $2 million raise. To qualify for investments from Upstart Co-Lab, submit your application here.

Creative VC Launch of the Week

Creative Capital Ventures, based in Lisbon and London, has launched an €18 million fund targeting tech, digital media, and consumer products. The fund’s initial capital will be deployed by the end of 2024, aiming for 18 initial and 11 follow-on investments. Although the fund’s swift launch suggests selections were made earlier this year, creative tech startups can look forward to future funding rounds.

Numbers of the Week

Mobile gaming now represents 92% of Africa’s gaming market, making the continent a significant player in the global gaming industry. As internet access continues to expand and become more affordable, this trend is set to grow. By 2029, Africa’s gaming market is projected to reach $3.72 billion, according to Mordor Intelligence. For more insights on African Creative Tech investment, tune into our recent webinar with Steven Freidmutter, Limited Partner at Launch Africa Ventures.

Discovery of the Week

A fascinating insight from The Art Basel and UBS Survey of Global Collecting 2024 reveals the impact of tech on art collecting. While 72% of high-net-worth individuals (HNWIs) have purchased artwork via a dealer’s website or online viewing room (OVR) without seeing it in person, 43% have done so through Instagram. The most surprising finding? Boomers lead the way in digital art collecting, with 5% of their collections in digital formats, compared to just 3%among Millennials and Gen Z! We’ll delve deeper into this trend as more details unfold.

Tests of the Week

Last week, two studies examined AI's impact on human creativity. One found that humans remain more creativewriters than AI, while the other explored the influence of large language models (LLMs) on creative output. Both studies agree: AI still has a way to go before matching human creativity. However, it raises an interesting question — are we certain these evaluations were genuinely human-led?

“Shazam for…” of the Week

Once a trend, “Shazam for…” concepts are rare in today’s Creative Tech scene. However, the apparel brand Aesthetichas launched a “Shazam for fashion” app. Here’s how it works: when you see an outfit you like on Instagram, you can send the post link to Aesthetic’s Instagram account, which responds with a link to view similar styles... on their website only. It’s a bit like an Uber app with only one button: “Take me Home.”

AI Mystery of the Week

A new image generation model, known as red_panda, is surpassing models from Midjourney, Black Forest Labs, and OpenAI in the crowdsourced Artificial Analysis benchmark. Users say red_panda offers better prompt adherence and faster generation speed. With much speculation about its origins, mass media are wondering: who created red_panda, and when can we expect its release? But perhaps a bigger question looms — will a major company acquire it before launch, or will it remain independent like Midjourney?

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