How do Cockpit Arts’ administrators ensure the strength of its business incubator model?
We believe that the strength of our business model lies in three areas: Our financial model which is a social enterprise model; the business incubator approach to tracking and reporting on business success and outcomes, and the quality of our business development advisers who are SFEDI accredited. Average turnover and profit of our clients has increased year on year since we started measuring in 2005, and is higher than comparable businesses elsewhere in the UK. Our financial model is to focus on trading from the services we provide to our clients, known as social purpose trading, and other earned income which together currently provides 90 per cent of our income.
Looking to the future, what are the key targets for Cockpit Arts in the medium to long term?
Our vision is to be the foremost creative business incubator with a global reputation. We are a small organisation that aims to punch above its weight. Although Cockpit focuses on a relatively small number of beneficiaries it has the wider goal of influencing the wider craft sector; raising aspirations and helping to grow the craft sector.
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