The Orange Economy is most relevant now, today, in this day and age, as it’s based on creativity far exceeding traditional sectors. Its basis is intellectual property, considered as what we’ve always known as “goods” and “services”. Orange Economy is the Creative Economy. In Latin America and the Caribbean there is great potential to develop creative industries through innovation and rich cultural heritage. However, many of these countries have trade deficits and often slower economies.
Countries that have developed an innovative digital strategy can take the lead to turn the Orange Economy into a main development target for generating employment and wealth. Digital (virtual) access or physical access is the solution for contact between audiences, creatives, entrepreneurs and technologies. Access and contact are vital to generate innovation, leading to the cross propagation of ideas, new uses, interpretations and habits.
Orange economy or Creative Economy has spurred the quest to find the meaning of creativity and connecting that to economic wealth, income, revenue, thus compensation. Creativity enables us to think in an untraditional way, to discover commonality among differences and ultimately encourage innovation and generate new opportunities. Ideas become reality are transformed into what can be sold as goods and services. The Orange Economy creative worker (entrepreneur) brings talent and creativity to the table as leading inputs. The Orange Economy produces income and value by generating jobs and creating a social impact.
The unfortunate reality at this moment is that the current culture is treated as a public good rather than a benefit worth compensation. This situation is very harmful to artists and creatives because it denies them of at least two fundamental rights: the recognition of their activity as a legitimate career and rightful compensation. Likewise, it denies society the kind of progress that can grow business and multiply opportunities for artists, creatives, and all the related entities in the entire value chain. Creative economy would honor the value of the innovations, creative goods and created services.
Another great result of developing an Orange Economy is that it makes it possible to bridge social divides and bring together the disadvantaged with the privileged around a common goal. Many are now seeing that the creative Orange Economy can also be a tool for social integration.