The theoretical foundations are the works of the pioneers of the idea of the new economy. Economists such as Richard Florida (The Rise of Creative Class – revisited, 2010
), John Howkins (The Creative Economy: how people make money from ideas, 2013
) or Klaus Schwab (The Fourth Industrial Revolution, 2016
) note the importance of cities that accumulate creative capital as cultural and innovative hubs. They inspire entrepreneurs to join projects and attract investment through competent urban policy and the creation of comfortable conditions for representatives of the creative class: developed infrastructure, incentives for individuality and opportunities for self-expression.
With his so-called '3T approach', Richard Florida devised an index based on three groupings – talent, technology and tolerance. Talent was intended to measure a city's human capital (the percentage of a city's population with higher education) and research talent (percentage of researchers and scientists). Technology was understood as an average of the innovation index and the researchers index. The first is calculated by measuring the number of patents issued per capita. The researchers index is the investment in R&D as a share of GDP. In Florida's model, the tolerance index combines a values index and a self-expression index. The values index is based on an assessment of the level of discord between traditional and modern societies, while the self-expression index measures tolerance of social minorities and migrants.
Florida's index has gained widespread popularity and served as a template for similar indices. Nevertheless, the index has been received with ambivalence by the research community. This is largely due to a nebulous understanding of the creative class and the professions which constitute it, and the limitations of the model in terms of the index's parameters, which for the most part assess science and innovation and underestimate the role of culture and creativity in and of itself. Subsequently many researchers, and in particular Landry (Creative Cities Index
), Hagel and Brown (The big shift: Measuring the forces of change, 2009
), have accepted the need to take the 'three Ts' into account in new models of the Global Creativity Index, but noted the absence of important elements, such as urban environment, government attitudes towards the creative sector, the involvement of local residents in the cultural and social life of a city, and opportunities for realising one's artistic potential, among others, all of which have a considerable impact on a city's attractiveness and its ability to fulfil the potential of its creative capital.
This criticism was taken into account by the developers of the Creative Capital Index, which led to the creation of a proprietary methodology. The authors of the Index not only take into account the importance of human resources, but also single out tangible and intangible assets as independent elements which can lead to the creation of new products and services when exploited effectively by creative specialists. Examples of such assets include urban infrastructure, unique traditions, brand attractiveness, cultural and historical monuments, developed theatrical, gastronomic and music scenes and much more.