In today’s globalized economy, America is increasingly reliant on knowledge, innovationand creativity to uphold its competitive advantage in the world. According to OECD Secretary-General Angel Gurría: “Countries need to harness innovation and entrepreneurship to boostgrowth and employment. This is the key to a sustainable rise in living standards“ (OECD, 2010).Similarly, The
Creative Economy Report 2008, a
joint initiative by five United Nationsorganizations, states that the creative industries are among the most dynamic, emerging sectors inworld trade. Between 2000 and 2005 alone, trade in creative goods and services increased at anunprecedented average annual rate of 8.7 per cent. This positive trend occurred in all regions andgroups of countries and, according to the authors of the report, is expected to continue into thenext decade, assuming that the global demand for creative goods and services continues to rise.Based on this finding, the report encourages countries to make strategic choices to strengthentheir creative economies (UNCTAD 2008).In the knowledge-based economy of the twenty-first century, innovation, creativity, fast-paced change, global collaboration and rapid technological advances are vital components of thelandscape in which businesses operate. For a company to thrive under these circumstances, itsbiggest investment and its primary assets are human capital. Human capital, in turn, consists of social and psychological capital. In particular, social capital leads people to want to be in a groupand learn from it, while psychological capital equips them with the tools to do so effectively(Pryce-Jones, 2010).