A Theory of Why Arts Entrepreneurship Matters

Although consensus on a definition of Arts Entrepreneurship (AE) is helpful, formal theories are needed to help AE researchers and educators explain what the general AE process is and why it matters. As discussed in this article, such theories can help us understand the relationship between art innovation, art market creation and art value exchange in Artworlds. Such theories can also help AE educators in particular clarify distinctions and similarities between the systematic practice of AE and business entrepreneurship, challenge past and present assumptions about AE and may encourage AE educators to pivot towards new pedagogical directions.