A sustainable creative economy development model using a penta-helix approach based on local wisdom in Magelang City, Indonesia

Abstract

The purpose of this research is to develop a strategy for developing a sustainable creative economy with a penta-helix approach based on local wisdom in Magelang City. Magelang City is one of the areas in Central Java Province with enormous potential for developing a creative economy and local wisdom. There are 3 leading creative economy sub-sectors in Magelang City, namely culinary, craft, and performing arts. Various research and studies have also been carried out, but have not been able to formulate a creative economy development strategy that is solid, integrated, inclusive, comprehensive, sustainable, and based on local wisdom. The analytical methods used in this research are Interpretative Structural Modeling (ISM) and Matrics of Alliances and Conflicts: Tactics, Objectives, and Recommendations (MACTOR). The result of the research formulates that there are 10 (ten) strategies for developing the creative economy, namely increasing business legality, skills and abilities of entrepreneurs, sustainable business management, production capacity, Appropriate Technology (TTG), infrastructure improvements, increased access to capital, product quality, business branding, and promotional and marketing innovations. Besides that, the development of the creative economy also requires synergy, collaboration, continuous and sustainable cooperation between stakeholders or often referred to as the Penta-helix, which consists of Academics, Business, Community, Government, and Media (ABCGM).