THE IMPACT OF PENTHA HELIX AND HUMAN CAPITAL ON BUSINESS PERFORMANCE AND COMPETITIVE ADVANTAGE OF THE CREATIVE INDUSTRY IN BURU REGENCY, INDONESIA
Although the creative industry plays a significant role in economic development, creative economy entrepreneurs continue to encounter numerous challenges in terms of business development and sustainability. The purpose of this study is to (a) determine the impact of academics, government, the private sector, society, media, and human capital on the business performance and competitive advantage of creative industries in Buru Regency and (b) determine the impact of business performance on the competitive advantage of the creative industry in Buru Regency. This study employs a quantitative method with a population of creative industry owners from Buru Regency, Maluku, Indonesia. Data analysis uses Structural Equation Modeling Partial Least Squares (SEM-PLS) to identify creative industry actors in the craft, culinary, and performing arts industries. The results of this study suggest that: (a) academia and government have a considerable and favorable influence on the commercial performance and competitive advantage of creative sectors; (b) the private sector, society/community, and media have no substantial impact, but the direction is favorable on the business performance of the creative industry, whereas it has a significant and positive influence on the creative industry's competitive edge; (c) Human capital has a significant and positive effect on creative industry business performance but does not have a significant and positive effect on competitive advantage; (d) academics, government, private sector, media, and human capital have a significant and positive influence on the competitive advantage of the creative industry in Buru Regency through business performance; (e) society has no significant influence but has a positive direction; Thus, the creative industry in Buru Regency requires: (a) developing innovative business models and increasing access to financing for the developing creative industry in order to increase the role of entrepreneurs and the community in the development of the creative industry; and (b) increasing the human capital of creative economy business actors by developing knowledge and skills, such as increasing business actors' digital literacy. Regional governments may boost relationship facilitation by organizing business meetings for creative economy players, developing investment partnerships, and production and marketing collaborations. (c) Pentha Helix stakeholders (government, corporate sector, universities, society/community, and media) are projected to play an increasingly important role in stimulating the growth and development of the creative industry.
Creative Industry, Penta Helix, Human Capital, Business Performance, and Competitive Advantage