TERRIBLE economic conditions, rising unemployment and tensions over pay and prices don't add up to the kind of climate where anyone would routinely take a punt on an untried formula.

But if Sir John Peace and a group of colleagues hadn't done just that a multi-billion global enterprise which employs around 2,000 people in Nottingham alone may never have existed.

It was against exactly that kind of background in 1980 that Experian got off the ground, Sir John and his colleagues deciding to try something different, innovative and not without risk.

"We got a lot of things wrong," recalls Sir John. "But I'm glad to say we got more things right!"

The experiences he had developing a new business in a severe economic downturn made him the ideal man to introduce a group of businesses which are in the throes of doing the same – Nottingham's Creative Class of 2011.

The nine businesses unveiled at the Nottingham Contemporary have been put in the spotlight by the Invest in Nottingham Club, the public-private partnership set up to promote the growth of businesses and encourage new investment. The era in which they are coming to prominence has uncanny similarities to the time that gave birth to Experian

Directors of the businesses sang for their supper at an event intended to shed light both on their own success and the wider emergence of what could turn into a significant sector of the city's economy.

Sir John says the encouragement of innovation is crucial to the future of the city. He told Business Post: "When people look at Experian today they see a large, FTSE corporate. But it wasn't always like that. We started what became Experian in 1980, just after the Winter of Discontent. The economy wasn't in great shape at that time. So I can understand from personal experience how difficult it is to start a creative business and succeed when economic conditions are difficult.

"That's one of the reasons I am here – to pay tribute to innovative and creative people who have built what I consider to be some outstanding businesses. We need to have more innovation and creativity, more SME businesses that are capable of becoming the Experians of tomorrow."

"To make it happen, you need good people, you need good products and ideas which are capable of growing and getting into international markets. What you'll notice immediately about businesses like these is that they are already looking at international opportunities."

Most of Nottingham's Creative Class are comparatively small businesses, existing away from the headline media narrative about big businesses, bonus cultures and job losses.

Sir John says the contribution they make to the UK economy now and in the future is not yet fully appreciated. He said: "I don't think the importance of creativity and innovation in business is fully appreciated and it certainly needs to be celebrated further.

"Something like 50 per cent of our GDP comes from large corporates. But the rest comes from SME businesses and that is something we need to grow over time. We have to recognise the importance of SMEs. We have to support them, encourage them and nurture them so that they can become medium-sized.

"More than anything it is down to people – good people who are driving success and that is one of the defining characteristics of these businesses

"People who start businesses like this, leaders of great businesses, they can see market opportunities often better than your average person in the street. They can see opportunities which are not just in Nottingham, not just in the UK.

"They see international applications of what they do and that is one of the extra dimensions that drives their success. They are not just growing revenue and profit – they are creating jobs."

Adam Bird's Esendex has been picked out as one of the Creative Class of 2011. He is chief technology officer and co-founder of a business which now has a multi-million turnover, some blue chip clients and international expansion on the horizon.

"It's great that an event like this is being held, but this isn't about making me feel good. It's about showing people what's possible," he said. ''We can all be examples to the wider field of business that Nottingham can be a great place to run and develop business and that more people should come and do the same.

"The challenges with this kind of thing is always whether you can get years two and three. I'm confident that there will be a next generation of the Creative Class."

Involved with technology networking organisations like Nott Tuesday, Mr Bird is an evangelist for the city's creative and technology sector. He believes Nottingham has a major opportunity to put momentum behind businesses like those selected for the Creative Class and develop something similar to a creative quarter.

"There is a big opportunity for a city like Nottingham to do some social engineering by connecting and almost creating a place for all these businesses to get together in that area around Antenna, Broadway and the Lace Market," he said.

"These businesses don't need high-end offices. All they look for is a high-speed internet connectivity and good building security. If we can show them that this is the right kind of environment for them, that they can get together with others and share ideas, that it's a city that suits them and their lifestyle I think we've got a real opportunity here."