A new support programme aims to raise the value of London's arts industry by a third to £32bn and create 200,000 new jobs in 10 years.
Bend It Like Beckham's Gurinder Chadha (left) supports the scheme
Creative London has been set up to nurture the capital's talent through a package of support.
This includes 10 "creative hubs" - small offices where art entrepreneurs can work and seek advice.
"We want to ensure that creative industries are able to thrive in the capital," said mayor Ken Livingstone.
The scheme has the backing of Bend It Like Beckham director Gurinder Chadha, designer and restauranteur Terence Conran and film director Alan Parker.
London's creative industries currently employ 500,000 people and are responsible for one in five of all new jobs in the capital.
But an investigation by the mayor's Commission for the Creative Industries found the industry lacks international recognition, and young entrepreneurs often struggle
to get financial backing.
New businesses also have problems with marketing and finding affordable premises, the commission found.
The 10-year action plan includes a £50m fund to support business growth and provide venture capital, and a property advice service to provide information on local authority policies and planning issues.
There will be specialist legal advice on intellectual property rights, and a new marketing initiative will aim to attract private sector investment.
In addition, a space brokering agency will access vacant space for exhibitions, marketing and showcasing.
Creative London chairman Michael Frye said: "London's future social, economic and cultural health will depend on how well we support creative industries today."