In an agency landscape increasingly defined by holding company consolidation, private equity acquisitions, and a growing army of independent startups, is bigger necessarily better? For Stephen Brown, CEO of FUSE Create, sustainable agency growth isn’t about chasing scale at any cost. It’s about building an organization that never loses sight of what clients actually pay for: exceptional creativity, strategic thinking, and work that delivers results.
In this episode of Agency Alchemy, Stephen draws on 23 years of building an independent agency to challenge the industry’s obsession with financial engineering, aggressive acquisitions, and growth for growth’s sake. He discusses why the independent agency middle ground may offer a competitive advantage, how FUSE Create’s strategic investment in Sway Group reflects a different approach to expansion, and why agency culture should fuel ambition rather than constrain it. From the practical realities of AI adoption to the evolving expectations of clients, Stephen makes the case that the agencies best positioned for the future won’t necessarily be the biggest or the most technologically sophisticated, but those that remain relentlessly focused on the quality of their work.
Five Key Takeaways
1. Independence is an opportunity, not a competitive advantage on its own.
With holding companies consolidating and smaller independent agencies proliferating, Stephen sees significant opportunity for established mid-sized agencies. But independence alone doesn’t win business. Agencies still need to demonstrate exceptional creativity, strategic capabilities, measurable results, and enough scale to compete with established global networks.
2. Growth should follow great work, not the other way around.
Stephen challenges an industry increasingly focused on spreadsheets, valuations, and acquisition-driven expansion at the expense of its core product. Drawing on lessons from FUSE Create’s own evolution, he argues that agencies create more sustainable growth when they prioritize the quality of their creative and strategic work, allowing revenue and profitability to follow rather than dictate every decision.
3. Agency culture and commercial ambition aren’t mutually exclusive.
At FUSE Create, a culture built around collaboration, humor, experimentation, and creative excellence is central to the agency’s growth strategy. Stephen believes agency leaders should foster environments where people can take risks, learn from mistakes, and enjoy the process of creating great work, recognizing that a thriving culture is a competitive asset rather than an obstacle to scaling.
4. Strategic partnerships can create scale without sacrificing identity.
FUSE Create’s investment in U.S.-based influencer agency Sway Group illustrates an alternative to traditional private equity roll-ups. By combining complementary capabilities, expanding cross-border opportunities, and retaining the expertise of the existing leadership team, Stephen sees a path toward meaningful growth that strengthens client offerings without undermining the entrepreneurial culture that made each business successful.
5. AI will change agency operations, but creativity remains the product.
Stephen welcomes AI’s ability to accelerate concept development, reduce administrative burdens, and improve employees’ working lives, but remains skeptical of predictions that technology will replace the traditional agency model entirely. Looking ahead, he believes agencies will become more consultative and strategically focused, with their long-term value increasingly defined by the quality of their ideas, client relationships, and ability to navigate a complex marketing landscape.
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