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This paper provides the first empirical study of the relationship between risk and creativity in advertising. Advertising agency creatives and their propensity to take advertising risks are examined in the light of their advertising creativity, as measured by awards won. It is found that risk-taking is linked to higher levels of creativity. Creatives feel that their managers and clients are more reluctant to take risks than they are. Support is given to earlier studies that showed that creatives take bigger risks for smaller clients. Furthermore, the relative risk propensity of different categories of creative staff (e.g. male/female, older/younger) is upheld, with a few notable exceptions. Managerial implications are identified.