The Isle of Man Department of Economic Development (DED) and Capital Select Limited have announced a new partnership for the Isle of Man Business Incubator (previously Isle of Man Business & Innovation Centre).
The new partners and plans were introduced at an event on Global Business Incubation Day (8th December) which celebrates the impact and achievement of business incubation across the globe and the success of home grown talent.
The partnership will mean enhanced support for entrepreneurs and fledgling businesses on the Isle of Man through the use of local sourcing and private sector partners.
As part of the changes, the business incubator’s primary site is now the prestigious new Isle of Man Business Centre at Capital House in Douglas which is also home to Isle of Man Chamber of Commerce.
Development plans for Isle of Man Business Incubator (BIC) include working towards accredited status awarded by UK Business Incubation, enhancing support programmes to on and off island businesses choosing an Isle of Man base and creating multiple incubation environments for growing businesses.
Minister for Economic Development, Allan Bell MHK, commented: “The establishment of this new partnership reinforces our commitment to supporting innovation and entrepreneurship in the Isle of Man. I’m confident that these excellent new facilities, coupled with the dedication of the teams in my Department and Capital Select, strengthens our proposition for both start-ups and developing businesses and will further help our policy of further diversifying the economy.”
Mark Gilson, Managing Director of Capital Select Limited, commented: “We are pleased to be working with the Department of Economic Development to manage and develop the Isle of Man Business Incubator. I am confident that, working together, we can build on the success already achieved and take business incubation on the Island to the next level.”
Business incubation is an established tool in economic development. The provision of start-up assistance including vital space, services, knowledge and contacts are proven to stimulate development of successful enterprises, drive innovation and technology commercialisation, helping to create jobs, attract new business and diversify local economies.