Friday, December 16, 2011

Isle of Man Business Incubator Celebrates Accreditation Success!

Kate Lord-Brennan, Isle of Man Business Incubator pictured with Hon. John Shimmin MHK, Minister for Isle of Man Government Department of Economic Development

Isle of Man Business Incubator celebrated obtaining accreditation from UK Business Incubation (UKBI), the industry body for business incubation at an event held last week at the Isle of Man Business Centre.

The UKBI Inspire accreditation process involved a review of business incubator policies, procedures and the team providing support to early stage companies.  The review involved benchmarking these areas against best practice and included a visit to the Island by a UKBI assessment team in October.
The Isle of Man Business Incubator was originally established in 2008 and managed by Coventry University Enterprises.  In 2010, the Department of Economic Development established a public-private sector partnership with the intention of enhancing support for local start-ups and also businesses looking to relocate to the Island.  A key target of the new partnership was to obtain UKBI accreditation by March 2012.
Kate Lord-Brennan of Isle of Man Business Incubator was delighted that accreditation had been achieved earlier than planned.  “This is major milestone and I am pleased with the feedback we received from the UKBI review team.  The review process was very constructive and we obtained a lot of advice which will help us to continue developing.”

Keiron Broadbent of UKBI commented “The Isle of Man Business Incubator has done very well achieving accreditation and we would not expect to see a similar aged programme to be as developed in so many areas”.

The event at the Isle of Man Business Centre also marked Global Business Incubation Day.  This provided an opportunity for entrepreneurs currently developing their business ideas to network with those running successful local businesses. 

Minister for the Department of Economic Development, John Shimmin MHK commented: “This accreditation demonstrates the Government’s commitment to working closely with, and supporting, early-stage ventures. Through the fostering of local start-ups in addition to attracting inward investment, the Isle of Man maintains its position as a world centre for business.”

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About Isle of Man Business Incubator
The Isle of Man Business Incubator provides services and accommodation to early stage ventures on the Isle of Man and inward investment businesses looking to establish an Isle of Man base.  The facilities and business support provided by the Isle of Man Business Incubator (BIC) are managed by Capital Select and supported by our primary sponsor and partner, the Isle of Man Government Department of Economic Development.  The Isle of Man Business Incubator is an accredited member of UK Business Incubation, the National Business Incubation Association and network partner for the Microsoft Bizspark programme.  Contact: 01624 647065, ,

About UK Business Incubation (UKBI)
UK Business Incubation (UKBI) has been the UK’s and increasingly international principal and successful authority on business incubation, business incubation development and best practice since 1998.

It helps government and development agencies build thriving business incubation infrastructure that make increasingly significant contributions to local, regional, national and international economic growth, as thousands of incubated clients grow and move out of their business incubation environments and achieve sustainable commercial success in their own right.

About the INSPIRE Accreditation Process
The Inspire monitoring, development and accreditation process© for business incubation is recognised by practitioners, stakeholders and governments as essential for business incubation and other early-stage growth environments such as innovation centres as well as business incubation activities within technology and science parks.

Based on the Business Incubation Development Framework (BIDF) and rigorous national and international research, it covers ‘physical’ and ‘virtual’ business incubation activity that provides specialist and targeted support and development to early stage and other growth companies.

In addition, the Inspire monitoring, development and accreditation process© provides quality 'benchmarks' for stakeholders, funders and supporters (as well as potential clients) helping them to identify and then develop practices leading to the application and public recognition of best practice in business incubation. 

About Business Incubation
Business incubation is a business support process that accelerates the successful development of start-up and fledgling companies by providing entrepreneurs with an array of targeted resources and services. These services are usually developed or orchestrated by incubator management and offered both in the business incubator and through its network of contacts. A business incubator’s main goal is to produce successful firms that will leave the program financially viable and freestanding. These incubator graduates have the potential to create jobs, revitalise neighbourhoods, commercialise new technologies and strengthen local and national economies.

Media contact:
Kate Lord-Brennan, , 01624 647065