Business Incubation can help Innovative Food Producers
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| Image from "Sell Your Speciality Food", a book with info on how to Market, Distribute, and Profit from Your Kitchen Creation |
Food producers are becoming more innovative and in trend as communities favour locally sourced foods with a trusted story behind them.
Kate Lord, Incubator Manager explains “ You don’t have to look far for inspirational examples of individuals who have brought innovative food products to market that have turned out to be high growth. Look at Levi Roots’ Reggae Reggae sauce or Kirsty Henshaw of Worthenshaws Freedom. The young female entrepreneur with no prior business experience developed dairy free frozen desserts and won investment from Dragons Den. Innocent Smoothies started very small and got investment of £30m from Coca-Cola in 2009. Locally, we have success stories too. The Apple Orphanage, Cocoa Red and The Original Manx Fudge Factory are great examples.
These inspirational stories of achievement show that people of all backgrounds can achieve success as food producers, with the right focus, support and drive. We’d like to help more of our emerging local food producer businesses through the Isle of Man Business Incubator.”
So what is business incubation?
Business incubation is a business development process designed to accelerate and support the successful growth of early stage ventures. The Isle of Man Business Incubator (BIC) is supported by the Isle of Man Government Department of Economic Development to assist Isle of Man start ups research, set up and grow.
What sort of business does BIC assist?
BIC’s primary focus is to support ventures with high growth potential. This means supporting entrepreneurs whose business aims to create jobs and aspires to serve markets beyond the Isle of Man (exporting). Additionally, business incubation is used in small communities to promote local sourcing (import replacement), diversify the economy, drive regeneration and support innovation. In short, BIC selects clients that are doing something innovative in one way or another, and have an appetite for growth. Many of our clients are technology or knowledge based companies.
How does BIC help businesses?
Support is flexible and tailored, depending on needs. It can range from help with research, idea validation, product development, business planning and marketing to providing mentorship and a place to work from. A key benefit accessed by incubator clients is the wealth of contacts and experts the incubator can provide. For example, we work closely with the Chamber of Commerce and have good connections with many local service providers who are keen to help start ups. BIC helps guide entrepreneurs through the range of help available.
What sort of food, agriculture or environmental industry business may be assisted by Isle of Man Business Incubator?
BIC looks to help pre-start up or early stage businesses (less than 18 months old) with its Get Going Programme, which is free upon successful application.
Support can be relevant to:
- people planning or researching a business idea, product or invention
- those starting a business
- existing businesses planning a spin-out operation
- existing businesses looking for a new entrepreneurial team to take the business forward (aiding with succession issues in family business)
- people looking to get involved in a new venture, but not sure where to start.
To find out more or apply online visit www.iombic.im or call 01624 647065
Article written for AgriNews published by Isle of Man Department of Environment, Food and Agriculture http://www.gov.im/daff/
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