Isle of Man Angels: New Entrepreneur Funding Network

Isle of Man Angel Network’s online platform connects entrepreneurs and local funders

A new service, Isle of Man Angel Network has been launched to provide a convenient place for entrepreneurs and potential funders to connect.

www.isleofmanangelnetwork.com is a central location for entrepreneurs and investors to register and list or view investment opportunities. The online network will help both local and off island businesses whilst promoting economic growth on the Island.  Registration and project listing is free.

Kate Lord-Brennan, previously of Isle of Man Business Incubator and now Director of MK Ventures Ltd which operates the network commented:

“Visibility and accessibility of a funding network on the Isle of Man is what we’re achieving with Isle of Man Angel Network. Access to private investment - simply where to look or who to speak to - have previously been barriers for fledgling companies looking to establish and grow on island, even though there are many individuals here that look to invest.

With Isle of Man Angel Network, we have created a simple model via the website, where it is free to list projects and free to register as an ‘Angel’.  It is merely an introductory service, but the key thing is that the Island now has a single point to refer to when directing businesses that are looking for funding. The network operates solely online, so it is visible and accessible, which makes it so much easier for businesses.  It has been developed based on feedback from entrepreneurs and local investors, the barriers they face and their preferences.”

Investors can maintain anonymity whilst viewing potential opportunities and entrepreneurs can reach a wide group.  The online platform enables a lot more ground to be covered initially, which can often suit both sides.

Entrepreneurs and those interested in hearing about investment opportunities can find out more at www.isleofmanangelnetwork.com and follow @isleofmanangels on twitter.

Starting out with your Start-Up

Guest blog from entrepreneur Andrew Jervis, champion for enterprise and one of our incubator graduates.



Andrew Jervis speaking on entrepreneurship at University of Manchester Business School

So you’ve got that amazing idea? Check! You know exactly how it’s going to plan out? Check! It’s going to make you a millionaire with in 18 months? Hmmmm….. check!


Being (or aspiring to be) an entrepreneur is an amazing experience. It brings out a whole series of emotions; excitement, frustration, joy, worry, laughter, you name it! Inevitably you’ll meet a whole variety of extraordinary people. You’ll more than likely have no money (or negative) in your bank account at some point and you may even think “what the hell am I doing?”.  Well, if you're reading this and you’ve started a business and currently experiencing some or all of these symptoms, don’t sweat.  It's perfectly natural.

From a personal perspective, starting out on my first business was a hugely exciting period.  One that was approached naively but became a great learning experience. With aspirations of having the world of wheel trims eating out of our hands in no time, my business partner and I were ready to conquer the world. Our projected financials had many zeros at the end of the net profit line and we were already day dreaming about great success and riches. The reality was quite different. We launched and well… the sales came but not by the amount we anticipated… by a considerable amount.

Being positive, ambitious and optimistic are all very important traits in business. Some people who launch with this enthusiasm hit the jackpot first time and very quickly (Mr Zuckerberg would provide a modest example of this), but as the stats show the majority of start-ups don’t succeed and many of those who do get through the first couple of years go on to make modest incomes.

The point of raising these sobering facts is not to be negative and dampen the enterprise spirit but to prepare people for the journey ahead. The road is long, fun and enthralling but you have to be prepared for hard work and setbacks. That’s not to say that the journey wont be rewarding as it definitely will be!

From a more practical perspective, here's a few pearls of wisdom from others that I have found particularly useful, blended with a little bit of my own experience.


- Don’t settle on your first idea.  You are potentially stumbling through 100’s of great business ideas everyday. A really effective way to find a great idea is to look at the problems you encounter every day. I’m pretty sure your problems are not just isolated to you, so if you can solve a problem for yourself then you can solve it for whole bunch of other people.

- Undertake a feasibility assessment.  A very basic feasibility assessment on your business can quickly find out if it’s a goer or not. What’s your cost price, what’s your sale price, how many units do you need to sell to break even, how many customers will potentially and realistically buy from you (everyone and anyone doesn’t count!).

- Go niche.  This is not necessarily a pre-requisite for a successful business but it can be an effective method to get trading in the early days. Find a small particular niche market that no one else is focused on and really deliver great results for your customers.

- Be very good at one thing, not ok at 5.  I can be guilty of this, as can most entrepreneurs. With so many ideas flooding through your head it can be easy to get side tracked and before you know it, you can be doing an OK job with a few ideas but not really delivering to your full potential. This brings us back to don’t settle on your first idea…. be picky and choosy and when you know you’ve found the right idea commit to it.

- Network and drink green tea.  Regular tea and coffee is OK as well but make sure you talk to other entrepreneurs or freelancers. Starting out can be quite lonely especially if you’ve come from a big organisation so speak with other entrepreneurs, go for tea and cake, share experiences and contacts and help each other out!

- Get a mentor.  Someone who’s been there and got the t-shirt to give you pearls of wisdom along your journey can be priceless.  Ideally get a mentor linked with your industry and walked your proposed enterprise journey before.

- Learn from failure.  Failure is not bad. In fact,  if used constructively, failure can be a really good thing. It's much better losing a few hundred pound in the early days and learning a lesson, than losing £10,000’s later on having not learnt that lesson. Don’t be afraid to fail and if you do, dust yourself off, learn what went wrong and try not to make the same mistake again.

- Have fun, get passionate, work hard and play harder.  Your enterprise adventure is certainly not going to be dull and will bring out all sorts of emotions. It’s going to be important that you work hard when required and equally important to enjoy your new freedom and play when you can.

Most importantly enjoy what you do and get passionate about it!

About Andrew Jervis:

Andrew Jervis is currently on the Masters of Enterprise at the University of Manchester Business School. Raised on the Isle of Man, he attended school and undergraduate education in the north of England. Andrew worked in a graduate position in an offshore bank before embarking on his enterprise journey. Currently he is involved in 3 enterprises each with their highs and lows: check them out: www.quickvehicleparts.com, www.pieboyclothing.co.uk, www.andypie.co.uk . Andrew was a client at Isle of Man Business Incubator before moving to Manchester to study at Manchester University.

In April 2012 PieBoy won the Shell Live Wire Grand Ideas Award for March, a national award that has previously earmarked and propelled some of the UK's most successful start-ups and entrepreneurs.

Andrew has been accepted onto Entrepreneur First, the prestigious high-impact technology entrepreneurship start-up scheme along with 30 other young entrepreneurs from across the UK.  As part of the 2012 cohort, Andrew was invited to visit 10 Downing Street .  

Thank you from Kate at Isle of Man Business Incubator to Andrew for taking the time to share your tips and experience.

Award for Iforium's Achievement in Entrepreneurship

Craig Osborne, Founder of Iforium 

Iforium, recognised for Achievement in Entrepreneurship and seeking new talent to join its expanding operations.

Isle of Man based E-gaming Software Company Iforium has been presented with an award for Achievement in Entrepreneurship.

Iforium is a fast growing software development company specialising in the development of E-Gaming Sports Betting and Casino management platforms. The company has led the way with industry innovations such as Gameflex, a platform which allows a gaming operator to seamlessly combine premium gaming content under a common bonus and loyalty points system. Now in a phase of rapid growth, the company seeks new talent to join their expanding operations.

Isle of Man Business Incubator presented the award in recognition of Iforium’s contribution to industry and rapid growth. Iforium follows in the footsteps of last year’s winners Bladon Jets, the company that developed the micro-gas turbine engine and has since entered into a partnership with Jaguar LandRover and attracted investment from Tata.

    

Craig Osborne, the founder of Iforium commented: “The key to our success is combining one of the most talented technical teams in E-gaming with a clear commercial strategy. Our software engineering practices allow us to continuously innovate in a fast changing industry. Our approach is now leading to significant commercial success. We are constantly looking for new talented developers, automated testers and network engineers to join our team.”

Kate Lord-Brennan of Isle of Man Business Incubator said: “ The business incubator made a difference to Iforium at an important stage of its development. It provided the company with the opportunity to mix with like-minded entrepreneurs, including the team behind Bladon Jets. We wish Iforium continued success.”

About Iforium 

Iforium was founded in 2006 by Craig Osborne with the vision of developing a modern and flexible suite of gaming products and solutions. This has delivered Wagerflex our flexible Player Account Management platform, Gameflex our innovative common bonus solution and Sportsflex our scalable sportsbook solution.

Iforium is 100% privately owned. All shareholders actively work for the company and continue to seek excellence in product innovation through software engineering and partnership with our clients.

To support our continued rapid growth, we are looking to recruit various technical and managerial positions. A number of specific vacancies are currently available, but we are always keen to hear from exceptional IT professionals looking to work in a challenging, dynamic, rewarding, and informal environment. If you feel you offer skills which would benefit our company please send your current CV and covering letter to careers@iforium.com.

About Craig Osborne 

Craig graduated from the University of York in 1997 with 1st Class Honours in Computer Science. This has provided Craig with a solid basis in all aspects of Software Development, Software Architecture, Development Methodologies, Hardware Infrastructure and Mathematics.

Craig has been involved in the E-Gaming industry since 1999 when he started taking part in the development of Sports betting software. His technical skills, understanding of business requirements, drive and attention to detail led him to be quickly promoted to the role of Chief Architect and Team Leader. Craig also worked at Avanade, the joint venture consultancy between Microsoft and Accenture, which allowed him to broaden his commercial skills.

Craig founded Iforium in 2006 with the vision of developing the next generation E-gaming platform that gives clients access to a number of core modules and the ability to quickly tailor these to create a unique player experience.

Pomegranate's REGENUVITE Natural and Organic Skincare Range has Successful UK Launch

In development for over a year and in planning for several years, Pomegranate’s Regenuvite™ natural and organic skincare range launched in  the UK at Natural & Organic Products Europe in April at London’s Olympia and online at www.pomegranatestore.com.

The launch exceeded expectations with a high level of international interest in the Pomegranate brand so as well as following up enquiries from UK retailers, the Company is dealing with enquiries from distributors in 18 countries.

“We weren’t expecting this level of international interest at this stage but it seems our luxury branding, attractive packaging and quality natural ingredients struck a cord with buyers,” says Pomegranate’s founder, Chris Sams Rafferty (Sam).

 “Pomegranate’s skincare range is - like the fruit  - full of good things,” says Sam.  It also comes with a promise.  “With organic content in the skincare range of 80% - 97%, quality of ingredients is very much part of our ‘Hand on Heart Promise’ which is an important part of our branding,” she added. “Consumers are very confused about what natural and organic means in personal care and skincare products, they’ve been misled and often don’t realise that companies may label products as organic with as little as 2% organic content.  The promise is very personal to me,” adds Sam. “It means that we will always be looking for the best natural and organic ingredients, giving our customers the best products we can, whilst helping them make informed choices.”

The Pomegranate Regenuvite™ range comprises natural and organic skincare and accessories plus a choice of key supplements to support skin from within.

ENDS
For further information contact Chris Sams Rafferty (Sam)
Email sam@pomegranatestore.com  Mobile 07624 200064

BACKGROUND NOTE
Pomegranate is in its fifth year.

Pomegranate is based in the Isle of Man where It opened and ran a concept store focusing on natural beauty and health & wellbeing for three years.  Having been a retailer and a buyer as well as dealing day-to-day with customers’ skincare concerns, Sam has an invaluable depth of experience that she has fully utilised in the development of the Pomegranate range.

In early 2011 the decision was taken to concentrate solely on developing a natural and organic skincare range.

Additional products are in development and will be added to the range throughout 2012 and beyond.

Launching a new skincare brand when you’re 55 – why not!

Isle of Man Finalists in North West Women in Business Awards

Two Business Women from Isle of Man gain recognition in Forward Ladies Women In Business Awards for North West and Isle of Man.  Shelia Dean, Managing Director at Equiom for International Business Woman of the Year and Torie Kissack, founder, Imagination Station for Young Business Woman of the Year.

The success of women business leaders is being showcased at the inaugural Isle of Man and North West Women in Business Awards held by Forward Ladies, with the quality of business women on the Island being represented in two categories.   There are nine separate award categories as well as an Outstanding Business Woman of the Year award chosen from the nine category winners.  The awards will be presented at a prestigious awards ceremony in Manchester on 10^th November 2011.

Kate Lord said: “In April we were encouraging professional women to participate in these awards, which are new for us on Isle of Man, to showcase and celebrate female talent.  We had a good number of applications from Isle of Man and the quality and talent of the businesswomen on the Island is represented by us having two women in the finals, even though we are a small community and share the awards with the North West.   I am particularly pleased that the Island’s women are being recognised in the categories for International Business and Young Business Woman.” 

Forward Ladies is a women’s business support community involving more than 12,000 professional women across the north of England and the Isle of Man.  

Sheila Dean of Isle of Man global trust & corporate services business, Equiom, is shortlisted in the International Business Woman category, sponsored by UK Trade and Investment, while Victoria Kissack who runs Imagination Station – an entertainment and events company which supplies face painters, clowns, jugglers and entertainment artistes for events is shortlisted in the Young Business Woman category.

Sheila is a Fellow of the Association of Chartered Certified Accountants (FCCA) and has overall responsibility for Equiom's strategic direction and operational control.

In addition to her role as Managing Director, she is a relationship manager on a portfolio of international clients and is also a key contact for intermediary relationships. She plays a proactive role in driving business development and growth of the company's international business. A leading member of the Isle of Man business community, she is also a respected figure in the global trust and corporate services sector.

Victoria (Torie) originally started with children’s entertainment, but with a plan to expand the business to incorporate many more elements.

After only two days in business, she landed a corporate contract with Isle of Man radio station 3FM and has since worked with the Isle of Man Government, the Tourism Board, schools, charities and many more corporate clients. Due to customer demand she now has a team of self-employed circus performers, two more face painters, dance troupes, DJs, discos, and bouncy castles with more artistes added all the time.

Other finalists from the North West of England include care home owners, telecoms and television production managers.

What is a Business Incubator anyway? The Role of Business Incubation in Communities

Business incubation is a term describing a business development process that is used to grow successful, sustainable entrepreneurial ventures that will contribute to the health and wealth of local, regional and national economies. Incubators provide a place for businesses to build their foundations.

Business incubators use a combination of physical space, resources and services to help developing businesses progress, thereby breaking down the barriers to success, reducing risk and increasing the chances of survival and success of early stage ventures. They connect enterprises with vital support.

How is this achieved?

All incubators are united in their provision of:

-          A beneficial environment that contributes to the development of entrepreneurial ventures as well as fostering networking between incubator clients and creating business opportunities;

-          Ready access to mentors, advisors and potential sources of capital (government assistance and potential investors)

-          Visibility and profile in the marketplace.

Incubation environments are usually located in areas with good communications and desirable address. They offer flexible space, short term leases, favourable rates and shared resources and equipment.

Does that mean that incubators are basically serviced offices?

No.  Incubators are different from serviced offices and accountancy firms (which offer financial and company incorporation services) by the breadth of support they offer using a defined progress path for enterprise development and specific business incubation processes.  The role of the incubator in the community means that diverse support and expertise can be offered through a network of contacts. Support is impartial, rather than tied to a particular supplier (private incubators may be different). Most incubators will have an entrance and exit policy for clients and define key milestones for the business to track, monitor and expedite progress.

Incubators often have a specific remit, usually reflected by the goals of the primary sponsor.  This may be to help the development of emerging sectors or focus on high-value or knowledge based businesses. Business incubators exist for all sectors and can even include kitchen incubators (for rural or food industry) and creative incubators (for arts, music and film).  

Incubators are often linked with academic institutions assisting graduate start-ups and university spin-outs seeking to licence intellectual property or commercialise technology.

Possible Outcomes of Business Incubation:

-          Job Creation

-          Technology Commercialisation

-          New Business formation

-          Wealth creation

-          Tax Revenue Generation

-          Neighbourhood revitalisation & regeneration

-          Economic diversification

-          Community Development

-          Empowering women, minorities and low-income individuals

-          Encouraging an entrepreneurial culture in communities that have long relied on large corporations for employment.

What is the benefit to the local and business community?

Incubators are part of a larger value chain.  Most incubators connect their clients to local services providers (such as lawyers, corporate service providers or accountants) establishing relationships that will last after the company leaves the incubator.

   

Once an enterprise is ready to leave the incubator environment, they will need space to move into, giving a boost to property developers and landlords.  Business incubation provides credibility through process so landlords can be more confident that a stable, growing business can be a reliable tenant.

In this way, it is in the interests of local service providers, government and incubators to work together to give growing enterprises the best start possible to make them sustainable and successful to generate more business for the area.  For this reason, many service providers will provide free or reduced services for incubator clients. Similarly, experienced business people work with incubators to act as mentors or advocates for the incubator as most entrepreneurs are happy to share their experience with a new or aspiring entrepreneur.

Why do governments support incubators?

Small and growing businesses are the backbone of the economy.  Enabling their success is a sure-fire way to enhance the economic development of a region, creating wealth, economic growth and jobs.

This is why, in response to the global economic challenges of recent years, the US, UK and other countries have stepped up their support for incubators and highlighted the importance of supporting new business and entrepreneurs to stimulate economic growth.  President Obama this year proclaimed National Entrepreneurs' Day in the US to honour entrepreneurs and their role as catalysts for creating new industries, businesses and jobs.  During Global Entrepreneurship Week, UK Prime Minister David Cameron urged “more people to make a job rather than take a job".

Entrepreneurship and therefore incubation, is higher on the agenda than ever before as communities look towards small business and entrepreneurs to grow and perhaps save economies as we go into the next decade.

Additionally, incubator subsidies have a high pay-back value, creating longer lasting impact and more jobs that capital projects. Furthermore, companies receiving incubator support are more likely to remain in the local community.

Incubation and broader economic development strategies: inward investment

As well as starting and retaining businesses in the local community, incubators commonly have a role to attract new business to a region.

To this end, some incubators offer “soft landings” programmes to attract and support non-national companies and operations to a region (inward investment). 

The Isle of Man Business Incubator (BIC) offers this facilitated support to companies considering and in the process of locating to Isle of Man.  BIC’s present Soft Landings programme is free and assists potential Isle of Man locators by helping them learn about the Isle of Man, planning facilitated visits tailored to their needs, providing the introductions and knowledge they need (connecting with both government and private sector) and giving them space and support once they get to the Isle of Man. This makes business relocation much easier and less expensive, helping businesses get the full advantage of setting up offshore.  

Going the extra mile (or more) 

BIC also has contacts in key markets across the globe to help client businesses expand from their Isle of Man base.

I work at a private sector firm offering financial and company services - how do we get involved with the incubator?

Great!  BIC wants to work with you and hear about any particular benefits you can offer fledgling businesses or companies relocating to the Isle of Man.

We can help add value to your clients / services and convert your prospects if you let them know about BIC or pass enquiries to us.  Since we are not competing, we can work together and the incubator can help with very early stage ventures that will hopefully become long lasting relationships for you.

The Isle of Man and Business Incubation

The Isle of Man’s independence, resilience, diverse economy, infrastructure and offshore status  makes it an attractive home for growing businesses, offering a range of financial incentives for businesses locating here. BIC’s support helps unlock that, offering people the chance to get a greater return and reward for their activities. 

It’s not all about tax, finance or inward investment however. Business incubation on the Isle of Man will help people wishing to take charge of their own destiny and lifestyle, helping them create ventures in a supportive environment, reducing the risk as they take the leap into running their own business.  As the world shifts in focus and priorities, the outlook for incubation and entrepreneurs on the Isle of Man as we go into the next decade will be more support, more freedom, sustainable enterprises and a valuable point of difference for a small but important offshore jurisdiction supporting entrepreneurship.

For more info about BIC’s services visit www.iombic.im

Success for First Ever Marketing Clinics Staged on the Isle of Man

Marketing clinics organised by The Chartered Institute of Marketing (CIM) and Isle of Man Business Incubator (BIC) were a resounding success for local businesses.

At the first event of its kind on the Isle of Man, thirty businesses from a broad range of sectors including manufacturing, software, local produce, healthcare, retail and professional services benefitted from tailored expert marketing guidance provided by twelve Isle of Man chartered marketing professionals who donated their time to provide dedicated 45 minute appointments.

Kate Lord, Isle of Man Business Incubator said, “The outstanding success and interest in the marketing clinics shows the appetite of local businesses to access continued learning opportunities to improve business performance and be competitive. That we can hold this event using local expertise is evidence that investment by government in professional programmes, such as CIM and business start-up support works and has payback and value in the broader business community.”

Participating businesses were a mix of graduates and clients of BIC, Small Business Start Up Scheme and local businesses, established and new. Endorsement and feedback was excellent with most participants saying the advice benefitted their businesses, provided focus, helped them look at the most profitable activity and inspired them to achieve more.

CIM Isle of Man Chair Cathy Cowin said: “We are delighted at how successful this event has been. The feedback we have received is wonderful and we are pleased to have been able to facilitate this event and offer marketing expertise to a cross-section of local businesses. It was the perfect time to stage the clinics, during a week which celebrates marketing. We hope to host this event again as it provides a helping hand to professionals in what is an important and essential process.”

The clinics were held during Marketing Week at the new Isle of Man Business Centre with the generous support of Capital International.

Entrepreneurs and Enterprising People

Are you an entrepreneur? Entrepreneurs are

“People who create and innovate to build something of perceived values around opportunities they spot”

Bill Bolton and John Thompson

Spotting opportunities is the key – ideas are great, but how many convert to successful ventures? Inventors on the other hand, may not be entrepreneurs - but a capable entrepreneurial team may lead to successful commercial exploitation.

Enterprising people also build businesses, but not ones with comparable growth and overall impact. They might be micro businesses operating locally or in niche markets; lifestyle businesses or “mom & pop stores” not seeking growth opportunities. Both entrepreneurs and enterprising people are important contributors to growing the economy and most regions have business support schemes for both.

What sets entrepreneurs apart?

• They create, innovate and build something of value, working on their business rather than for it.
• Growth momentum is maintained with opportunity after opportunity, often building business after business.
• Entrepreneurship is a way of behaving that drives the change agenda. Entrepreneurs are not just found in business (see also Intrapreneurship). It involves positive attitude, ability to work with and persuade others and a capability to look at the bigger picture.
• They engage with contacts, resources and support to enable advantage.
• They proactively manage their own CPD and take responsibility for their development and positioning.

The Entrepreneur Indicator

Bolton & Thompson have developed framework for spotting entrepreneurial potential based on character themes.

Use it to measure your entrepreneurial potential – you can even use their online indicator at www.efacets.co.uk.

FACETS is an acronym for
• Focus – targets and delivers
• Advantage – picks the winning opportunities
• Creativity – comes up with ideas
• Ego – inner – drives you ever forward Ego – outer – meets the challenges head on
• Team – multiplies your potential
• Social – delivers on a cause

Are you an entrepreneur in waiting on the Isle of Man?

Business incubators are key resources for enabling entrepreneurs, so contact yours now. Our incubator, Isle of Man Business and Innovation Centre, can help develop your idea and grow your venture. Contact 01624 820930 or info@iombic.im .