ENTREPRENEURS and fledgling businesses in the Island will benefit from enhanced support after a partnership between the government and Capital Select Limited.
The Department of Economic Development and Capital Select Limited will work together for the Isle of Man Business Incubator – formally the Isle of Man Business and Innovation Centre.
The partnership came about at an event to mark Global Business Incubation Day which was held in December. The day celebrated the impact and achievement of business incubation across the globe and the success of home grown talent.
Business incubation is an established tool in economic development. The provision of start-up assistance including vital space, services, knowledge and contracts are proven to stimulate development of successful enterprises, drive innovation and technology commercialisation. This helps to create jobs, attract new business and diversify local economies.
The Business Incubator's primary site is now the Isle of Man Business Centre at Capital House in Douglas which is also home to the Isle of Man Chamber of Commerce.
Economic Development Minister Allan Bell MHK said: "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, said: "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 in the Island to the next level."
Further development plans for the Business Incubation Centre 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.
Photo Caption: L to R - Peter Long (chairman Capital International Group), Walter Gilbey, Clare Christian (Department of Economic Development), Tim Craine (director of the Business Development Agency), Kate Lord (Isle of Man Business Incubator), Alex Downie MLC (Department of Economic Development), Mark Gilson (managing director Capital Select), Anthony Long (chief executive officer Capital International Group).
