Representatives from fifty businesses and Government organisations came together on Monday 16th November for the Island's inaugural Business Synergies event.
The aim of the event was to inform businesses and Government departments about the benefits of sharing local resources, which include sharing assets and expertise to improve operational effectiveness and efficiency; reduced costs; increased income for some local businesses; plus working together helps local businesses to buy local, aiding the Island’s economy.
This initiative, which is a similar to the highly successful UK National Industrial Symbiosis Programme (NISP), has been adapted by the Department of Trade and Industry to suit the needs of the Island’s economy.
The Business Synergies programme identifies specific resources available within businesses or government as well as the potential users for those resources.
As a result of the first meeting, the exchange of information between participants about resources and activities resulted in over 90 business synergies being identified, with many more potential opportunities under discussion by the participants.
Commenting on the excellent level of attendance, Mrs Clare Christian MLC and Departmental member for the DTI, said, "I am delighted this event has been so well supported by such a variety of businesses and that so many synergies have been identified already.
"It is important that both government and business get behind this highly successful start and develop a culture of identifying local resources as a first resort.
"The DTI is planning a follow up event at our Energy Expo in March next year and I encourage any organisation that has not attended this event to participate in the next Business Synergies event."
The businesses that took part in the first event represented all sectors of the economy and confirmed the Department's expectations that there is an opportunity for any business to benefit from being a part of the Business Synergies programme.
A pleasing additional benefit of the event was that those taking part genuinely enjoyed the opportunity to find out more about their fellow businesses and how they could benefit from working together.
Local businessman Ralph Peake, of Luminaires, summed up, "It was very interesting and the beginning of a better understanding between local companies."
Many businesses already use business synergies in their operations, but do not think of them as such, nor do they formalise their resources or requirements as no facility for this currently exists.
The Business Synergies programme now provides both a structure in which this exchange of information can happen and a method for identifying new Business Synergies Island wide.
The DTI implemented this programme because it considers the maximum use of on-Island resources to be an important factor in maintaining or improving the profitability, resilience and sustainability of our businesses in an uncertain economic environment.
The Business Synergies programme will play an important role in helping to ensure the long term competitiveness of the Isle of Man as a whole.
Minister for Trade and Industry David Cretney MHK (pictured) commented, "My Department is committed to strengthening business resilience and profitability in the Isle of Man so I am delighted that the first Business Synergies event was so successful.
"It is also encouraging that so many of our businesses recognise the importance of using Island-based, rather than imported, resources as this maximises their bottom line and keeps the money in our local economy.
"I am convinced that Business Synergies will have an increasingly important role to play in ensuring the competitiveness of the Island and its long term viability as an international business centre."
