The Department of Trade and Industry (DTI) in partnership with Coventry University Enterprises Ltd (CUEL) has created the Isle of Man Business & Innovation Centre as the first step in developing a business incubation service across the Island providing easy to access pre-start and initial start-up facilities for entrepreneurs.
The centre will help to attract inward investment to the Island in the form of new high-tech. businesses that can take advantage of the benefits inherent in a tax efficient off-shore location to accelerate their potential for substantial growth and benefit to the Manx economy. It will also work to improve co-ordination between the range of business support services operating on the Island. The Centre is managed by Coventry University Enterprises Ltd, with its reputation and commitment to support business start ups and internationalisation. Coventry University recognises the importance of business and entrepreneurship to the extent that it is a compulsory module in all undergraduate courses.
The platform services are business pre-incubation and the Isle of Man Soft Landing Zone:
The Get Going programme has been established to provide entrepreneurs with a flexible and supportive environment in which to develop and launch their innovative ideas for new business ventures. This is aimed at Isle of Man residents, or existing businesses wishing to test and develop new business ideas, especially those which are knowledge-based and apply Information and communications technologies.
The Isle of Man Soft Landing Zone (SLZ) is now part of a network of similar locations across Europe and around the world. The SLZ provides support and services to overseas businesses looking for opportunities to establish new business operations in the Isle of Man and will be actively promoted throughout the network. It is a two-way service so Isle of Man companies now have the opportunity to utilise the facilities and services of the international network.
Future potential includes a wide range of business support initiatives. The centre is building working relationships with intermediaries and other providers of business support services so that it can supply entrepreneurs with relevant information and access to available assistance. It will also be working with the DTI and other partners to identify gaps and to develop appropriate services to meet the needs of new and established businesses.