The Minister for Economic Development, Laurence Skelly MHK, has reinforced his commitment to driving business growth and innovation. He said:
‘As a nation we have been encouraging innovation across our industries for a good number of years. We have worked very closely with the private sector to assess what they need to grow and develop a successful business on the Isle of Man. In the face of constant change our Island has learned to adapt and survive with innovation across our sectors and business community.
‘Our focus on innovation has seen the development of a thriving and diverse e-Business industry that has doubled from 12% in 2011 to almost 25% of our GDP in 2016 and grown to 2000 jobs while also providing vital revenues to our financial, professional, and other service industries. We understand, however, that it is important to review and refresh our sectors and our policies at a very fast pace to keep in line with global advancement and change. We have listened to industry and have driven changes to the work permit system to make the Island more accessible to key staff in our booming economic sectors and will continue discussions for future evolution in the industry.
‘Our drive for innovation was the topic of the recent ISLEXPO event at the Villa Marina. I was extremely proud of the event as a demonstration of the talent and entrepreneurship evident in our community. On the day we received 5 application forms for new micro businesses and a number of businesses received interest from the angel investors at the ‘Pitch it’ sessions. We cannot underestimate the importance of local people pursuing their own business on the Isle of Man. Not only does it create new jobs and opportunities for others but it also cements the Island’s place as an incubator for business and a place to live, work and invest.
‘Promoting innovation is essential in developing an economic ecosystem that creates and secures local jobs, whether that’s the Enterprise Development Scheme, enhancements to work permits or the improvement of online services. To ensure we continue to have the space to innovate and grow, we are currently working on a number of initiatives to give local businesses and individuals the resources they need to succeed on the Isle of Man. These include the creation of an online toolkit for local business. The online hub will give businesses access to key facts, resources and information to promote their company and the Isle of Man to their customers.
‘We are also continuing to promote our innovative regulation, initiatives and support at a number of events in the UK and at home this year. This week we have hosted 3 Chinese delegations who are interested in the Island’s business proposition. We will also be taking our message of innovation and growth to IFB 2016 with a number of events, including the UK launch of the £50m Enterprise Development Scheme.’
To register your interest in the business toolkit, please visit http://www.whereyoucan.com/toolkit
