02 Jan Isle of Man Business Incubator Celebrates Accreditation Success
Isle of Man Business Incubator celebrated obtaining accreditation from UK Business Incubation (UKBI), the industry body for business incubation at an event held last week at the Isle of Man Business Centre.
The UKBI Inspire accreditation process involved a review of business incubator policies, procedures and the team providing support to early stage companies. The review involved benchmarking these areas against best practice and included a visit to the Island by a UKBI assessment team in October.
The Isle of Man Business Incubator was originally established in 2008 and managed by Coventry University Enterprises. In 2010, the Department of Economic Development established a public-private sector partnership with the intention of enhancing support for local start-ups and also businesses looking to relocate to the Island. A key target of the new partnership was to obtain UKBI accreditation by March 2012.
Kate Lord-Brennan of Isle of Man Business Incubator was delighted that accreditation had been achieved earlier than planned. “This is major milestone and I am pleased with the feedback we received from the UKBI review team. The review process was very constructive and we obtained a lot of advice which will help us to continue developing.”
Keiron Broadbent of UKBI commented “The Isle of Man Business Incubator has done very well achieving accreditation and we would not expect to see a similar aged programme to be as developed in so many areas”.
The event at the Isle of Man Business Centre also marked Global Business Incubation Day. This provided an opportunity for entrepreneurs currently developing their business ideas to network with those running successful local businesses.