Entrepreneurial Ecosystem Review and Action Plan

The Department for Enterprise has issued an Action Plan to improve the Entrepreneurial Ecosystem following the findings of a report assessing the same.

The Isle of Man Entrepreneurship Ecosystem Review, completed by Startup Manufactory Ltd, was commissioned by the Department earlier this year and highlights the challenges faced by start up businesses in the Isle of Man.

The report was produced in conjunction with input from various ecosystem players in the Isle of Man and Manx people living off-Island. The study ran from August 2019 to September 2019 and involved 80 interactions with 75 individuals including face-to-face interviews, calls, workshops, emails, and surveys. Stakeholders included entrepreneurs, government, investors, suppliers, professional services firms and other business owners.

They key objectives of the report were:

1. Research Objectives

a) Identify the current challenges faced by entrepreneurs on the Isle of Man;
b) Explore what factors are most important to entrepreneurs on the Isle of Man;
c) Present suggestions for industry verticals to be developed on the Isle of Man;
d) Case studies demonstrating good practice from other jurisdictions that the Isle of Man can learn from.

2. Policy Objectives

a) Improve the quality and quantity of entrepreneurial activity on the Isle of Man;
b) Be able to demonstrate the link between entrepreneurial activity and economic growth;
c) Understand the role which the Government has to play in driving the entrepreneurial ecosystem;
d) Improve access to finance outside of Government.