IT was announced in January that the Department of Economic Development and Capital Select Limited would work together to set up a Business Incubator.

The two parties joined to offer support to entrepreneurs and businesses taking over from the former Isle of Man Business and Innovation Centre.

Their partnership came about at an event to mark Global Business Incubation Day which was held in December 2010.

The day celebrated the impact and achievement of business incubation across the globe and the success of home grown talent.

Business incubation is an established tool in economic development. The provision of start-up assistance including vital space, services, knowledge and contracts are proven to stimulate development of successful enterprises, drive innovation and technology commercialisation. This helps to create jobs, attract new business and diversify local economies.

The Business Incubator is located at the Isle of Man Business Centre at Capital House in Douglas which is also home to the Isle of Man Chamber of Commerce.

The then Economic Development Minister Allan Bell MHK said: "The establishment of this new partnership reinforces our commitment to supporting innovation and entrepreneurship in the Isle of Man.
 
"I'm confident that these excellent new facilities, coupled with the dedication of the teams in my department and Capital Select, strengthens our proposition for both start-ups and developing businesses and will further help our policy of further diversifying the economy."

Mark Gilson, managing director of Capital Select Limited, said: "We are pleased to be working with the Department of Economic Development to manage and develop the Isle of Man Business Incubator. I am confident that working together we can build on the success already achieved and take business incubation in the Island to the next level." 
 
Update: In November it was revealed that now the incubator programme is set up the government expects it to be self-funding. For more on this click here.

This story is part of isleofman.com's Review of the Year 2011.