SPARK Impact, an stage venture capital specialist has been selected, subject to the necessary regulatory and contractual confirmation, as the manager of the Isle of Man Enterprise Development Scheme (EDS.
SPARK Impact will run the Accelerator and Relocator elements of the GBP50 million Scheme approved by the Isle of Man Government (Tynwald) in October 2015.
EDS support will be available to a wide range of businesses including new Isle of Man start-ups, existing expanding Isle of Man businesses and businesses wishing to relocate to the Island. The EDS will provide grant, loan and equity investment to eligible businesses that are creating jobs on the Island.
Laurence Skelly MHK, Minister for the Department of Economic Development, says: ‘The Enterprise Development Scheme is a vital part of our strategy for nurturing local talent and creating more jobs for Isle of Man workers. The Scheme covers three key areas of business growth offering the opportunity for people to start, grow and relocate their business to the Isle of Man and further grow our Island’s economy.
‘I am delighted that SPARK Impact will take forward the Accelerator and Relocator elements of the scheme. We already have a number of proposals in the pipeline and should begin to see real developments over the summer months.’
Andy Round, Investment Director at SPARK Impact, says: ‘We are looking forward to working with the Department of Economic Development and the wider Isle of Man business community to make sure the Scheme is a great success. Our extensive experience in early-stage investment and venture capital will ensure the EDS Accelerator and Relocator elements work effectively for investment on the Isle of Man.’
