Entrepreneurs and investors from a range of sectors discussed the opportunities and challenges faced by start-up businesses in the island with a panel of industry experts at the Barclays Eagle Lab.

The ’Journey of an Entrepreneur’ event was held during Global Entrepreneurship Week, an annual celebration of the innovators and job creators who launch startups, bring ideas to life and drive economic growth around the world.

The expert panel included Pauline Smith from Greenwave, an accountant who works with entrepreneurs and small businesses.

Carolyn Gelling was there from The International Stock Exchange (TISE), a leading international stock exchange for debt and equity listings.

Paul Maddocks from the Department for Enterprise is responsible for economic development and the creation of an environment where local entrepreneurship is supported.

Katie Nicholson represented Bridge, the Manx angel investor network which encourages investment into start-ups and high growth businesses in the island.

The practical process of setting up as an entrepreneur was discussed during the question and answer style event, including opening a business bank account, the support provided by the Isle of Man government, applying for funding, raising capital, writing a business plan and how to work with angel investors.

The importance of encouraging new, skilled workers to the island was highlighted by Mr Maddocks along with how government can work with the business community to break down some of the existing barriers to setting up and growing as a business.

Some of the benefits of a public listing on a stock exchange, such as an exit or succession route for the owners, access to growth capital, enhanced profile for the business, and demonstrable adherence to recognised standards of transparency and corporate governance, were highlighted by Carolyn Gelling.

She noted there was a general impression that going public was the preserve of large multinational organisations but TISE’s proportionate requirements and costs mean that the benefits of a listing are available to companies at an earlier stage in their development.

Attendees were encouraged to think globally by Pauline and to ’just go for it’ as there is no ideal time to start a business.

Katie advised that investors look for a forward-thinking strategy within a business plan and entrepreneurs who truly believe in their business idea.

Elissa Morris, ecosystem manager at the Barclays Eagle Lab, said: ’At the Barclays Eagle Lab our mission is to provide the Isle of Man with an ecosystem for entrepreneurs to create, innovate and grow.

’Hosting events like the ’’Journey of an Entrepreneur’’ is a fantastic opportunity to bring like-minded people together.

’The Q&A covered a range of interesting business-related topics and enabled a lively discussion between the audience of investors and entrepreneurs and the panel of experts which provided some valuable insights.’