he Chamber of Commerce recently revealed that businesses and entrepreneurs on the island feel that the amount of ‘red tape’ involved in setting up a business and running it here is too high, hindering growth.

From my experience, this is true, but a bigger concern to me is the lack of investment in our people.

As someone wanting to start a business, the incentives available publicly are pathetically minimal.

Where is the investment from government in innovative companies?

We were led to believe that there was £100m in an economic strategy fund to drive ambition and help stimulate private investment.

Yet the only assistance available I can see remains micro-business grants that wouldn’t cover a month’s expenses of a serious start-up, and financial assistance schemes requiring businesses to already have the capital somehow and then claim it back through many forms and hours of government intervention – only to receive around 40% of the sum. Other grants available are equally unambitious.

The UK has business grants and loans, a national innovation agency and investments in UK companies.

Where is the commitment to supporting the island’s most ambitious people?

If someone comes to government with a great idea, a solid plan, and a need for funding, the government should giddy up and give it a chance.

The government must invest more in our entrepreneurs and our ability to be an innovation centre. Let’s start by using the £100m fund to invest in innovation.

Name and address supplied

This letter was first published in the Isle of Man Examiner of July 4

Share your views with our readers.

Write to: Opinions, Isle of Man Examiner and Manx Independent, 18 Finch Road, Douglas, IM1 2PT or email:

Don’t forget to include your name, FULL home address and a daytime phone number even if you want to be anonymous in print.

Obviously, we need to be able to verify the identity of everyone whose letter we publish.

We don’t print phone numbers or full addresses and respect anonymity if the author requests it.