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What to sell to 170,000 festival goers?

25 July 2017

Watching coverage of this year’s Glastonbury festival and seeing an ocean of bodies basking in the glorious summer sun, I got to thinking, if I had the opportunity to create a pop up pitch to sell to 170,000 festival goers - what would I trade? This thought set off a chain reaction of questions, with the most crucial one being, how and where to start?

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Three months and counting

30 January 2017

I am now three months into my role at the Department of Economic Development. In these first months I have been staggered by the breadth of activity taking place across the financial and professional services team and the numerous other sectors the Department supports. In my previous role in the private sector I regularly interacted with the Department, but while I was aware that the Business Development Managers worked hard, I had not fully grasped the extent of their gruelling schedules. Crossing from the private sector to the public sector has been a real eye opener!

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12 Months of Economic Development

22 December 2016

I am often asked what our work at the Department really involves. The job of developing the Island’s economy is complex, requiring finesse, judgement and buy-in from wider Government and all areas of industry. 2016 was quite a year for the Financial Services team at the Department of Economic Development and every month brought fresh challenges, opportunities and achievements. Within these blogs, we often write about individual subjects, meaning the holistic overview that provides a picture of the real direction in which we are pulling is lost. 2016 was a year in which we delivered projects and laid the foundations for our future strategy. So here it is, my year, start to finish. These are the month by month highlights of our efforts to build a better economy for the Island’s residents.

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A Big Year

20 December 2016

I can firmly say 2016 has been a memorable year for almost more reasons than I can count. Despite ongoing global changes, 2016 was yet another strong year for business in the Isle of Man. As the year draws to a close I have an immense feeling of pride and satisfaction in a job well done by the Island’s people.

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Foreign Direct Investment – A Force for Good

16 December 2016

In the first of a new series of guest blogs, Kelly Ashe, Sales and Marketing Manager at Pacific Fund Systems, shares her perspective on Foreign Direct Investment and its benefits for the Isle of Man's economy.

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Introducing Yang Xu, Senior Business Representative for the Department of Economic Development in Shanghai

15 October 2016

Stimulating trade and fostering new relationships abroad are central to my role at the Department. We consider China a key market and I am confident the Isle of Man has a lot to offer Chinese businesses. Establishing links and understanding is vital for us to begin to share trade and ideas.

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Challenging the status quo? Brexit, Europe and the Isle of Man

22 August 2016

In July 2016 I met, as an invited guest, with senior members of the Island’s financial and professional services industries to discuss the implications of Brexit for the Isle of Man. It was quite clear my counterparts shared some strong opinions and it was fantastic to contribute to the conversation. The level of the debate and engagement from all present demonstrated clearly Isle of Man businesses’ wish to meet this challenge head-on. Our conversations interrogated many established preconceptions around Brexit and we explored what the post-Brexit Isle of Man-EU and Isle of Man-UK relationship may look like.

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Banking in a New World

11 July 2016

Friday 24th June was a momentous day in more ways than one. Many in the UK reeled with disbelief at the Brexit referendum result while the victorious stood proud, ready to welcome a new era for the UK. After an appalling day in the currency markets immediately following the result (offset by continued strong performance in stock markets), some have predicted that an uncomfortable cold reality will begin to bite as the true consequences of the decision gradually become clear. Amid this backdrop pundits coined a new term to describe those “Brexiters” beginning to have second thoughts, “bregret”.

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Bridge at IFB 2016

22 June 2016

Across the pond in Liverpool, the International Festival for Business is in full swing. A number of local companies are representing the Island at IFB, the biggest business festival in the world, an event to be attended by over 30,000 delegates from 100 countries.

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Harnessing the Wealth of the Isle of Man

21 June 2016

I recently read an article on the multiplier effect and was impressed how this leads to increased spending and growth in an economy. In layman’s terms, the multiplier effect is caused by an injection of spend in an economy and how this spend not only benefits the individuals directly related but also the wider economy through increased profits, wages and further spending.

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‘Funding Businesses at Every Stage’ - IFB 2016

16 June 2016

Here at the Department of Economic Development we have been working closely with the organisers of the International Festival for Business (IFB) in Liverpool this month to host an event that helps showcase the Isle of Man and our close relationship with the North West of England. Therefore we have decided to stage an event at the Exhibition Centre Liverpool (ECL) on the morning of Friday 24th June titled ‘Funding Businesses at Every Stage – Launching the £50million Enterprise Development Scheme’.

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ISLEXPO – Nation of Innovation

15 June 2016

On the Isle of Man we are helping businesses in many different ways; whether it’s the Micro-Business Scheme helping small businesses receive grants, loans and expert advice, or larger businesses and businesses off-island hoping to relocate here. There is even help for businesses who want to become greener!

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South Africa – A New Business Frontier?

17 May 2016

In the 19th century the Isle of Man was a major centre for deep mining and from the 1870s onwards, many Manx miners migrated to South Africa.

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ISLEXPO – A Special Opportunity

14 April 2016

My role at the Department of Economic Development is all about promoting the Island as a destination for business, tourism and as a place to live. I plan and manage campaigns across the year in all these sectors, so as you can imagine, a tremendous amount of research, data, analysis, copy and artwork passes across my desk. Amidst all this, every year one or two things really stand out for me as that little bit special and something really ground breaking for the Isle of Man.

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Little Fish in a Big Pond

14 March 2016

As a small economy, we understand the need to work with other countries and businesses to complement our offering and extend our reach globally. We have been consistently working on our relationships with the UK, in particular the Northern Powerhouse, and China where we have been making great advances in mutually beneficial business deals.

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Growing the Northern Powerhouse

16 February 2016

As a lad brought up in the North of England, I’ve been talking a lot about the Northern Powerhouse in my blogs and as we enter 2016 I’m pleased to see it is becoming more and more a part of the rhetoric for policy and development in the UK and Isle of Man.

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An Alternative Banking Regime

29 January 2016

There’s no way of getting around it, the world of banking has changed and it is still changing. Over the past 8 years we have seen a decline in the number of banks in the Isle of Man and a reduction in traditional funding, all caused by the global financial crisis and a shift in public opinion.

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The Northern Powerhouse and Chinese Feeding Frenzy could benefit the Isle of Man

15 January 2016

Timing is everything, or so they say….. In China during November, on the back of the Autumn visit to China by the UK Chancellor and President Xi’s State visit in the UK, we found ourselves in the midst of a virtual ‘feeding frenzy’ directed at the new ‘Northern Powerhouse’ and seemingly driven by an insatiable Chinese appetite for property investment, both commercial and residential.

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Is Monaco still working well for the Isle of Man?

07 October 2015

Katherine Ellis is the Group Director - Business Development at Boston Multi Family Office. Katherine leads all of Boston Group’s business development and marketing functions. Katherine has 20 years’ experience in the offshore market with particular knowledge of luxury assets.

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High Net Worth Wallabies

05 October 2015

Well this week sees my first year anniversary at the Department of Economic Development, and I’m wondering where has the time gone?!

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£50m Scheme – ‘Expressions of Interest’ Date Extended!

07 September 2015

Last month we launched the search for suitably qualified and experienced businesses to manage the proposed £50million Enterprise Development Scheme. We have had strong interest to date and have therefore decided to extend the closing date until 5.00pm on Friday 11th September to allow those parties to express their interest.

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Isle of Man – Where are we?

25 August 2015

A recent trip to China got me thinking about the size of the Isle of Man on the world stage and how we are managing to punch well above our weight in spite of our small stature!

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How I called the Isle of Man ‘home’

18 August 2015

Grace Tu-Cook is originally from China, after travelling and working in China and New Zealand, she moved to the Isle of Man with her husband. Currently she is working as the Country Strategy Operations Support Officer at the Department of Economic Development, helping to build relationships between countries and the Isle of Man.

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£50 million Enterprise Development Fund to drive economic growth

24 July 2015

John Garland looks at the introduction of an Enterprise Development Fund on the Isle of Man.

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The UK Regional Strategy six months in and six to go

16 July 2015

One key element with all strategies is to capitalise on drive. This took me back to my old school days and in particular, my physics teacher Mr Tickle and his lessons on Newton’s Laws of Motion.

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Marketing the Destination not its sectors

26 June 2015

Tourism, or the ‘visitor economy’ as it’s better known these days has, over the last few decades, been seen by some as the poor relation to its Finance Industry counterpart. Bringing in 1.2% in terms of Gross National Income in comparison to 34% Finance, (the largest income generator to Isle of Man Government) it’s no wonder the Visitor Economy has lacked the profile of newer industries such as e-Business and ICT.

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How to make a small fortune in football….

17 June 2015

...start with a large fortune and buy a football club. Well at least that used to be the old adage but, maybe, the world has changed with the meteoric rise of some football clubs and the size of television advertising rights payments. Or is it better to stage a worldwide football tournament...

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Building Guanxi at home and abroad

18 May 2015

Now in our third year of the Department’s strategy and commitment to work closely with China, we are starting to see benefits flowing from the building of strong and mutually beneficial friendships with our business partners in key regions of the country.

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Selling the Isle of Man

13 May 2015

It can be difficult delivering an ‘elevator pitch’, especially when you don’t know who you are standing next to in the elevator! That is why it is always best to engage with that person first and find out who they are, what they do and what their aims are. It is only then, that you can look to ‘zero’ in on what you can offer them to achieve those goals.

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Vision 2020 – A clear picture of the Island’s economy

08 May 2015

Just over a year ago the Isle of Man Government released Vision2020, a comprehensive new strategy that looked to outline the Island’s plans to achieve growth and sustainable development for the future. I want to look at the progression of the strategy and some of the achievements one year on.

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Looking West not East (and I don’t mean Peel)

30 April 2015

Earlier this year, the Financial Services Business Development Managers got together to work on developing a set of BHAGs – that stands for Big, Hairy, Audacious Goals!

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Res non-dom or no res dom?

29 April 2015

With the UK election drawing ever closer there are lots of topics hitting the headlines and plenty of the usual parties playing football with the issues. The current game in town is speculation about the resident non-domiciled individual (res non-dom) and its future post-election. Pre-match speculation never changes whether its football or politics.

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Alternative finance is maybe not so 'alternative' anymore!

22 April 2015

As my regular blog readers will know we here at the Department of Economic Development have been diligently working on expanding the Isle of Man's services within the 'alternative' finance space.

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The Isle of Man says hello to the North East

08 April 2015

As part of our extensive events programme, which we have implemented as part of our strategy to develop business with the UK regions, we recently paid a visit to the North East of England to meet with businesses in Newcastle and Gateshead. The trip was organised alongside Isle of Man based, First Names Group and included a busy schedule of meetings and events.

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A Face in the Crowdfunding

04 March 2015

Who hasn't dreamed about speculating a small sum of money and receiving monster returns like an investment into Amazon, Facebook or Apple. Or to travel around the world like Richard Branson with a portfolio of successful, chic and trendy investments.

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Standing out in the 'Crowd'

25 February 2015

I was recently in the great city of Liverpool at the invitation of West Coast Investor and Professional Liverpool to attend a ‘Business Angels’ Private Dinner followed by a Networking event at the beautiful Rathbone Hall with the inspirational Nicola Horlick as guest speaker.

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Welcome to China, the land of tradition and innovation

03 February 2015

In December I had my first opportunity to visit China and a chance to meet some of the businesses that Steven Beevers and K-Lan had been working with over the past three years. The week-long trip gave me a real insight into the country and the intricacies of how the Chinese do business.

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Standing Room Only: FDI in the North West

28 January 2015

Last week I visited Liverpool and Manchester for a series of meetings to highlight how the Isle of Man can help promote investment into the North West.

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Social Impact Investment and a Trip to Downing Street

27 January 2015

Last week I was invited to attend a fascinating event held by the UK Government’s Cabinet Office social investment team at 11 Downing Street in London.

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Isle of Man: Top of the Jurisdictional Shopping List

22 January 2015

As the Department’s new Business Development Manager for High Net Worth Individuals (HNWI), my primary objective is to ensure the Isle of Man is on the jurisdictional shopping list for HNWIs and their advisors, ensuring they are fully aware of the Island’s unique selling points.

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China – global economic saviour or the perfect storm waiting to happen?

04 December 2014

Steven discusses the potential impact of China’s economic slowdown on the rest of the world’s economy.

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'Angels of the North'

18 November 2014

As my regular blog readers will know, I recently had the pleasure of hosting Jenny Tooth, CEO of the UK Business Angels Association, and Steve Stuart, Partner at Brabners Stuart Liverpool, on the Island. During this visit Jenny was also the key note speaker at the latest Isle of Man Junior Chamber of Commerce (JCC) event, which was a great success.

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Business Angels event – comment from the Junior Chamber of Commerce

07 November 2014

As the chairman of the Junior Chamber of Commerce (“JCC”) I am often asked what makes a good event. And the answer is, always have a great speaker.

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Business Angels CEO to land on Isle of Man!

22 October 2014

Hot on the heels of the International Festival for Business in Liverpool this summer we here at DED have been working hard to build momentum across many sectors.

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Marketing – it’s just common sense, right?

29 August 2014

I’m feeling depressed this week. I stumbled across a couple of articles and one blog that stated that marketing is actually mainly just common sense.

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Figuring Out FATCA

01 July 2014

FATCA has arrived, and your company’s new account on-boarding systems should be operational. Many will have found the challenges thrown down by FATCA and the Intergovernmental Agreements (IGAs) daunting. However, you are not alone. The Department of Economic Development and the Income Tax Division have been, and will be, there to provide support to Manx related businesses.

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"Isle of Man? What's that then?"

23 May 2014

I had occasion to speak to a journalist a couple of weeks ago. She’s from the Isle of Man but works as a successful freelancer in London. She was saying that most don’t even know where it is! My tongue in cheek comment about standards slipping in the teaching of geography or, “have they ever watched the national weather forecast on TV and wondered what that big blob in the middle of the Irish Sea is between Ireland and England?”, didn't go down too well.

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My first month

10 April 2014

My first day in my new position as Business Development Manager - Retail Financial Services for the Department of Economic Development commenced at 8.30am with the weekly “Work in Progress” meeting, chaired by the enigmatic Mr Alan Crowe M.L.C. This meeting gave me an immediate understanding of the different roles my colleagues have, and as the 'new kid on the block' I was allowed to sit quietly and take it all in! This would be the one and only time…

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DED host Dubai Government on Island

07 April 2014

As many of you may know, the team here at DED have responsibility to develop closer working partnerships with other International Business Centres. Therefore when an opportunity arose, thanks to our friends at Nedbank Private Wealth, to host two senior members of the Dubai DED on island I jumped at the chance.

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What is a Family Office?

20 February 2014

A question I am sometimes asked is “What exactly is a ‘Family Office’?” As the name suggests, a Family Office is an office established and dedicated to servicing the needs of wealthy families.

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The best of both worlds

09 January 2014

Chatting to friends who came back to the island from London for Christmas, we got onto the subject of commuting. Two hours of their day, every Monday to Friday, is taken up by travelling to and from their offices in London – that’s 10 hours a week, 40 hours a month or 440 hours a year (taking four weeks’ holiday into account) – and two hours a day is considered quite reasonable in London terms.

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East meets West…

22 November 2013

Overcoming its recent spat with China regarding the Dalai Lama affair the UK has re -embraced the China opportunity with both Mr Osborne and Mr Cameron currently in the news as making a great play to woo new Chinese investment and position Britain as the most accessible EU location for growing Eastern interest in the West.

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DED host CEO of International Festival for Business

08 November 2013

We recently hosted Max Steinberg CBE on the Island. Max is the Chairman for the International Festival for Business 2014 and CEO of Liverpool Vision the organisers of the festival, which takes place in Liverpool in June and July next year.

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Fortress EU?

04 November 2013

Recent debates in the EU and UK on protecting domestic taxpayers rage on and clearly the bankers will not be let off the hook for some time yet. But aren’t they missing the old adage that no man is an island…no pun intended being from the Isle of Man.

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