Local business figures David and Alison Dorricott have invested £1 million for the International Centre for Technology (ICT) University.
The sum takes the funds raised by the Manx Educational Foundation (MEF) to £7 million, with only £5.5 million left to gather for the project to take root at the Nunnery.
The ICT is set to advance students with leading technology and business skills of the highest academic standards, backed by Lancaster University.
Since the agreement with government to sell the Nunnery in October 2013, the MEF has made substantial progress with its proposals for development, and the Council of Ministers has agreed a three-month extension to the exclusivity arrangement with the MEF for the purchase of the Nunnery site.
Up to this point, the bulk of the ICT’s funding has come from private sources both in the Island and internationally – but the MEF firmly believe that local commitment is key to making the university a success.
Over the last three years, the MEF has proven instrumental in proving that public-private partnerships are an essential part of community cohesion here – and now they’re looking to private sector businesses to make up the remaining quota.
Its talent will assist no one more than the Island’s business community.
Director of AFD Software David Dorricott says: “Our business has flourished since it moved here in 1997 – so our investment puts something back for the long-term economic success of the Island and its young people. Without a steady supply of high-quality ICT skills, companies like ours will struggle to grow and develop – or will end up spending on outsourcing to the UK or further afield – and that does the Isle of Man no good at all.”
AFD Software products deliver high quality address and banking data to everyday applications, including word processing, database, accounts and contact management – so it’s important they employ the right talent.
David Butterworth is a director of the Manx Educational Foundation, he says: “This investment from the Dorricotts is exactly the type of investment we’re looking for; it’s local, a local university benefitting the Manx environment. We’re exceptionally pleased with the deserving support the ICT is receiving and have made substantial progress since we obtained our period of exclusivity from the Council of Ministers last October. The future is bright!”
The university will reward everyone by generating wealth across the Isle of Man; whether it’s by employees paying tax and National Insurance, a student purchasing a cup of coffee, buying a drink in a local bar, or setting up the Island’s technology businesses of the future, its establishment will benefit our environment.
Members of the public and potential investors can learn more about the International Centre of Technology at www.theict.im