Global cohort revealed for biggest ever Isle of Man Innovation Challenge

Lyle Wraxall

The Isle of Man Government has revealed the cohort of 16 international organisations that will take part in the Island’s biggest ever Innovation Challenge.

The global competition sought organisations at all stages of development, to provide ground breaking solutions in the areas of FinTech, Data & AI and Cleantech to address specific business challenges.

Nearly 50 companies applied to take part in the Challenge, launched last November, with the final participants hailing from seven countries around the world, including the UK, USA, Australia, New Zealand and Singapore.

From the beginning of April until the finale day on June 13, the finalists will collaborate with the Isle of Man Government’s Executive Agencies for Finance, Digital and Business, as well as regulators, industry leaders and local businesses to bring their solutions to life.

They will be provided with tailored mentoring and support as well as networking opportunities with industry peers, potential clients, and investors.

Lyle Wraxall, Chief Executive, Digital Isle of Man, said: “Having seen the successes achieved by the finalists FinTech programme over the last year we’re hugely excited to see what creative solutions this cohort develop over the course of what is our biggest ever Challenge.

“The Isle of Man is a hub for innovators from around the world, and we’re delighted to have received so many applications from such a wide range of countries.

“Our supportive business community and experienced mentors and judges can’t wait to welcome the finalists to help them reach their goals over the coming months.”

Michael Crowe, Chief Executive, Finance Isle of Man, said: “We were extremely impressed by the wide variety of ambitious participants who applied to the Challenge and we believe the Isle of Man can help provide the gateway for these pioneering, cutting-edge solutions to drive change globally.

“With our strong, established and diverse financial and professional services sector, we are well placed to be a secure testbed for ground breaking ideas, and we’re looking forward to continue growing the Isle of Man’s dynamic FinTech ecosystem.”

Tim Cowsill, Chief Executive, Business Isle of Man, said: “We hope that, with the calibre of businesses participating in the Innovation Challenge, we will not only bring global expertise to the Isle of Man but also firmly establish our position as a leader in upcoming technology, addressing sustainability and environmental challenges positively.

“We look forward to working with all our finalists over the coming months to further develop their ideas in the fields of medtech, circular economy, grid management, and pollution monitoring.

“Collaboration among the government, industry, and innovators will be essential to address economic, social and environmental issues, and the Isle of Man is well positioned to kick-start this process. It serves as an ideal location for trialling new technology.”

The Isle of Man says it provides a unique and forward looking setting for the Challenge, being the world’s first entire jurisdiction to be recognised as a UNESCO Biosphere, with a strong commitment to both innovation and sustainability.

As such, participants will learn and develop in an environment which balances economic development, environmental conservation and a welcoming community.

The competition will culminate at a finale event on June 13, during which finalists will have the opportunity to present their solutions to an expert panel of judges, digital technology businesses and wider industry.

The event will include notable speakers from the industry and key professionals in the financial, business and tech industries, as well as members of the local community.

The winners in each category will receive additional promotion and publicity both locally and internationally, as well as extended access to the Isle of Man’s marketplace of mentors, potential investors and customers across sectors, as well as regulators and government officers for six months.

The 16 finalists include:

FinTech finalists: Umazi; Mutual Credit; Thomas Murray; Moroku; Gatenox

Data & AI finalists: Acentrik (Mercedes-Benz); Intelligage; Deloitte; Ailuna; Raidiam; 4Learn

Cleantech finalists: Re-Universe; ReVend; Apneatech; Eyesea; Gridsight