Isle of Man Innovation Challenge winners revealed

Lyle Wraxall

The Isle of Man Government has revealed the winners of its biggest ever international 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 13 participants hailing from seven countries around the world, including the UK, USA, Australia, New Zealand and Singapore.

The winners across the four categories have been revealed as:

Cleantech: Re-Universe is revolutionising packaging with its innovative return and reuse systems. Specialising in cup and retail packaging, ReUniverse enables organisations to implement effective reuse and recycling initiatives that drive circularity and sustainability.

Data and AI: Acentrik is a strategic product by Mercedes-Benz and based in Singapore. As a leading data exchange solution provider, Acentrik enables enterprises and government institutions to unlock the full potential of their data while ensuring privacy and security. The groundbreaking solution creates a secure data exchange ecosystem that allows organisations to harness their data with complete control and privacy.

Fintech: Umazi is a platform designed to address challenges related to client data, onboarding, and regulatory compliance, mainly focusing on anti-money laundering and know-your-business (KYB) requirements. It allows companies to create a cryptographically secured digital identity containing relevant data for due diligence (DD) processes. This identity wallet grows as the company expands, with baseline data remaining consistent but additional data being added for different use cases like supplier due diligence.

Biosphere: 4Learn is redefining educational experiences with its innovative Personalised Learning AI (PLAI). Based in Singapore, 4Learn’s technology is designed to unlock human potential by providing precision and customised learning solutions that cater specifically to the needs of individual learners.

Over the past few months, the 13 finalists have received tailored mentoring and support from experts in their field as well as networking opportunities with industry peers, potential clients, and investors.

All finalists presented their solutions to a panel of expert judges at the finale event.

The competition was run by Isle of Man Government Executive Agencies, Digital Isle of Man, Business Isle of Man and Finance Isle of Man.

Lyle Wraxall, Chief Executive of Digital Isle of Man, said: “We have witnessed outstanding ideas as part of this year’s Innovation Challenge, and it was great to see such innovative solutions that can help tackle some of our most pressing issues.

“The cohort in the Data and AI category has presented ideas for the education sector, the government and the gaming industry – all focused on harnessing technology for good – and I would like to say a big thank you to all our finalists for their contributions.

“I’m looking forward to following the journey of our finalists and to see their solutions going from ideas to reality.”

Kirree Gooberman, Head of Business Development at Business Isle of Man, said: “It was fantastic to see the pioneering solutions proposed in the Cleantech space, tackling pressing environmental challenges by making use of circular economy principles, grid management, pollution monitoring and more.

“As the world’s only jurisdiction to enjoy UNESCO Biosphere status, we are deeply committed as an Island to protecting and preserving our natural environment and resources. As a jurisdiction which balances economic development and environmental conservation, and has a supportive and welcoming community, we are ideally placed for businesses, organisations and entrepreneurs to trial new ideas and technology. We are very proud to have supported these organisations this far and look forward to seeing what they accomplish next.”

Michael Crowe, Chief Executive of Finance Isle of Man, said: “We have seen a wide range of exciting solutions represented by our global FinTech cohort – tackling current financial services challenges across cyber risk assessment, improving business identity and providing more tailored experiences for customers.

“All the solutions presented harness technology to improve customer service and safety, and we know the solutions these finalists bring to the table have the potential to actively shape the market and redefine financial experiences in the years ahead.”

The winners in each category will now 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, regulators, and government officers for six months.

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