Isle of Man announces the winners of the 2024 Innovation Challenge

Three businesses emerged as the winners of the 2024 Isle of Man Innovation Challenge on 13 June after finalists drawn from the UK, Denmark, Poland, Australia, New Zealand and Singapore presented their tech solutions at the finale of the event at the Comis Hotel in Douglas, the island’s capital.

Run by the Department for Enterprise’s Executive Agencies – Digital Isle of Man, Business Isle of Man and Finance Isle of Man – with the support of the Isle of Man Financial Services Authority and UNESCO Biosphere, the initiative aims to help tech businesses scale up their operations and expand into new markets.

The 2024 Innovation Challenge built on the success of last year’s inaugural Fintech Innovation Challenge by adding two more categories – Data and AI, and Cleantech – with an additional special award for recognition of the Biosphere impact.

The Challenge attracted a diverse international cohort of participants, with over 50 applications received from 20 countries. Following a selection process in April, 13 finalists were chosen for their ambition and potential to address specific challenges and drive the growth of technological innovation in the Isle of Man.

Over the last six months, the finalists have worked to develop new products that meet a selection of key challenges. Each finalist was given 10 minutes to present their ground-breaking solutions to the judges’ panel, which evaluated the presentations based on criteria such as market potential, scalability and the potential for positive impact on the Isle of Man’s technology sector.

The biosphere was also a significant theme throughout the day, with finalists demonstrating how their solutions could positively impact the Island’s UNESCO Biosphere status.

The winners were:

• Cleantech category – UK-based Re-Universe for its packaging return and reuse system.
• Data and AI category – Singapore-based Acentrik (Mercedes-Benz) for its data exchange solution.
• Fintech category – UK-based Umazi for its decentralised collaborative due diligence data verification service.
• Biosphere winner – 4Learn for its innovative PLAI software, which offers customised learning solutions in education.

“The Innovation Challenge is all about encouraging and celebrating innovations which are not only sound in concept – but have real-world applications, and real-world benefits which have a positive impact on the communities and industries they serve.,” said Minister for Enterprise Tim Johnston.

“Through this initiative, we bring together government, regulatory bodies, and industry leaders in a collaborative effort to nurture technological advancements that are both innovative and eco-conscious, which is key to fulfilling the ambitions of our Island Plan and Economic Strategy.”

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