A total of 16 businesses from around the world will face their industry peers at the Isle of Man’s highly anticipated ‘Innovation Challenge: Finale’ at the Comis Hotel.

The challenge, aimed at promoting innovation and collaboration, attracted a diverse range of applicants.

Over 50 applications were received with entries from around 20 different countries.

The finale will be held on Thursday, June 13 at the Comis Hotel in Mount Murray.

Following the rigorous selection process, 16 finalists from countries such as Australia, Singapore, the USA and the UK were selected.

They offered solutions to some of the island’s most pressing needs within FinTech (Financial Technology), Data and AI and Cleantech.

In the lead up to the finale day in June, finalists will be provided with a package of tailored mentoring and support from the island’s business leaders.

They will also have the chance to take part in networking opportunities with industry peers as they bring their solutions to life.

Some of the finalists chosen are worldwide household names, including Mercedes Benz and Deloitte.

In the Fintech category, five finalists have been chosen.

These include three UK companies, Umazi, Mutual Credit and Thomas Murray, as well as Australian firm Moroku and Polish company Gatenox.

In the data and AI category, six finalists were handpicked by judges.

These include Acentrik (Mercedes Benz) from Singapore, Intelligage from America, UK company Deloitte, Ailuna from Denmark, Raidiam from the UK and 4Learn from Singapore.

The cleantech category, which is any process, product or service that reduces negative environmental impacts through significant energy efficiency improvements, has five finalists.

These include Re-Universe, ReVend and Apneatech, all from the UK, as well as Eyesea from New Zealand and Gridsight from Australia.

Tim Johnston MHK, Minister for Enterprise, commented on the finalists of the 2024 Innovation Challenge being revealed.

He said: ‘With the Isle of Man as a thriving hub for global innovators, we're thrilled by the diverse and ambitious applications for our most extensive Innovation Challenge yet.

‘Our Island's dynamic ecosystem—bolstered by a supportive business community and experienced mentors – promises a rich landscape for pioneering solutions addressing sustainability, technology and financial challenges.

‘As we welcome this cohort, we're excited to foster ground breaking ideas aimed at driving technological advancements in the Isle of Man.’

The competition will culminate at a finale event on the Thursday 13 June, 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 will be attended by key professionals in the financial, business, tourism and digital industries.

Winners in each category will receive local and international promotion and publicity, in addition to extended access to the Isle of Man's marketplace.

This includes mentors, potential investors, and customers from various sectors, as well as regulators and government officers, for six months.

As the Isle of Man is also a UNESCO Biosphere, a special prize aligned with its biosphere status is also to be awarded.

Attendee registration for the Innovation Challenge: Finale will open on Thursday 9 May, with the event taking place at the Comis Hotel.

Further information about the Isle of Man Innovation Challenge and how to watch the finale can be found at: https://www.digitalisleofman.com/innovation-challenge-2024/.