The Isle of Man’s third annual Innovation Challenge is now open for applications, inviting businesses and organisations from across the world to present transformative solutions.

Announced at the Digital Isle 2024 on Thursday, the competition aims to foster technological innovation and address specific challenges, with a focus on delivering positive impacts for both the Isle of Man and the participating innovators.

Organised by the Isle of Man Department for Enterprise’s Executive Agencies-Digital Isle of Man, Business Isle of Man, and Finance Isle of Man-the challenge offers a unique opportunity for global tech companies to engage with government bodies, regulators, and local businesses.

Winners of the competition will get six months of extended access to mentors, potential investors, and regulatory guidance to help them to scale their solutions further.

Applications are open until late February 2025 with winners to be recognised in four categories: Data and AI, FinTech (financial technology), Cleantech (sustainable or environmental technology) and the Biosphere Award, which celebrates solutions that contribute to the island’s environmental and sustainability goals

Since its inception, the Innovation Challenge has attracted over 130 businesses from more than 20 countries.

Past winners include a packaging return and reuse systems developed by re-universe and data exchange solutions put forward by Acentrik (Mercedes-Benz).

Minister for Enterprise Tim Johnston MHK said: ‘The Innovation Challenge is about bringing forward solutions with real-world applications and benefits.

‘By connecting innovators with government and industry leaders, we’re advancing technology and sustainability, core tenets of our Island Plan and Economic Strategy.’

Following the February 28 application deadline, 16 finalists will be selected in March based on criteria such as ambition, market potential, and scalability.

Finalists will develop their solutions further before presenting them at the Innovation Challenge Finale Day on Thursday 26 June 2025.

Last year’s event featured inspiring keynote speeches from experts including Professor Sue Black OBE, a computer scientist and AI expert, and Mike Rose, a leading data strategist.

Applications are open to businesses worldwide.

To learn more and apply, visit www.innovationiom.com.