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Isle of Man launches biggest Innovation Challenge to tackle global business issues
Tue, 28th Nov 2023

The Isle of Man has announced its largest-ever Innovation Challenge, designed to unearth solutions for defies that the world's leading businesses confront. This ambitious endeavour was introduced at Digital Isle, a gathering place for businesses and leaders to discuss the technological sector of Manx.

Global enterprises are being summoned to devise and put into action inventive solutions in FinTech, CleanTech, and Data and Artificial Intelligence. As the sole UNESCO Biosphere nation worldwide, the Isle of Man is superbly placed for this challenge launch, firmly committed to both innovation and sustainability.

The Isle of Man's Global Innovation Challenge invites pioneering corporates to put forth solutions to key industry challenges. Companies all over the world are invited to participate in this primary initiative to discover solutions for societal, political, and environmental issues encountered by the business community.

The wider Innovation Challenge this year invites participants to present entries under three main themes: FinTech, CleanTech, and Artificial Intelligence. This massive Challenge strengthens the Isle of Man's ambition to foster entrepreneurship and innovation and provide opportunities for the enterprises of the future to thrive and grow.

The launch event was held at Digital Isle, the premier annual conference of the Isle of Man Department of Enterprise's Executive Agency, Digital Isle of Man. Here, the government, regulators, and businesses come together to reflect upon the Island's leading technology sector.

The Isle of Man, the only nation globally bestowed with UNESCO Biosphere status, offers an ideal backdrop to the Challenge, showing great commitment to both innovation and sustainability.

A collaborative initiative by the Isle of Man Government's Executive Agencies for Digital, Finance, and Business, the Innovation Challenge will also involve corporate leaders from Island companies as mentors and judges. The Challenge offers a local platform for collaboration with businesses, government agencies, and regulators, to augment solutions and acquire insights for worldwide readiness, with guidance and mentorship to direct innovators to success.

Lyle Wraxall, Chief Executive, Digital Isle of Man, remarked, 'We are thrilled to have launched the biggest-ever Isle of Man Innovation Challenge. Post the FinTech Innovation Challenge's success last year, this presents businesses globally another fantastic chance to exploit the business and innovation-friendly atmosphere the Island offers, and the coactive strategy of government and regulators in the Isle of Man.' He further added that the extended scope of the Challenge exhibits the Isle of Man's vision and ambition, which will enable participants to develop cutting-edge technology-based solutions in response to some of the most demanding opportunities and challenges businesses are currently facing.

Kirree Gooberman, Head of Business Development, Business Isle of Man, suggested that the Challenge this year will allow innovators to find solutions to issues impacting the environment and the sustainability of business operations, exploring solutions across all sectors of the economy and their supply chains, from food production through to energy.

The Challenge builds upon the achievements of the InsurTech Accelerator Programme and FinTech Innovation Challenge in 2022 and 2023, which attracted over 160 highly energised and imaginative applicants worldwide.