No, the Challenge is designed to be globally inclusive and attract international interest. Collaboration between local and international organisations is also very much welcome. We would encourage applicants to visit the Island during the initial mentor matching event, which also introduces the local ecosystem. This will enable applicants, to take full advantage of the access to the marketplace that we are making available. Attendance is required at the Finale Day which will take place in the Isle of Man.

FinTech: Continuing our journey of transforming the financial landscape, we invite trailblazers to revolutionise the world of finance and pioneer ground-breaking solutions that reshape the industry.

Example statements:

• Create solutions that sympathetically manage customer complaints via digital channels.
• Find ways to manage carbon offset assets, including tokenisation, through a registry.
• Innovate to help everyday individuals and businesses make direct investment in clean energy assets.

Artificial Intelligence: Unleash the power of data-driven technologies and artificial intelligence as we explore cutting-edge solutions that leverage insights, automate processes, and unlock the potential of this rapidly evolving field.

Example statements:

• Design solutions that audit the use of data to ensure predefined and proper usage, leveraging Isle of Man Data Foundations.
• Create a solution that enables the sharing of data across the Isle of Man Government within a trust framework.
• Utilise AI to gauge public sentiment for informed government decisions and policies.

Cleantech: Embracing sustainability and environmental stewardship, this sector challenges entrepreneurs to fuse innovation with ecological consciousness, addressing critical issues related to our planet’s well-being.

Example statements:

• Create solutions enabling measurement, verification and traceability of end-to-end supply chains thereby promoting sustainable sourcing, production, and consumption practices.
• Innovate to enhance demand-side response, meeting energy needs on the island efficiently while fostering sustainability and resilience.
• Develop food production systems that encourage consumption of local produce, reduce dependence on food imports and enhance food security

This is an entirely remote process managed using a Community Platform called Circle. Within this you will have posting access to a wide variety of people who can help you. We will also run a large number of Webinars with local and global industry experts on a range of topics ranging from pitching to regulatory perspectives and all things in between.

No – the entire process will be run remotely apart from the Finale day, which will require your presence to deliver your final pitch session to both Judges and a public audience who will both have a vote for the winners and also be a large pool of potential customers for your product.

Mentors will be drawn from our industry sectors from experienced and senior business representatives. We will carefully select ’buddy‘ mentors that match each finalist and those close mentors (which may be a person or a team) will assist in testing market propositions, introductions to the local network and offering general business advice. In last year’s Fintech Challenge we had mentors from local and national banks, law firms and Corporate Service Providers as well as environmental, ESG and data consultancies. Behind this we have a wide range of other interested business, Governmental Bodies and all of our regulators (Financial, Gaming and Information) available to directly assist with queries. This is a unique community collaboration.

The winners in each category will receive:

• Additional promotion and publicity both locally and internationally [Period and nature of promotion (one off press releases or defined campaign) to be confirmed].

• Extended access to our marketplace of mentors, potential investors and customers across our sectors, as well as IOM regulators and Government officers for 6 months.

• All finalists will get access to our expo on Finale day.

Yes, we recognise your existing relationships are important to your business.

There is a minimum requirement of approximately 4 days in total which is allocated as follows:

• One full day for orientation and mentor matching

• Workshops consisting of three hours per week over the five-week Challenge period. Five-week contextualisation programme: two hours per week for webinars, 1 hour per week for 1-2-1 mentoring sessions or ecosystem conversations. As relationships are formed with the marketplace, mentors, Government and regulators, each applicant is encouraged to leverage the access to information to refine the final offering.

• One full 'Finale Day’.

Yes, if you get selected for the Contextualisation Programme, we, and in particular your ‘Buddy’ mentor will introduce you to the Challenge Supporters and Challenge Audience on island consisting of international financial services, Isle of Man Government, and a vast array of digital businesses based in the Isle of Man.

There are no restrictions on entrants other than being able to meet the Challenge and to demonstrate innovation in the solution as well as some aspect that demonstrates value to the Isle of Man. Applicants can be at any stage of business development.

There are no restrictions, the product can be concept or completely formed but must demonstrate both applicability and innovation. However, the demo pitch will need to be able to demonstrate how an ultimate product will work, even if that is a simulation, and detail indicative timelines and cost to implementation.

Your allocated ‘buddy’ mentors will introduce you to other mentors and supporting organisations who will have this capability, but part of the process is for you to find relationships like this across our community.

There is that potential but will entirely depend on the relationship with your mentors/supporters.

If you have further questions, please email us at contact-digital@gov.im