IFS and Hatch’s Open Innovation Incubator enables local tech talent to tackle global challenges

ChallengerX, marked Sri Lanka’s inaugural AI and Machine Learning-focused Incubator Programme emerging from a collaboration between IFS and Hatch. The programme came to a close with 2 out of the 6 selected teams winning over Rs.2 million in prizes - a testament to the high calibre of young tech talent
present in Sri Lanka. 
The programme highlighted the significance of Open Innovation platforms in connecting local tech talent with global exposure through IFS, enabling the company to leverage perspectives from external sources to drive innovative solutions for its global customer base. 
The challenge presented by IFS involved designing a predictive modelling system to enhance business continuity for their global customers when confronted with unexpected events like natural disasters. After reviewing over 40 applications, six teams, predominantly composed of university students, were selected to participate in the programme.
During the 6-month programme, teams participated in workshops led by Hatch and IFS, receiving guidance from esteemed mentors who were global experts in AI and Machine Learning from various academic and
corporate backgrounds. 
They had the opportunity to showcase their Minimum Viable Products (MVPs) to stakeholders at IFS including Oliver Pilgerstorfer - Chief Marketing Officer and Chris Ditchburn - Senior Vice President, Platform R&D.
The winning team, Data Dreamers, a group of friends from the University of Moratuwa, was awarded the top prize of Rs. 1.5 million. Team Data Dreamers had significant female representation and the exceptional quality of their work serves as an inspiration to aspiring female tech talent throughout Sri Lanka. 
The runners-up - Team Model.Fit were granted a prize of Rs. 500,000 and a free 6-month membership at Hatch. This opportunity to further engage with and learn from the start-up community at Hatch will offer valuable perspectives and insights to the team
into the future.
Hatch and IFS strongly advocate that purpose driven open innovation is key in accelerating the growth of Sri Lanka’s tech industry, allowing for the creation of successful global solutions directly from within the country.