THE NAMES of the five finalists were announced at the Enterprise Growth Fund Limited (EGFL) yesterday.

Launched earlier this year on June 15, 2005, this second National Innovation Competition has already received 160 applications of which only 55 completed the application process. That number was consequently divided into 10 categories and each category had selected specialised professionals determine if the project was innovative, producing 20 semi-finalists.

On November 1, 2005, five of that 20 were selected as the most commercially viable projects introducing: Angela Gabriel with Gabriel's Exotic Frozen dumplings, Michael Griffith with Economic Quest, Sean Ifill's Miniature West Indian Chattel House Collection, On the Ball by Catherine Rocheford and the husband and wife team, Stephen and Betty Howell with The Promised Land.

They all will complete for the Prime Minister's Award for Innovation and the sum of $75 000 to transform their idea into a business.

"All projects were assessed on their originality and novelty, their market potential and usefulness and their export potential. In the final phase of the competition, the finalists will all be provided technical assistance. This assistance will be in the form of assigning each applicant a consultant to assist them in putting together a business plan and training for presentation skills for their final presentation," said Debbie-Anne Jemmott, Investment Analyst (EGFL).

The winner of the inaugural competition, Winston Cumberbatch, is working hard to get his product ready for the stores according to Jemmott.

"He is currently getting ready to launch his product, a mathematical game, for this coming Christmas," Jemmott said.

This year's winners will be announced on March 18, 2006, with an Awards Ceremony. Second and third place winners will receive cash prizes of $20 000 and $10 000 respectively.