Innovation is often associated with large technology companies and major research budgets. Last week’s GFSB Business Innovation Awards offered a useful reminder that innovation can also be practical, local and driven by small businesses solving real-world problems.

The 2026 awards brought together seven finalists from across our business community, each presenting their ideas and innovations to a judging panel and audience at the GFSB Boardroom. The standard was notably high, reflecting both the diversity of Gibraltar’s business landscape and the growing appetite for innovation across sectors. The finalists were: Vega Gibraltar, Costa Admin Solutions, Efoil, HNECO, Tide & Timber Boards, Kensho Agency, Nutrition by Karen, Rock Escape Rooms, Sototechnic, Prototypr and Pyraclaw

The Big Picture

Two themes emerged repeatedly throughout the evening. The first was Artificial Intelligence.

The first was Artificial Intelligence.Several businesses demonstrated how AI is already being used to improve customer experiences, streamline operations and increase efficiency. Rather than viewing AI as a future trend, many applicants showed how it is becoming a practical business tool today.

The second was sustainability. From product design to operational processes, businesses are increasingly looking for ways to reduce their environmental impact while creating commercial value. What was particularly encouraging was that sustainability was not being treated as a separate objective, but as part of how businesses innovate and compete.

A Spotlight On Gibraltar’s Marine Potential

This year’s winner, Tide & Timber Boards, and runner-up, Efoil Gibraltar, both operate in the marine leisure sector. While very different businesses, they share a common theme: finding innovative ways to make better use of Gibraltar’s coastline and waters.

Tide & Timber Boards, founded by Tom Cawthorn, took the top prize for its sustainable paddleboard concept, using plant-based materials and environmentally conscious design to create products for the growing watersports market.

Runner-up Efoil Gibraltar was recognised for introducing electric hydrofoil experiences that offer visitors and residents a new way to experience Gibraltar’s marine environment.

Together, both businesses highlight an opportunity that is often discussed but perhaps not fully realised: the potential of Gibraltar’s waters as a platform for tourism, recreation and business growth.

Innovation doesn’t always mean new

Innovation does not always mean inventing something entirely new.

Sometimes it means applying existing technology differently. Sometimes it means finding a more sustainable way of doing something. Sometimes it means identifying an underutilised opportunity and creating a new market around it. What the Business Innovation Awards demonstrate each year is that Gibraltar’s business community continues to do exactly that.

The increasing number of entries, the quality of the ideas presented and the growing focus on technology and sustainability all point towards a business community that is actively looking for new ways to grow, adapt and compete.

Recognising Innovation

The GFSB congratulates Tide & Timber Boards on winning the 2026 Business Innovation Award and Efoil Gibraltar on being named runner-up. We also extend our thanks to all applicants, presenters, judges and attendees, and to Gibtelecom for its continued support of innovation and entrepreneurship in Gibraltar.

Innovation is not confined to one industry or one type of business. If this year’s awards showed us anything, it is that some of Gibraltar’s most exciting ideas are already being built by local entrepreneurs today.