Dr Jeffery founded RER Labs in 2014, a platform for him to use his medical background to identify problems, create an innovative, commercial consumer product for the problems, reap a profit and then return that money to medical research to solve the initial problem.

Headphones that understand how an individual's ears hear and personalise sound for their ears and magnetic wrist replacements are just two of the company's products.

Dr Jeffery said it had been a busy two years since the company was founded.

"It was literally myself with a crazy idea, I finished medical school and I started a PHD, started orthopaedic training so I was pursuing a career as an orthopaedic surgeon and then I partnered up with my friend Dr James Fielding...with all of that we started the company.

"Both of us have now stepped out of medicine because we can provide more good, more impact by doing what we're doing now."

RER Labs is now an umbrella company other projects including Audeara and Field Orthopaedics.

These companies have attracted the attention of Brisbane and have secured five nominations in the 2017 Lord Mayor Business Awards, including Dr Jeffery being nominated for Business Person of the Year.

Dr Jeffrey started his professional career as an electrical and computer engineer and then became an army officer and was deployed to the Middle East in 2009.

When he returned he studied medicine and executive business training before commencing his PhD in bionics.

The 31-year-old said he was humbled and excited about the nominations.

The finalists were announced on Wednesday, and other contenders for the Business Person of the Year award include a jeweller, a podiatrist who named her footwear line after her dog, the co-founder of a bedding and homewares chain and an insurance industry entrepreneur.

Lord Mayor Graham Quirk said this year's finalists were stronger than ever.

"I never cease to be impressed by the incredible depth of talent and enterprising optimism that thrives in Brisbane," Cr Quirk said.

"The awards celebrate excellence, success and those who think outside the square - trademarks of the Brisbane business community, which makes such an invaluable contribution to our $153 billion economy.

"They also highlight why Brisbane has a growing reputation as Australia's new world city, and align with the Brisbane 2022 New World City Action Plan to nurture companies positioned to capitalise on global markets."

The 2017 finalists were chosen from a record number of entries and include:

• Caroline McCulloch - Frankie4
• Dr Christopher Jeffery - RER Labs
• Heath Goddard - Pillow Talk
• Kate Middleton - Censeo Engineers & Building Consultants
• Wallace Bishop - Wallace Bishop Jewellers

The RER Labs company Audeara has also been nominated for the High-growth Business Start-Up award and the award for product innovation while Field Orthopedeadics was also nominated for the High-growth Business Start-Up award.

"I'm grateful to be recognised for what we've done," Dr Jeffrey said.

Cr Quirk said most of the finalists were driven by improving the lives of others with inventions, innovation, experience, medical breakthrough, social enterprise and conservation.

"Through their success in Australia and internationally, they exemplify Brisbane's entrepreneurial spirit, pro-business mentality and global outlook," he said.

Last year's winner was Vuly chief executive Joe Andon who took home the prestigious award just eight years after founding his now international business at the age of 19.

The 2017 winners will be announced at a Gala Dinner on Friday, 27 October.