BUDDING entrepreneurs with a bright business idea are being sought by the University of Plymouth.

The university has launched its fourth Business Ideas Challenge competition and is now calling for entries from people who want a share of a total prize fund worth thousands of pounds – as well as access to professional services and advice to help their idea grow into a real business.

The competition is open to staff, students and alumni of the university, as well as Combined Universities of Cornwall and University Partner College staff and HE students, Tamar Science Park tenants, Formation Zone clients and Formation Zone Connect members.

The overall winner of the competition will receive £2,000 plus up to £2,000 worth of professional services to help develop their idea.

Entries must be received by December 31 for the first stage of the competition – which only needs to be an outline business idea.

Subsequent rounds will then see shortlisted entrants given mentoring and support to produce an idea development plan which will be assessed as the second part of the competition before facing a Dragon's Den-style grilling from judges to decide category winners and the overall winner of the competition.

The competition was launched at the University of Plymouth on Monday with previous award winners, sponsors and organisers.

Dr Susan Boulton, knowledge exploitation manager at the university, said: "Over the past three years, our Business Ideas Challenge has unearthed some innovative new business ideas and given competitors a huge amount of support to help ideas develop and realise their potential.

"With global competition increasing all of the time, our economy needs more knowledge-based businesses. The Business Ideas Challenge is a way of discovering innovative ideas and giving people the support needed to turn these ideas into a reality."

Also present at the launch was Russell Lloyd, 23, a mechanical engineering graduate, who, this year, won third prize in the University of Plymouth category and first prize in the environmental category, sponsored by Cowlin Construction, for his business idea, Eco Filtration Solutions.

Russell's idea is to use advances in membrane filtration technology to recycle solvents so that industry can comply with EU legislation.

He said: "Taking part in Business Ideas Challenge has made a huge difference to the business.

"It's helped me with market research so that I can understand the size of the market and it's helped with advice about how to approach potential new customers.

"Any queries I've had to do with the running of the business, I've run by people at the university and they have helped me."

Sponsors of Business Ideas Challenge attending the launch were the Tamar Science Park, NJ Akers and Co, David Folley, Ashfords, Finance South West and Logowork – but also include HSBC.

For more information, including an online entry form, log onto the www.plymouth.ac.uk/bpchallenge website.