BUDDING high-tech ventures have a chance to compete for a £20,000 business support package, including a year's free accommodation at York Science Park.

The competition was launched today by organisers of Venturefest York, the region's first science and technology exhibition for entrepreneurs and business start-ups, planned for next year.

It will be open to knowledge and technology-oriented business initiatives seeking funding of up to £2 million. From an initial shortlist of 30, ten will be given the opportunity to pitch their idea to an audience of potential investors at the Venturefest York event, which will occupy all five floors of the new Ebor stand at York Racecourse on February 5.

The winner, chosen by a panel of expert judges on the day, will receive £3,000 cash to invest in their business, a year's free accommodation in premises at York Science Park, plus £10,000 worth of professional services' advice during their first year in business, including financial, legal, marketing and HR support.

A "Peoples' Prize" of £2,000 will also be awarded, the winner of which will be chosen by Venturefest York delegates on the day.

The money for the awards has been raised by Venturefest York sponsors, who include Business Link, regional development agency Yorkshire Forward, and the Yorkshire Enterprise group.

From initial applications, 30 potential business start-ups will be chosen and put through their paces by business development network, Connect Yorkshire.

Over three months, the would-be owner-managers will be put through a rigorous assessment process designed to prepare them for pitching their business idea to potential investors at Venturefest York. One entire floor of the new building will be devoted to the competition under the banner, Attracting Investment. Connect Yorkshire executive director, Nick Butler, will be leading the grooming process. He will select the ten strongest pitches to put forward for delivery at Venturefest York. He said: "Our aim is to make Yorkshire and the Humber a region in which technology-based businesses reach their full potential." For more details visit www.venturefestyork.net for more information and application details, or phone 01904 449551.

Updated: 09:21 Tuesday, November 04, 2003