The Sunday Times and 3i Technology Catapult competition for 2000 has now been launched – one of a number of initiatives to tap into growing popular interest in Internet businesses.
A maximum of four winners will be awarded capital investment of up to £2 million each, in exchange for a 25% equity stake to be taken by 3i.
The competition is open to firms that are less than three years old. Ideas that intend to operate in the information-technology sector, or are involved in development and application of scientific or technological skills will be considered.
The competition will close on May 23 and a short list of six finalists will be drawn up in June, with the final to be held in July.