Small-business owners with innovative ideas and the potential to grow their firm are being given the chance to compete for three £5,000 cash prizes, following the launch of the 2009 O2 X awards.

Applicants can enter one of three categories - Entrepreneur of the Year, Female Entrepreneur of the Year and Young Entrepreneur of the Year (for under 25-year-olds).

 

To enter, businesses must employ a maximum of 50 staff, and be able to demonstrate financial viability, a potential to expand and a strong brand identity. Judges will be also looking for strong leadership, vision and a desire to push business boundaries in individual sectors.

 

Each of the winners will receive £5,000 in cash and a mobile phone package, as well as a mentoring session with a business expert. The Entrepreneur of the Year and Female Entrepreneur of the Year will each be profiled in ShortList and Grazia magazine respectively.

 

Winner of last year's Technology and Innovation award, Stephen Hurton of Proper Oils, said the O2 awards had significantly raised the company's profile.

 

"Since winning, we've been on the BBC and in The Independent, and won several new contracts," he said. "The exposure we received also definitely helped secure our recent loan of £100,000 from the London Development Agency."

 

The deadline for entries to the competition is 1 August 2009. The winners of the awards will be announced at the O2 X Awards ceremony in London in October.

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