The Guernsey Venture Challenge is delivered in partnership with expert venture builders Blenheim Chalcot, with total backing of £65,000 available.
The top prize is £40,000, with £20,000 investment for second place and £5,000 to back an entrepreneur under the age of 25.
Each prize also includes a six-month business mentorship.
‘Access to funding and expert mentoring are two essential elements for a successful new business and so we are very pleased to be working with Blenheim Chalcot to launch Guernsey’s first Venture Challenge,’ said Digital Greenhouse director Lucy Kirby.
‘We have seen hundreds of great ideas and new businesses established over the past few years and hope this initiative will benefit Guernsey entrepreneurs at the early stage.’
Deputy Sasha Kazantseva-Miller of the Committee for Economic Development said: ‘New businesses are the engine for innovation and new thinking.
‘It’s great to see the Digital Greenhouse ramp up its efforts supporting start-ups through the launch of the first accelerator programme mixing intense mentoring and funding.’
Co-founder of Blenheim Chalcot Charles Mindenhall said the company was hugely excited to be supporting Guernsey’s increasingly innovative business environment through this opportunity.
Businesses can now apply on the Digital Greenhouse website and shortlisting will take place at the start of July. Selected businesses will take part in an intensive six-week support programme from an expert mentor to prepare for their final pitch to the judges in early September.
. More information and application forms can be found at www.digitalgreenhouse.gg/GVC.