Startups have until Sunday 1 April to submit their business idea for a competition at the InnoTech Summit in London, where they will have the chance to pitch to a “jury” of industry dragons and compete for one of three prizes worth up to the value of £5,000.

The InnoTech jury will be made up of representatives from venture capitalist companies and educational establishments, including Hamilton Bradshaw Venture Partners, Oxford Capital Partners, EMC, Pond Ventures, DN Capital, Bridges Ventures LLP, Balderton Capital, Albion Ventures, Doughty Hanson & Co and City University London.

Entries must be submitted via the InnoTech website, and the shortlist will be announced on Friday 6 April. All “hi-tech” businesses are invited to submit, but priority will be given to companies that are at the seed or venture stage. Startup proposals should outline the company's investment needs, market size, sustainability and innovation.

The winning companies will be awarded prizes including ongoing mentoring and office space provided by Innovation Warehouse.

“Growth potential definitively exists in the UK with the talent from our start-ups and the venture capitalists to back their ideas,” said Charles Irving, founder of Pond Ventures. “This competition is a perfect opportunity for entrepreneurs to kick-start their businesses and I look forward to participating in this important event.”

The InnoTech Summit is run by The Venture Capital Club of Hult International Business School, and will take place at The Grand Connaught Rooms Hotel on 13 April. The event aims to bring together academics, innovators, entrepreneurs, venture capitalists and technology angels, providing a platform to network and promote small enterprise in the UK.