The Technium Challenge is a UK-wide business competition run by the Welsh Assembly Government-backed business incubation network Technium. It is open to technology or science-based businesses that have been trading for less than two years.

Although prizes for 2009-10 are still being finalised, winners can expect to receive a cash reward and free office space at a Technium facility, along with free consultancy and marketing support.

Participating companies must demonstrate:

•  A fairly well developed patentable idea or technology which involves a strong R&D element.
• A strong interest in receiving practical advice from external advisors to generate new ideas and support to develop a business plan.

Interested entrants are asked to submit a basic application by 26 March, with selected proposals then given assistance and advice to develop a more in-depth business plan by 29 April.

An independent panel of judges will select up to eight contestants to give a short presentation of their business plan, from which the overall winner will be announced at an awards ceremony to be held at the Marriott Hotel in Swansea on 24 June.

Entries will be assessed against a broad range of criteria, including innovation and growth potential, financial sustainability, capabilities and track record, and viability.

For further information about the Technium Challenge 2009-10, visit the Technium website