Anyone who has started a business in the past year or who has completed the Go for It programme were encouraged to take part in the challenge by Council’s Head of Business Kevin O’Connor.
Speaking at the launch he reminded those present that the Business Team at Council are committed to local businesses, entrepreneurs and a thriving economy for the city and district.
He said: “Council is focused on developing business and encouraging our local entrepreneurs.
“While the end process of this £10k Business Start Up Challenge will see three winners awarded with a cash injection, we also hope to inspire everyone who takes part and create some value to them going forward with their plans.
“We are committed to developing and expanding our existing business base and entrepreneurial activity is a critical driver of economic prosperity.
“Today’s event is a testament that Derry and Strabane is home to many talented entrepreneurs and innovators who are thriving in spite of the economic uncertainty.
“We as a Council want to encourage new thinking that will benefit the local economy and support entrepreneurs and organisations that have strong potential and smart new ideas.
“Innovation is a big part of this challenge. I’d ask that you think about a number of factors before submitting your plan; think beyond local – how you can export your idea or product, can it make you money fast, is there anything unique/quirky about it and consider how you will research your market.”
Applications are now open and can be accessed via Derry City and Strabane District Council’s website at www.derrystrabane.com/10Kchallenge.
The closing date for entries is Friday 5th May at 12.00 noon.
Three cash prizes will be awarded to help entrepreneurs progress their business idea: a £5,000 1st prize, £3,000 – 2nd prize, £2,000 – 3rd prize making up the £10k Business Start Up Prize Winnings.
Further details on Enterprise Week and how to register are available at www.derrystrabane.com/enterpriseweek. Enterprise Week 2017 is sponsored by Virgin Media Business and will continue until Friday 10th March 2017.