Simon Cowell is seeking out the best young technology entrepreneurs in the UK through a new competition known as The F Factor today, hosted by former Big Brother presenter Davina McCall.
The X Factor judge has partnered with Founders Forum, an exclusive network of the well-established digital and technology entrepreneurs, including businessmen such as TalkTalk founder Sir Charles Dunston, in order to find the next generation of talent.
The F Factor, taking place at a luxury hotel in Watford called The Grove, will see 10 young people aged 14-25 compete for a cash prize of £10,000. Perhaps more importantly, the finalists will also get the opportunity to pitch their ideas to business leaders including Google boss Eric Schmidt, Lady Martha Lane Fox and ITV chairman Archie Norman.
The premise behind the F Factor is that it will act as a catalyst for young people to create and build original tech ideas with the support of business leaders and investors and the wider networks of Founders Forum.
Cowell said: "In the UK we've got an excellent track record of creating great businesses from brilliant ideas. Often all that's needed is a stage, which is exactly what Founders Forum are providing with The F Factor. I'm looking forward to reviewing the shortlist of brilliant business ideas from the next generation of entrepreneurs."
Dunstone said: "Good business ideas can come from anywhere and, often, the best ones don't come from the boardroom. To impress us you don't need a business plan or experience - we want to see your enthusiasm and an idea with investment potential."
Since the F Factor competition opened in April, hundreds of original ideas have been submitted, in 140 characters or less, for a new technology business via www.ffactor.co.uk
The F Factor is taking place as part of a wider Founders Forum event happening across London over three days this week.
Founders Forum is one of Europe's most significant tech gatherings and those benhind it have been hosting events in London for the last nine years. Since 2011 it has expanded to host events in the US, Brazil, India, Turkey and China.
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