Yorkshire's most adventurous entrepreneurs are invited to compete for their share of a new grant that rewards innovation.

The Company of Merchant Adventurers of The City of York have made up to £10,000 in funds available for local aspiring entrepreneurs who are looking to develop their business skills an a more ‘adventurous’ way.

The Merchant Adventurers will soon launch their new Merchant Adventurers' Award for Enterprise, a grant of up to £5,000 for who feel they have an innovative business idea and want to move it forward.

The annual award was developed, the group said, as part of an effort to encourage more of Yorkshire's business minds to break into enterprise.

"For over 600 years The Company of Merchant Adventurers of The City of York has been supporting business and trade in York," said Tony Robards, Venturefest Yorkshire chairman.

"It understands the financial restrictions that often limit people’s ability to be adventurous in business. Venturefest is all about helping these enterprising people, and I am delighted that the Adventurers and Venturefest are working so well together."

The award is open to anyone over age 16 with links to the Yorkshire area. The winner will be announced at Venturefest Yorkshire 2006 on February 8.