A DUBLIN-BASED online consultancy is putting up €10,000 of its own money for the winner of a competition to find a new internet start-up with the potential to become a sustainable business.

The competition is intended to tap into innovative ideas that can happen during a recession, said Morgan McKeagney, managing director of iQ Content, which is funding the prize. “It is a genuinely altruistic initiative and it’s about getting ourselves as an economy out of the mess we’re in. We feel quite passionate about this. The big agenda is to make Ireland competitive again in stuff we’re good at, and I think we’re good at technology.”

He insisted the prize money comes with no strings attached and is not an investment stake in the eventual winner. “We’re putting up the money ourselves. There’s no hidden agenda or secret sugar daddy behind it,” said Mr McKeagney.

The competition is open to anyone who submits a five-page business plan. Entrants will be judged on criteria such as the nature of the business problem and its solution, the technology to be used, and the sales and marketing experience of the team behind the venture.

“There’s a perceived low barrier to entry for businesses in the internet space, but a lot of those aren’t really viable businesses that are going to make money. The focus on having a business plan is to get people to think beyond the initial idea,” Mr McKeagney said.

The six-person judging panel is due to be finalised next week. “The quality and credibility of the judges will be critical to the success of this,” said Mr McKeagney, who will sit on the panel as a co-ordinator.

He confirmed iQ Content is in discussions with two senior executives from global multinationals based in Ireland “who obviously understand the mix of technology and business”. The competition winner may have the opportunity to work with some of these companies, Mr McKeagney added. The panel will include two founders of indigenous technology businesses and an internationally successful technology entrepreneur.

The closing date for entries is May 12th and the winner will be announced on June 25th. Applicants can submit their business plan online at www.iqprize.ie.