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Enterprise Ireland has launched an awards programme aimed at giving students and young people an opportunity to turn entrepreneurial ideas into commercial businesses.

The 'Think Outside the Box Awards' gives participants a chance to win a prize from the overall €30,000 cash prize fund, which includes a €10,000 first prize, as well as a €30,000 consultancy fund.

The awards, which are co-sponsored by Invest Northern Ireland, Cruickshank Intellectual Property Attorneys, Grant Thornton and Intel, are open to all full-time third-level students in the island of Ireland.

Last year’s winning team from NUI Galway developed DRS.ie, a drag reduction device for trucks that helps significantly reduce fuel consumption. The business has already attracted significant commercial interest and has gone on to win €50,000 funding from Enterprise Ireland’s Competitive Start Fund to develop the project further.

Justin Conboy one of the 2012 Awards winning team members said that winning the award was a catalyst for the success the team has had.

‘Winning the competition last year has provided us with great opportunities to develop our invention further. It has also allowed us to build new contacts, gain more financial support and start our own company. The ‘Think Outside the Box Awards’ has also put us on the international radar.  We’ve had interest from potential customers in Europe and the United States, and many other companies across Ireland."

Launching this year’s initiative at NUI Galway, John Perry TD, Minister for Small Business said that students represent a wealth of energy, creativity and innovation.

"There is a current gap in terms of really tapping into this potential for students to help drive the economy by commercialising their business ideas and looking on starting their own business as a real career option.  This in turn will stimulate employment among themselves and their peers," he said.

Regional executives from Enterprise Ireland will be presenting the details of the competition to all colleges and institutions between now and the closing date for the competition in April.