YOUNG entrepreneurs are being given the chance to pitch their moneymaking ideas in a Dragons’ Den-style competition. Bright Young Things is based on the BBC2 show and allow under-30s to present their ideas to a panel of local businessmen.

The winner will win a £5,000 prize to get their idea off the ground and the judges are keen to back any good prospects with their own money in exchange for a percentage of the business.

‘I don’t think it’s necessarily just about the product, but more the person.

‘We’re looking for someone who is enthusiastic about driving their idea forward. A true entrepreneur always enjoys the journey to make something succeed,’ said judge Ian Walker, who is the managing director of the Dix-Neuf Group and Kings Mills Group.

Six finalists will be chosen by a panel of judges that also includes Tom Scott, Derek Coates, Simon Torode, Charlie Mathieson and Julian Winser.

Each will mentor a finalist and advise them before the live final in front of an audience at St James.

Finalists will have 15 minutes on stage to give a presentation and answer questions.

The competition has been organised by Schroders Private Bank, which is putting up the prize.

The Young Business Group and the Guernsey Enterprise Agency will help with the initial stages of judging and to offer advice to finalists.

Tania Shires, of AO Hall, will also be able to give intellectual property and legal advice.

According to Mr Coates, the managing director of Healthspan and Blue Islands, getting involved with competition was an interesting and exciting prospect.

‘Entrepreneurship must be encouraged if we are to create new industries for the future that will provide diverse career opportunities for youngsters.

‘Giving budding young people the opportunity to showcase their ideas and perhaps to attract investment, either financial or know-how, to help them get off the ground is a very worthwhile endeavour.’

Fellow judge Mr Mathieson, the managing director of Island Rib Voyages, said he had watched Dragons’ Den, but said the island’s were not likely to be quite as mean as their television counterparts.

‘It will be a bit more friendly and there will be slightly less competition between the judges.

‘I’m sure there will be some leg-pulling and there is a bit of rivalry and joking when we meet for dinner, but it will be a different matter when we are in front of an audience. It will be just as nerve-wracking for us.’