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March 20, 2012

Innovative tech start-ups offered £6k to develop ideas

Technology start-ups with unique business ideas are being called on to compete in oil giant Castrol’s 20/20 Challenge and be in with a chance of winning development funding.

The competition is open to innovative start-ups and small-business owner with the judges seeking those with bold technology ideas. Five finalists will be selected to attend a mentoring event in London. They will receive training in product development, global distribution, research and development, and marketing, before an overall winner is selected to receive the £6,000 cash prize.

Entrants can apply in four main categories — Smart Mobility, Intelligent Operations, Next Generation Engineering and Responsible Castrol. Technological developments in these areas might include remote monitoring tools, car maintenance and service tech, or new hardware for improved energy efficiency.

“We are ready to invest in genuinely innovative and differentiated technologies and are looking forward to partnering with some great new businesses,” said Castrol chief executive Mike Johnson.

The deadline for entries is 22 April and the London mentoring event will be held on 28 and 29 May.