Ulster Bank has launched a new pitch competition, providing entrepreneurs and small business owners in Northern Ireland with the opportunity to win a share of a £60,000 prize fund.

This initiative is part of a broader £1 million prize pot being distributed across the UK this year to support business growth.

The competition marks the 10th anniversary of the bank's accelerator programme. To enter, business owners must submit a 60-second video pitch explaining their business model and how the funding would accelerate their growth.

From the initial submissions, 12 semi-finalists will be chosen to deliver a live pitch and participate in a Q&A session before a panel of judges from Ulster Bank and its partner organisations. These finalists will also be featured in an online public vote on the Belfast Telegraph website.

Following the semi-finals, four successful entrepreneurs will progress to the grand final, which is scheduled to take place during the Belfast Telegraph Business Awards on Wednesday 25 March.

The Ulster Bank Accelerator programme launched in Belfast in February 2016 and has since assisted over 1,500 small businesses in scaling their operations through expert support and practical tools. Gabi Burnside, Entrepreneur Acceleration Manager at Ulster Bank, commented: "The live onstage pitch competition is one of the highlights of the Belfast Telegraph Business Awards and a fantastic opportunity for entrepreneurs to showcase their ideas to a room full of business leaders and innovators.

"This year we are marking 10 years of Ulster Bank's Accelerator programme so what better way to kick start the celebrations than by offering the biggest cash prize for entrepreneurs to date and revamping Ulster Bank Pitch.

"Supporting start-ups and small business growth is crucial to maintaining a strong economy so we hope this competition, and indeed our ongoing work with entrepreneurs, continues to fuel this growth."

Shortlisted entrants will be judged on their business models, growth strategies, and the potential impact of the prize money. Regarding the pitch format, Gabi added: "When making your pitch, keep it short and punchy and try not to be too modest. Tell us what makes your business special and how the prize fund will make a genuine difference to your growth. We need to hear about your USP so be authentic and try to let your personality shine through.

"It's also important to think about production, you don't need a film studio, but good lighting, clear sound, and a nicely framed shot will enhance your pitch. Be concise, stick to your most powerful points, rehearse and make every second count. This prize could really propel your business growth so give it your all and good luck!"

Entries must be uploaded to the Belfast Telegraph website in .mp4 or .mov format, with a file size limit of 30mb. The deadline for submissions is 5pm on Friday 6 February.