Ten IT start-up companies will get the chance to compete for $85,000 worth ofprizes during a conference organised by the Telecommunications Industry Group(TIG) next month.

At the competition, dubbed Launch Pad, fledgingentrepreneurs will be expected to pitch their business idea in ten minutes toa panel of judges. The public competition will take place during the TIG’sPlanet 2010 event in Auckland.

First prize is $70,000 work of IT, marketing, legal andaccounting services as well as computer hardware and telco services fromcompetition sponsors WorldxChange, Republik, Hudson, Gavin Martin and MYOB.

The Ministry of Economic Development is stumping up forsecond and third cash prizes of $10,000 and $5,000 respectively.

Applicants must submit their entry via a New Zealandbusiness incubator or a university technology transfer office by 1 March.

Hit this link for more details.