The grown-up world of business is turning to its baby-faced counterparts in the hope of finding Britain's best young digital entrepreneur.

Hosting specialists DediPower launched the awards - in conjunction with The Sunday Telegraph and e-skills UK, a sector skills council for business and IT - with the aim of providing business advice and mentoring to young entrepreneurs.

The closing date for entries is February 8 with the winner being announced and handed a prize worth over £50,000 on February 24. The prize is split into a cash investment of £25,000, £2000 in development funds and a further £25,000 worth of business mentoring and Internet hosting.

The judging panel include the business editor of The Sunday Telegraph - Kamal Ahmed, director of corporate development from Network Rail - Catherine Doran and Craig Martin CEO of DediPower amongst others.

Martin says, "We are looking to find the young entrepreneur with Britain's best new Internet based business idea and reward their innovative spirit.  If you are young and have a great idea, it is hard to know how to exploit your talent, or how to get the right advice."