The hunt is on to find some of the region's most innovative businesses with the launch of the 17th annual Merseyside Innovation Awards.

The awards are open to individuals or companies with fewer than 50 employees and have prizes worth more than £14,000 up for grabs. They aim to recognise and reward the use of innovation as a means of boosting growth and profitability.

Brian McCann, of MC Vanguard Corporate Finance and founder of the awards, said: "We are now entering the 17th year of the Merseyside Innovation Awards and all of the sponsors are looking forward to the supporting the region's exciting and innovative businesses.

"Our aim is to foster not just existing innovative companies, but also develop innovative ideas that will generate economic growth and the formation of new businesses. We've already had a handful of applicants, even before the awards are open for entries, so the signs are very encouraging."

Each month, a winner will be selected and given the chance to compete in the grand final in July, when three shortlisted contestants will present to a distinguished panel of judges from across the commercial spectrum.

The overall winner will receive £10,000 in cash, £4,000 worth of legal, business, PR, accounting or design consultancy, with support from some of the region's leading business advisors as well as publicity for the idea.

Knowsley-based Nurock, which has developed an innovative hydraulic concrete mixing system, was crowned the winner of last year's Merseyside Innovation Awards. It beat off competition from fellow finalists Weir and Carmichael, Human Recognition Systems and Learn About Finance to take the award.

The deadline for entries is 27 April and the final will take place in July at the Crowne Plaza in Liverpool. More information on how to enter is available on the Merseyside Innovation Awards website or by contacting Jean Hughes.

Insider is once again proud to support the ceremony and is acting as media partner with the BBC. Other sponsors of this year's awards are: Amatica, BBC Radio Merseyside, Brabners Chaffe Street, Liverpool Chamber of Commerce, NatWest, Paver Smith, University of Liverpool, MC Vanguard, The North West Fundand WP Thompson.