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

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

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

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

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

Hit this link for more details.