A competition offering cash rewards for the most inspiring business ideas have been launched in Glasgow.

Four awards of 20,000, plus three months support worth 5,000, are up for grabs in the 2008-09 Glasgow Business Challenge Fund. Run by Glasgow City Council, the fund is open to small and medium-sized firms from the city (maximum of 250 employees) that have been trading for less than three years.

Interested firms are asked to submit a business plan of no more than 40 pages outlining their entrepreneurial spirit, innovation, and their plans for future growth. Shortlisted finalists will then get to pitch their ideas before a judging panel.

Companies have three chances to enter the competition, with the following deadlines set:

30 October 2008.
30 January 2009.
30 March 2009.

Two winners will be chosen from the October round, with one each from the January and March contests.

The new minimum wage levels which came into effect today (1 October 2008) are as follows:

5.73 per hour for workers aged 22 years and older
A development rate of 4.77 per hour for workers aged 18-21 inclusive
3.53 per hour for all workers under the age of 18, who are no longer of compulsory school age