Calling all budding entrepreneurs! Now is your chance to turn your dream business idea into reality.

The iLembe Chamber of Commerce, Industry and Tourism (ICCIT), in partnership with African Bank and Enterprise iLembe have launched an exciting competition called "The Entrepreneur".

Based on the UK reality television show the "Dragons Den", aspiring businessmen and women on the North Coast will have the opportunity to pitch their concept to a panel of judges and in return win the capital needed to get the enterprise off the ground.

Wannabe business people are first required to fill in an entry form and post it in the entry boxes at the local Spar stores in and around iLembe and the local municipal offices. All entries will be adjudicated by the iLembe Chamber mentorship panel and the top 30 contestants will be interviewed and selected.

From this group, 20 finalists will be picked. Each finalist will then be given the support of an accredited iLembe chamber mentor, who will help in preparing a formal business plan and also the presentation that will be made to a panel of four judges.

Dubbed the "Eagles Nest", it will then be up to the panel to select a final eight top winners. All of this will take place before a live audience Idols style that will be open to the public, family, friends and members of the media.

Prize money of R220 000 in seed capital is up for grabs and could be spilt among a maximum of eight winners. It may not be an even split - each idea might require different amounts. It also includes a one year membership to the iLembe Chamber, a small business tool box and excellent media exposure.

"The prize money will be managed by the mentor and the draw-downs will take place as and when needed. It will not need to be repaid, but, the mentor will help instil the philosophy of "Paying it Forward" and there is a moral and ethical expectation from each winner to "tithe" towards the Mentorship Fund. This fund will be used to give other entrepreneurs a similar opportunity," said iLembe Chamber chief executive officer Trenley Tilbrook.

Entrants can be of any age or gender. They must have a sound and viable idea for a business enterprise but lack the financial means or access to the financial means to turn the idea into a reality.

So get those pencils sharpened and brains cracking. Look out for the entry boxes and remember the competition close on July 27.