A VENTURE capitalist is offering the winners of a competition for spin-out businesses from North East universities the chance to win investment of up to £150,000.

The finalists of the Blueprint Business Planning Competition often go on to create thriving companies but this year they stand to receive money to back their growth.

Newcastle-based fund manager Rivers Capital Partners has offered investment-readiness training from its sister company Finance Tree and legal advice from Newcastle-based Square One Law LLP.

But it has also set aside a total of £60,000 to invest in the winners and runners-up if it finds they are ready to grow, and then they could be in line for up to an additional £150,000 from the North East Angel Fund, which the company manages.

The competition allows pre-start- ups from Durham, Newcastle, Northumbria, Sunderland and Teesside universities to present their business plans to experts from the area and receive help and mentoring if they are shortlisted as finalists.

And this year the awards have had to look harder for support after regional development agency One North East, which had been its principal sponsor for seven years, pulled out ahead of its closure next year.

Jonathan Gold, director of Rivers Capital, said: “We have been involved with the Blueprint competition for a few years now, but wanted to take it to another level.

“The aim is to help develop these promising, young start-up companies through their first investment.