The scheme will be aimed at small to medium-sized companies and those working in them.

Adair Turner, CBI director general, said: "SMEs form the bedrock of UK companies and those which are growing are particularly vital.

"We need to encourage enterprise and innovation.

"These awards will recognise some of the excellent work being done and help promote a more business-friendly culture in the UK."

There will be eight categories in the programme including Launch of the Year for a product or service; International Initiative of the Year for the most successful overseas expansion; Most Promising Young Company for the business set up after April 1996 which has the best potential for future success; Innovator of the Year for the most profitable technological changes; Deal of the Year for transactions made between April 1998 and April 1999; Best Business Adviser; Entrepreneur of the Year; and Company of the Year.

Michael Wills, Minister for Small Firms, will be guest speaker at the first awards ceremony which will take place at the London Hilton on December 1.

The event will be hosted by Private Eye editor Ian Hislop.

For more details contact Frances Hughes at CBI Marketing on 0171 395 8239, e-mail frances.hughes@i.org.uk. Entries close on September 10, 1999.

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