A NEW business innovation fund has been launched by a Hampshire council which is asking for the public's help to decide who should receive the cash.

Winchester City Council will be inviting innovative businesses to enter a dragons’ den, with the public casting votes on which ideas should receive funding.

The business innovation fund is for small businesses located within the Winchester District. It will focus on innovation and the creation of new business ideas, services or projects.

Funding will be for around £1,500 per business.

Applications which show how the investment might be paid back in future years, thereby reinvesting the money for future business growth, will be looked on favourably, say the council.

It will shortlist businesses who will then produce a three-minute online pitch to market their innovative business idea to the public.

Winchester City Council residents and businesses will vote during the summer for the ideas they would like to fund.

Joseph Holmes, Winchester City Council’s Strategic Director for Resources, said: “With challenging financial times ahead the council wants to adopt an imaginative and innovative approach towards using our financial resources and to actively look for ways to work with the public to secure the best value for money for our taxpayers."

Cllr Robert Humby,Winchester City Council’s Deputy Leader and Portfolio Holder for Business Partnerships, added: “I am confident that Winchester’s residents and businesses will prove to be excellent ‘dragons’ and help us to fund Winchester’s most innovative and entrepreneurial businesses.”

The deadline for applications is June 30.For further information visit winchester.gov.uk/business-innovation-fund or email businessgrants@winchester.gov.uk