It has been designed as the richest package of its kind in Europe to attract entrepreneurial talent from around the world to the UK.

"The UK is one of the top places in the world to become an entrepreneur and we want to attract talented graduates to set up and build their business here.

"UKTI's Sirius Programme will be one of the most comprehensive start-up support packages offered globally, and the best in Europe," said Lord Stephen Green, Britain's trade and investment minister.

"The popularity of the Entrepreneurs' Festival proves that there is a wealth of exciting business ideas out there with massive potential, as well as a great appetite to start up in the UK.

"Ensuring that Britain becomes the country of choice for talented graduates to start and grow their businesses will help our economy to grow, boost productivity and create jobs," he added.

Places for the Sirius Programme are set to be allocated each month between October 2013 and January 2014, with the deadline for entries for October's admission set at the end of September.

Successful applicants will receive a full range of support including investment, a place in the business accelerator programme, mentoring and logistical help with relocating to the UK.

According to UKTI, the advantages of starting up in the UK include access to 500 million customers in Europe (62 million in the UK) and the fact that these consumers tend to be early adopters, keen to test and try new innovations.

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