GlaxoSmithKline’s venture capital division, SR One, and Oxbridge Biotech Roundtable (OBR) are to launch a £100k cash prize competition to medical technology entrepreneurs fresh out of university.

Set for launch in January 2013, the competition, called OneStart, is only open to under 35s who have been enrolled in a European academic institution or business school within the last 12 months.

On its web site OBR says it is looking for ideas for innovative technologies with the potential to deliver meaningful impact on patients’ lives. The competition will be run in stages and covers four tracks: drug discovery, medical devices, diagnostics and health IT.

There are no restrictions on team size with OBR stating that entrants are encouraged to recruit other scientists or business students.

Teams will access mentors and network with other pharmaceuticals and VCs. The winning idea will selected by a panel of judges. As well as the £100k, the winner will receive laboratory space Stevenage BioScience Catalyst, a year’s membership of One Nucleus and a range of business and IP support.

OBR focuses on bringing aspiring biotech entrepreneurs closer to industry through regular events in Cambridge, Oxford and London.SR One previously backed Cambridge Antibody Technology and most recently Bicycle Therapeutics.