YORK'S annual technology exhibition Venturefest will return for 2015 as organisers secure financial backing from Innovate UK.

More than 1,500 people are expected to attend next year's event, which is being held on March 12 at York Racecourse.

In what will be its 12th year, Venturefest connects entrepreneurs with investors and innovators, and offers prize packages totalling more than £45,000 through the Innovation Showcase and Investment Competition.

Next year's event has attracted financial support from InnovateUK, formerly known as the Technology Strategy Board, which will enable the exhibition to continue to run as a free event.

Venturefest is also being organised by an enlarged board, which is set to double from eight to 16 members.

Venturefest Yorkshire chairman Tony Hardy said: "Building on last year’s successful format, the 2015 event will see changes to reflect feedback from last year’s attendees.

"The existing board will grow to enable the event to meet the needs of the market and continue to innovate. This will give us a more Yorkshire-wide focus across a number of important sectors.

"Yorkshire is bursting with entrepreneurs from science, technology, creative and high growth businesses whose ideas are changing the world.

"We’re proud to say that, with thanks to the Innovate UK backing, this event can support even more brilliant innovations from the world of science and technology in our region."

The Innovation Showcase provides heavily subsidised exhibition space to businesses, and has previously included products from industries including pharmaceuticals, renewable energy and digital solutions. The most innovative company is also awarded a prize package worth around £15,000.

The Investment Competition will be managed by a new partner, GrowthFunders, an online crowdfunding and co-investment platform. The competition gives growing businesses the opportunity to pitch their ideas, with the successful company taking away a prize worth over £30,000, as well as having their winning pitch hosted on the GrowthFunders site.

Mr Hardy said: "Previous winners tell us that the exposure their businesses achieve through taking part in the competitions has been invaluable.

"Backing from Innovate UK and GrowthFunders means we can continue to support science and technology in the region, showcasing new ideas and helping businesses meet potential funders.”

Applications are now open for both the Innovation Showcase and Investment Competition. Delegate registrations open online on November 3.

For more information and entry details, visit www.venturefestyorkshire.net.