YORK software firm SimVenture has been named the Most Enterprising Learning Product by a national enterprise competition at the House of Lords.

The 2015 Celebrating Enterprise Awards, hosted by the Institute of Enterprise and Entrepreneurs (IOEE) and the Small Firms Enterprise Development Initiative (SFEDI), rewarded the Riccall-based firm for its interactive software, which was created to simulate and predict outcomes for the challenges faced when running a business.

Since its launch in 2006, SimVenture is now used in both educational and commercial environments in more than 40 countries.

Co-founder Peter Harrington said: "We are thrilled to have won. All our work in the UK and around the world is geared to helping people acquire and develop critical enterprise, entrepreneurship and employability skills.

"But to be recognised for the difference we are seeking to make is special and I’d like to thank the Institute of Enterprise and Entrepreneurs and the Small Firms Enterprise Development Initiative for making this event happen."

Speaking about SimVenture, Sarah Trouten, chief executive of the IOEE, said: "SimVenture is an innovative product providing the opportunity for learners to gain entrepreneurial skills in a safe environment, thus building their enterprising and entrepreneurial mindset.

"For enterprise learners this is invaluable in ensuring they are better equipped to deal not only with the challenges of self employment but also with the world of employment.

"SimVenture is committed to continually reviewing and reflecting in order to further develop their product offer, which is evident through the anticipated autumn launch of SimVenture Evolution."