entrepreneur and iTeddy inventor Imran Hakim has teamed up with the University of Bolton to sponsor a category of the Bolton and Bury Business Awards.

The Bolton-based young businessman has agreed to co-sponsor the Design, Technology and Innovation Award.

Mike Lomas, the university’s director of business development and partnerships, said: “Imran and the university have collaborated for a number of years to develop groundbreaking products and promote business growth. The use of the very latest technology and adoption of innovative design concepts have been the key to this successful partnership.”

The two partners now want to encourage and reward good design ideas, coupled with the effective application of technology, through the award.

Mr Hakim’s career as a entrepreneur started early, by buying and selling computers at the age of 16.

Now, in addition to posts with Manchester University’s and Gordon Brown’s Backing Young Britain project, he manages a diverse business portfolio.

Mr Hakim said: “Businesses will only thrive if they readily embrace new technology — enabling them to compete locally, and globally. That’s why this award is important.”

Mr Hakim, known to millions of TV Dragons’ Den viewers as the young hopeful who secured investment for his iTeddy interactive toy, is now helping Finnair to promote its routes to India and China.

With 60 per cent of the world’s population, the Asian region will play a major role in the UK’s post-recessionary recovery. Despite modern communications, Mr Hakim sill believes there is no substitute for physically getting out into the Asian marketplace.

l The Bolton and Bury Business Awards, featuring 11 different categories, will be the glittering business event of the year and take place on Thursday, June 10 at the Reebok.

Companies wanting to enter the Bolton and Bury Business Awards can do so online at: boltonandbury businessawards.co.uk and entries close on April 16.