The Sirius Programme, a scheme encouraging graduates with start-up ideas to locate in the UK, has been created to provide economic benefits to Britain.

The initiative has been set up through a partnership between the coalition government and UK Trade & Investment (UKTI) and will take the form of a 12-month start-up support and acceleration package.

Students and recent graduates are open to apply and, if successful, will receive support including investment, placement in a business accelerator programme and mentoring.

Trade and investment minister Lord Green says that the government is committed to attracting talented graduates to the UK to set up and build businesses.

‘UKTI’s Sirius scheme will be one of the most comprehensive start-up support packages offered globally, and the best in Europe,’ he adds.

‘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.’

UKTI hopes that the programme will attract hundreds of entrepreneurs into the UK during its first two years, bringing with them foreign investment and a cumulative impact on the UK economy.

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The initiative was launched at the UKTI’s Entrepreneurs’ Festival in Manchester. The event provides an introduction for budding entrepreneurs into what creating and growing a business is like in the UK.

‘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,’ Green says.

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.