A programme established to create a new generation of successful entrepreneurs in the UK has opened applications for its 2012 intake.

The one-year New Entrepreneurs Foundation Programme, founded in 2011, is targeted at business-minded young people who have the potential to create and run new market-leading businesses.

Successful candidates will have a 12-month internship, starting in September 2012, with a leading entrepreneur and their senior management team. They will also take part in a programme of training, seminars and events run by leading business schools.

Everyone on the programme will receive a basic scholarship salary from their host entrepreneur company, amounting to £20,000 a year for those in London and £16,000 a year if placed outside London.

The programme was conceived by a group of businesspeople and entrepreneurs, including Sir Nigel Rudd, Chairman of Invensys and BAA, Lord Davies, a former government minister, and Oliver Pawle, chairman of board Services at Korn/Ferry Whitehead Mann.

There are 29 participants in the 2011 intake with a range of different backgrounds, including school leavers, university graduates, and people who already have experience in business.

Pawle says, ‘We are delighted with the progress of the New Entrepreneurs Foundation in its first year, and are excited about building on this success through the launch of our search for the 2012 intake.

‘Our aim is just as relevant now as when we launched – to create anew generation of outstanding entrepreneurs who will play a role in Britain’s future growth and prosperity and create new market-leading businesses.’

Lord Davies, vice chairman of Corsair Capital adds, ‘Giving burgeoning entrepreneurs a headstart in building their own business is more important now than ever.’