Simon Cowell is turning his attention to a new talent search – trying to find young technology entrepreneurs.

The X Factor supremo, who unveiled Rita Ora and Nick Grimshaw as the new judges on his show yesterday, has joined forces with the Founders Forum which includes businessmen such as TalkTalk boss Charles Dunstone in the hunt for tech talent.

It has set up The F Factor which will see 10 young people compete for a cash prize of £10,000 and pitch their ideas to business leaders including Google boss Eric Schmidt, Baroness Martha Lane Fox and ITV chairman Archie Norman.

The F Factor will see 10 young people compete for a cash prize of £10,000

Cowell said: “In the UK we’ve got an excellent track record of creating great businesses from brilliant ideas. Often all that’s needed is a stage, which is exactly what Founders Forum are providing with The F Factor.”

Dunstone said “enthusiasm” and “investment potential” were more important than a business plan. He said: “Good business ideas can come from anywhere and, often, the best ones don’t come from the boardroom.”

Budding entrepreneurs are asked to pitch their idea in 140 characters or less with the top 10 being asked to attend a face-to-face interview where they will have to persuade the judges they should win.