The 2014 young innovators competition has a significantly increased prize pool on offer for innovative ideas that may not necessarily be new, but add value to either an existing product or service.

Established in 2009 by Priority One's Instep programme the awards aim to inspire and engage secondary school students and people under 40-years-old who live in Tauranga and the Western Bay of Plenty.

The YIA breakfast launch.

Launched today more than 70 people from the business and education community were on hand to hear about the awards and what is planned for this year.

Priority One Instep manager Lyn Parlane says there are also opportunities for students involved in the YIA to win an internship and take part in a start-up programme for entrepreneurs.

This year the Bay of Plenty Polytechnic will be promoting YIA to their students and tutors along with the 10 secondary schools in Tauranga and the Western Bay of Plenty and Priority One's Young Professionals Group.

A key goal of the YIA programme is to keep developing and enhancing the innovation and creativity-related resources available to students and teachers. This year all resources will be made available through the YIA website www.yia.co.nz. You can also visit the Facebook page.

A wide range of creative and thought leaders from around New Zealand are invited to judge the awards and then participate in the YIA Innovation Forum, to be held on 8 August.

'This ensures that all stakeholders, from students through to business and political representatives, have the opportunity to engage with the judges,” says Lyn.

All YIA entries need to be delivered to the Priority One office on Friday July 4 at 5pm