Local businesses are being given the opportunity to propel into the global stage thanks to a competition casting the spotlight on innovative SMEs.

The Icehouse and Samsung Electronics have today announced the launch of Samsung Springboard, a competition which targets local technology start-ups and small to medium enterprises (SMEs).

The competition is offering finalists a range of mentoring and networking opportunities, and a grand prize of $30,000.

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Other prizes include $10,000 developer funding, a tenancy at Kiwi Landing Pad in San Francisco including flights, Samsung products and workshops from The Icehouse.

The five finalists will be selected on October 4 and will then participate in mentoring and pitching workshops.

They must then pitch to leading business entrepreneurs who will judge their performances on November 5.

Kiwi business, I Measure U, a measurement and analysis system for information around body movement, is one of the entrants

The company's founder, Mark Finch, said Springboard had the potential to open doors into dealings with companies trading on the global market.

"We're always looking at new ways of getting noticed internationally and this competition provides a great way to do just that," Finch said.

The winners will be selected by a panel of New Zealand business leaders including managing director of Samsung New Zealand Kenny Yeon, chief executive of The Icehouse Andy Hamilton and PowerbyProxi chief executive Greg Cross.

Members of the public will also have an opportunity to vote on November 5.