Would-be entrepreneurs could soon benefit from a cost-saving boost to their business prospects, thanks to an initiative that is being backed by multi-millionaires Sir Tom Hunter and Willie Haughey.

Entrepreneurial Spark, a business accelerator programme, will give those in the early stages of starting a business access to free expert advice, office facilities and other resources.

The social enterprise project will be based at Caledonia House, head office of City Refrigeration Holdings, which is chaired by Willie Haughey, who has donated use of the office space, communications and computer equipment.

“Scotland has been screaming out for something like Entrepreneurial Spark for years,” said Mr Haughey, and it’s the kind of thing which those of us who have created successful businesses absolutely have to get behind.”

Mr Haughey and Sir Tom Hunter, who has also made a donation to the project, will be joined by figures from across the business community who have committed their time and expertise - and in some cases will be mentoring individual entrepreneurs.

There will also be input from academics from Babson College in Boston, one of the world’s leading business schools, and from organisations including the law firm Harper MacLeod, accountancy practice RSM Tenon, The Big Partnership PR company, Glasgow Caledonian University and networking website Kiltr.

“Scotland definitely needs this,” said Sir Tom. “There are not enough people starting businesses here at the moment. This is a tough economy, but you come to something like this and it really is a beacon of hope.”

Entrepreneurial Spark has been created by Jim Duffy, an entrepreneur whose experiences include developing businesses in licensing and car valeting. It will provide support for up to a year including guidance from the initial planning stages to marketing and securing investment. The first recruits will join the programme in January.

“We will help entrepreneurs take the germ of an idea, or a burgeoning enterprise, and give them the tools and close guidance required to turn that into a fully functioning, profitable business which creates wealth for the Scottish economy,” said Mr Duffy.

“Nowhere else in Scotland provides that kind of access to such a high level of expertise and know-how, and I’m incredibly excited about the potential for Entrepreneurial Spark to create some great new Scottish business success stories.

Up to 25 entrepreneurs will be able to join Entrepreneurial Spark’s first intake, with places allocated through an informal application and interview process.

www.entrepreneurial-spark.com