Among those getting a 12-month support package with financial aid of up to £48,000 are former New Zealand footballer Tim Brown. He has set up a company making running shoes that do not need socks.
Seven companies will be set up by entrepreneurs from countries including India, China, Italy and Germany under the so-called Sirius Programme.
Minister of State for Trade and Investment Lord Livingston said: "Looking at the high calibre of entries we have received for this programme, it is clear Britain is fast becoming the country of choice for talented graduates to start and grow their businesses, which will ultimately help our economy to grow, boost productivity and create jobs, and succeed in the global race."
Other businesses set to be launched under the scheme include one to create green energy from waste coffee grounds, and one making a portable battery charger.