In its third year, the BT Business competition celebrates the nation's finest business owners who use technology to help their business succeed.

The 20 winners will have the essence of their business captured in a photo by famous portrait and fashion photographer Rankin. His portraits of the winners will be showcased at an exhibition in January at gallery@oxo on London's South Bank.

A panel of judges, headed by "Dragons Den" business tycoon Peter Jones, will award one of the 20 businesses the title of Outstanding Entrepreneur of the Year and a £20,000 business grant from BT. The judges will also award titles of Best Male, Best Female and Best Young Entrepreneur of the Year, as well as Most Outstanding Business Concept.

Gary McLean, BT local business regional director North West, said: "Peter Jones embodies the entrepreneurial spirit which characterises many small businesses and Rankin will be able to capture this passion in striking photographic portraits.

"Small and medium-sized businesses are the lifeblood of the UK economy. They account for 99.9% of businesses and 40% of the UK's turnover. We want to help and encourage them to succeed, applaud their determination and celebrate their spirit."

Joining the star of TV's "Dragons Den" are John Dunsmure, managing director of British Chamber of Commerce Enterprises, Gavin Dollin from Business Link, Mick Hegarty, marketing director BT Business, Tricia Phillips MirrorWorks editor for the Daily Mirror and Adam Shaw from BBC2's Working Lunch.

Peter Jones said: "It takes a lot of guts to take the plunge and start your own business – and I want to see that passion and dedication in the entries. However I am also looking for a business that is doing something different and unique and has a long term plan for success."

The BT Business Essence of the Entrepreneur competition has previously rewarded a range of businesses from across the UK including a landscape gardener, a retro sweet shop and an all-female construction company.

Previous winner Kerrie Keeling, founder of A Woman's Touch, said: "The exposure my company has received as a result of the award has been phenomenal and has snowballed into some really major opportunities."

The closing date for the BT Business Essence of the Entrepreneur competition is August 31st. For details about how to enter and see past winners, visit www.bt.com/entrepreneur.