Leeds Beckett University and solicitors Lupton Fawcett Denison Till have teamed up to offer up to £5,000 of support to small businesses.
The organisations will offer five one-year Business Advantage Awards to small firms, start-ups and entrepreneurs.
Students, graduates and clients of Leeds Beckett University Enterprise and Innovation Centres are eligible to apply for the scheme.
Tenants at Leeds Digital Hub, run in partnership by The Yorkshire Post and the university, can also apply.
The awards will offer up to 50 hours of mentoring and legal support, which will typically include one to one support from a partner level solicitor, practical advice on topics such as intellectual property and trademarking, support on securing investment, advice on commercial property and leasing.
Russell Davidson, director at Lupton Fawcett Denison Till, said: “I have set up and run a business, so I know how tough it can be in the early stages.
“Through our award scheme we would like to support the next generation of high flying entrepreneurs.”
Applicants will submit a business plan to the University’s Enterprise and Innovation Academy by January 21, before presenting to a panel on January 29.