A campaign is due to be launched on March 25, with a focus on start-up firms which are attempting to find innovative ways to grow their business in their field.

The Hype Foundation, an educational organisation focusing on entrepreneurship and start-ups, are looking to boost the businesses of those which apply, with a particular focus on sport.

“This year we have decided to focus on sports innovation,” said Amir Raveh, chief executive of the Hype Foundation.

“The focus on sports innovation refers to the fields of broadcasting, medical and health, applications and information to athletes, coaches and fans.

“The main goal is to produce breakthrough innovation and to give the enterprises their leap forward."

Winners of the eight regional competitions will be awarded a ticket to the competition finals, which will take place in Rio de Janeiro while the Brazilian city stages the Olympic Games in August.

The overall winner will receive a bonus of €100,000 (£78,000/$113,000).

The OCI are due to stage their regional final at their headquarters, with the organisation’s President Igal Carmi having been named among the judges.

OCI chief executive Gili Lustig, scientific director of the Hype Foundation Gilad Weingarten and football manager Avram Grant are also on the panel of judges.

“Sports and innovation are going hand in hand and, most appropriately, the focus is on technology and health,” said Lustig.

“When talking about human ability the sky is the limit, thanks to technological improvements.

“We welcome this extraordinary collaboration and we will be there along with the Hype Foundation, all the way.”