06/03/2014 05:16 EDT | Updated 08/03/2014 05:59 EDT

Mercedes-Benz Start Up contest for emerging designers to offer $30,000 bursary

TORONTO - A national contest for emerging designers is providing an added cash bonus for the winner.

Organizers of Mercedes-Benz Start Up have announced that they will award a $30,000 bursary to the winning designer.

The funds will be administered by a mentoring team who will guide and support the designer's vision to help make sure that the funds are used "most equitably," according to a release issued on Tuesday.

"While the mentoring of designers in order to teach them how to establish long-term sustainable business remains the main goal of MBSU, the new additional monetary award makes it possible for us to give designers much needed financial support, while also teaching them how to spend their money wisely," Jarrad Clark, vice-president and global creative director of IMG Fashion Events and Properties, said in a statement.

As in previous years, the winning designer will also receive a fully produced runway show during Toronto's World MasterCard Fashion Week next March.

This will mark the fourth year in the nationwide search for Canada's up-and-coming fashion talents.

The search will kick off this summer with a three-city tour: Victoria on Aug. 12-13, Gatineau, Que., on Aug. 18-19 and Burlington, Ont., on Aug. 20-21.

This semi-final phase will produce six designers who will then participate in the national finale at World MasterCard Fashion Week in October.

To be eligible to participate, designers must have a registered Canadian business that has been operating for less than five years.

Deadline for applications is July 14.

Previous Start Up winners include married design duo Danielle Martin and Pao Lim of Martin Lim and Montreal's Duy Nguyen. Last year, the prize was shared by co-winners Cecile Raizonville of Montreal-based label Matiere Noire and Edmonton's Malorie Urbanovitch.