The ESA said the competition is designed as a catalyst for new, high-tech industry in Europe. Since the competition began in 2004, 650 ideas on how to use satellite navigation have been presented. In 2007, more than 250 proposals were submitted from across Europe.

For 2008, the ESA said the winner will receive direct support at one of the three ESA business incubation centers located in the Netherlands, Germany and Italy. The winner will be assisted by ESA's top experts and have access to space technologies.

The competition that runs from May 1 to July 31 is open to companies, entrepreneurs, research institutes, universities and individuals from around the world.

The overall winner will be awarded, among other things, a grant of about $31,000. All winners will be announced during an official presentation Oct. 21 in Munich.

The ESA said entries should be made online at the competition Web site where more details can be found: http://www.galileo-masters.eu.