Serial entrepreneur Daniel Citron has been selected to take part in an international business competition with a £10,000 prize.

Alibaba.com, the world’s largest business-to-business online marketplace, is running the global trading contest to help get start-ups off the ground. Mr Citron, 32, was one of just seven hopefuls chosen to compete. He hopes to be successful with his silk pouches for mobile phones and MP3 players. He tells People: “I saw an advert in the Evening Standard and thought: ‘Why not? It could be a bit of fun.’

“I have a whole list of low-priority ideas that I know I’ll never get around to actualizing, so I used one of them.”

Mr Citron believes the pouches will appeal to the 18-35 female market, particularly those who go clubbing. “It’s like a tiny handbag for a mobile or a credit card and some notes. The cost of importing them is nothing. They are small, light and cheap to produce. It’s not the most genius idea but it’s practical and doesn’t exist in the UK at the moment.” He hopes to have the pouches in shops for early 2010, ahead of Valentine’s Day.

Born in Dublin, Mr Citron completed a scholarship at the London School of Economics. He worked as a management consultant and is currently head of product development at a bank, IDT Europe. He says: “I think it’s time that I used my abilities to start something on my own.” He is speaking to angel investors with regards to the launch of four of his start-up businesses. Married with three children, Mr Citron divides his time between Israel and London.

To vote, go to www.globalstartupchallenge.com