The Digital Shoreditch led Million Pound Startup competition, which will provide the winner with £1 million in funding, has attracted hundreds of companies from 51 countries with little more than a week until applications close.
The winner of the competition will be moved to Tech City to set up their headquarters. As well as receiving the investment, the startup will get extensive free business support from the likes of KPMG and PR firm Ketchum.
The programme's goal is to propel the winning startup to a £100 million company within five years.
The deadline for applications is 31 August, and the team has said that the majority of entries so far have come from companies specialising in high tech mobile applications, computer networking and Internet software.
Kam Star, Founder of Digital Shoreditch said: "The Million Pound Startup competition has brought in a wave of innovative technology companies not just because of the financial investment, but because of the support package from London's greatest organisations. Start-ups need more than capital, they need serious connections to help them succeed, and that is what the contest offers."
The cash will be provided by a number of Angel investors as well as Seedrs, a crowdfunding platform that enables anyone to invest in a startup.
Training, mentorship and networking will come from City University, Gensler, School for Startups, London & Partners and a number of other organisations.
Tim Kay, who heads up KPMG's team in Tech City, added, "The rising demand for mobile technology is spawning new opportunities for a number of young ventures and startups in a nascent industry, and it's great to see that they are applying to the competition. We want London to be at the forefront of technology and mobile is undoubtedly one of the fastest segments in technology."