The Be Inspired Business Awards, The BIBAs, will hand out a prize for the Innovation Business of the Year at its ceremony which will take place later this year.
It will recognise businesses which have successfully brought new products or services to market or adapted an existing one for a new market.
Denys Smith-Hart, of category sponsors InterSys Group, said the past 12 months had seen many firms having to adapt to meet the changing needs of their customers.
He said: “The COVID-19 pandemic has driven many businesses to innovate to survive thereby creating new and exciting opportunities.
“Across all sectors of the Lancashire economy we have seen businesses reshaping their products and services and bringing in new ways of working.
“I cannot wait to hear the stories of how this innovation has helped businesses continue to be competitive, securing jobs and prosperity in our county.”
The Innovation Business of the Year is a new addition to the 19 categories on offer at this year’s BIBAs.
The awards have also confirmed it will be giving cash prizes to winners for the first time.
Babs Murphy, Chief Executive of the awards’ organisers, the North & Western Lancashire Chamber of Commerce, said the change was in recognition of the financial hardships being faced by many businesses.
She added: “We are able to do this as we do not make a profit from our awards which allows us to be able to support Lancashire businesses in every way we can.”
The BIBAs has also secured a backup date for its ceremony at The Blackpool Tower in case it is unable to fulfil its current date of Friday, September 17, due to restrictions in place to prevent the spread of COVID-19.
The backup date is Friday, November 26.
To apply and find out more about the The BIBAs, visit the awards new-look website at www.thebibas.co.uk.