THE glitterati of North-East business turned out in force for the unveiling of a network of expertise given the task of increasing wealth for the region.

Sir Richard Branson topped a star-studded bill of speakers and guests at the launch of the Entrepreneurs Forum (EF) at the Biscuit Factory, in Newcastle.

Fellow knight, Sir Peter Vardy, chairman of the EF board, told guests: "It is for all of the entrepreneurs in the region. Whether you have made it, are making it or about to make it - this is for you.

"The result will be to shorten the business distance travelled from start to success."

The forum, which has the slogan "igniting business minds", is loosely modelled on a successful group based in Glasgow, called the Entrepreneurs Exchange, which started in 1995.

It now has 400 members who boast a collective turnover of £6.2bn with 88,000 employees worldwide.

Millionaire businessman Tom Hunter, who founded the highly-successful Sports Division, is part of the Entrepreneurs Exchange.

He told its fledgling counterpart that having a network providing a two-way flow of advice and information was essential to improving a region's economic strength.

He said: "Entrepreneurs are the real engine for growth in any of the modernised economies."

The Entrepreneurs Forum will hold regular seminars and information sessions, which will offer members and associated members vital insights to help their companies grow.

The achievements and successes of the forum will be made public on an annual basis.

All firms joining the organisation will be obliged to pass over certain information about their business.

Each year, this data will be updated showing the collective improvement of the forum. Sir Peter said: "We need to see some tangible benefits."

Teesside University will measure the growth of the forum.

The new board of founder members was present at the launch, including vice-chairwoman Lorna Moran, chief executive of NRG, a company formed as Northern Recruitment Group in 1976. She was the original driving force behind the forum.

The forum has attracted £300,000 funding from One NorthEast during the next three years and hopes to attract more than 140 members in its opening year.