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An X Factor style TV show aimed at discovering aspiring young technology entrepreneurs is reportedly being considered by music mogul Simon Cowell and rapper Will.i.am.

Will.i.am they had met to discuss the details of the project, X Factor for Tech, last month.

The Black Eyed Peas frontman, who was last year appointed as Intel's director of creative innovation, said the show would create "lots" of jobs.

UK innovators have welcomed the idea.

Benjamin Southworth, deputy chief executive officer of the UK's Tech City Investment Organisation, told the ´óÏó´«Ã½: "We're pleased to support anything that encourages young people to get out and create jobs.

"Anything that garners attention to the work being done by young people to create work and create jobs is a wonderful thing.

"Tech has always had its fair share of celebrity anyway - there's always been these headline characters like Steve Jobs.

"It's very easy to denigrate shows like the X Factor, but all of the people who do succeed in it are talented."

Young entrepreneur Nick D'Aloisio shot to fame at the end of last year when Summly, an app he designed to offer shortened versions of web articles, attracted huge funding.

He said he preferred to work independently and with relative anonymity "garnering the support naturally as I went along".

But he added: "Having said that, a television programme will draw attention to young entrepreneurs in technology and will hopefully encourage an entire generation to build their own products and apps."

News of the show has raised interest on Twitter, with Michael Acton-Smith, the founder of games company Mind Candy, tweeting: "If Cowell and Will.i.am pick Louis Walsh to judge this instead of me, I'm throwing world's biggest tantrum."