Rolls-Royce wants to reward teachers who inspire children to study science.
The global engineering company has launched the Rolls-Royce Science Prize to help arrest the growing science and engineering skills shortage in the UK.
It has distributed information packs to 35,000 schools and colleges across the UK and the Republic of Ireland to explain the award scheme.
The programme is supported by the Chancellor of the Exchequer, Gordon Brown, and more than 25 education and science-related professional organisations.
From 1995 to 2000, university engineering applications fell seven per cent.
There has also been a 25 per cent drop in the number of pupils studying A-level sciences between 1991 and 2003.
Sir John Rose, chief executive of Rolls-Royce, said: "Businesses such as Rolls-Royce operate in intensely competitive, high-technology, international markets.
"We need talented young scientists and engineers to ensure we remain competitive."
The Rolls-Royce Science Prize is aimed at teachers of pupils from three to 19.
It will reward those who create inspiring science teaching proposals that address a specific need in their school or college.
Philippa Forrester, science graduate and former presenter of BBC show Tomorrow's World, is backing the scheme.
She said: "Our children may be the Einsteins, astronauts, scientists and inventors of the future.
"They need to be inspired to develop a knowledge of science to take them to the next level."
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