Now in its third year, the competition asks teams of two or more to research and write about how the Olympic ideals of fairness, integrity and openness can help businesses balance commercial success with their social responsibilities.

Winners of the award from 2011 were Brenda Atuona, University of Kent and Luke Harris, Canterbury Christ Church University. Their winning essay was entitled, The effects of corruption in sports on the Olympic Ideals and Sponsorship programmes.

One of their key conclusions was "from the perspective of looking at corruption, the values of Pierre de Coubertin have undoubtedly been diminished during the past 117 years… It was the growth and strength of the Olympic movement that made it impossible for corruption to be kept out. The value of winning an Olympic gold medal became such that corruption in order to win became an option despite the morals.”

The awards are organised jointly by the International Pierre de Coubertin Committee (CIPC) and the Institute of Business Ethics (IBE) with the patronage of HRH The Princess Royal and have been recognised by the Inspire programme of the London Organising Committee of the Olympic Games and Paralympic Games (LOCOG). The awards are supported by sponsors EDF, BP and Eurostar.

Seb Coe, Chair of the London 2012 said: “I am delighted that the Coubertin Olympic Student Award Competition has achieved the London 2012 Inspire Mark. This is one way students in the UK can get involved with the London 2012 Games and our vision for using the power of the Olympic and Paralympic Movements to inspire change.”

The deadline for essay submissions is 30 March 2012. The Awards Ceremony will take place on 25 June and will include a debate bringing together prominent individuals from the worlds of academia, sports and business.

The winning team will be awarded a cash prize of £2,000 with a further prize of £1,000 for the runners up. The best essays will be published by the CIPC and IBE.

For information on how to enter, visit: www.coubertin-awards.org.uk