An drag reduction device for trucks that could reduce fuel consumption by up to 8% has won College Entrepreneur of the Year 2012.

The team of first year engineering students from NUI, Galway Justin Conboy, Dearbhaile Forde and Garrett Archbold beat submissions from over 360 third level students.

Their drag reduction initiative to reduce the drag between an truck and its container won the first prize of €10,000.

Queen's University Belfast won the 'most technologically innovative idea' with their Apex airline seat that allows an airline passenger ot recline their own space.

Zooplar from UCC won the 'emerging and dynamic company of the year' award with their product Social AR.

It is described as the world's first augmented reality platform that runs on Facebook and through a unique architecture provides each user with a personalised brand experience.

Tom Hayes, Head of Micro Enterprises and Small Business at Enterprise Ireland said "They are our successful entrepreneurs of the future. It is tremendously encouraging to see their energy and their enthusiasm, and I congratulate all of them on their achievements."

The Enterprise Ireland prize and competition is co-sponsored by Invest Northern Ireland, Cruickshank Intellectual Property Attorneys, Mammoth Advertising, Intel and Grant Thornton.

The winners receive €5,000 in branding consultancy Mammoth Advertising and mentoring from Enterprise Ireland.