Alltech founder Pearse Lyons is contemplating his inner dragon.

The Irish-born US-based gazillionaire told me he is donating cash to set up an innovation fund for budding entrepreneurs, in an initiative called Lyons Den.

It is not due to be officially announced until Alltech's annual conference, or "symposium", which takes place in May in Kentucky, where the company is headquartered. Lyons probably let the cat out of the bag somewhat, but he's the boss so he can't get in trouble.

The company later said he is donating $500,000 “in a personal capacity” to set up the fund to help “budding entrepreneurs in the food and drink sector [bring] their innovations to reality”, presumably by pitching to Lyons for cash.

It will have an “international expert judging panel” and a prospectus will be released shortly. The company declined to provide further details, but the Lyons Den moniker would appear to give some clues as to the format of the initiative.

Alltech yesterday hosted a student entrepreneur competition at its Meath base.

The winner was a would-be company set up by students of Waterford Institute of Technology called Field Buddy, which proposes using GPS technology to help farmers fertilise their fields. Sounds interesting.