Aspiring entrepreneurs from Hackney came a close second in a prestigious business competition with their innovative hardware device.

College kids from Hackney Community College in Falkirk Street, Shoreditch, came up with the Scrinkey, which replaces front door locks and can be accessed via smartphones.

Judges were impressed with the invention from Emmanuel Yetbarek, Zakir Choudury, Bobby Okobi and Naim Khan, but they were just pipped to the post by City and Islington Sixth Form College students, who created the Tracklet to help friends stick together on a night out.

Seventeen colleges took part in the awards, and the winners were announced at St James’s Palace on Monday night, with the Duke of York giving out the gongs.

Student Emmanuel Yetbarek said: “It was really exciting to be at St James’s Palace and to have been named runners up. We’re thankful to everyone involved, both the organisers and the sponsors, for making the experience what it is.”

Principal Lois Fowler added: “Congratulations to our students. This is a great recognition of their talent and success. I’m very proud of their achievement and thrilled that they had this opportunity to discuss their business idea with The Duke of York.”