Davd Milne receiives the award from Tom Hunter

David Milne received the award from the business networking group the Entrepreneurial Exchange at a dinner in Glasgow.

Keith Neilson, of software company Craneware, was named Emerging Entrepreneur of the Year.

Mr Milne's company began life as a research project at Edinburgh University more than 30 years ago.

It's fitting that Milne should win the award in what has been a momentous year for Wolfson Tom Hunter Exchange chairman

It has now been hailed as a global leader in its field and was valued at more than �250m when it was floated on the London Stock Exchange last month.

It counts Microsoft, Apple and Sony among its clients for integrated circuits.

Wolfson has developed under PhD physicist Mr Milne to become an independent company with 25 employees.

Keith Neilson of Craneware identified a niche market in providing software for health care billing systems for US hospitals.

He founded the company with partner Gordon Craig and now supplies software to more than 400 hospitals within 45 states in the US.

Tom Hunter, chairman of the Entrepreneurial Exchange, said: "As ever, choosing the winners was an extremely difficult task but I am delighted to declare David Milne Entrepreneur of the Year 2003.

"It's fitting that Milne should win the award in what has been a momentous year for Wolfson.

"The judging panel was equally impressed by Craneware and the manner in which Emerging Entrepreneur of the Year Keith Neilson has guided the company into a market leading position in the USA.