A new networking site for entrepreneurs called Smarta.com has appeared, in direct competion to business networking site LinkedIn.

Smarta, the brain child of entrepreneur Shaa Wasmund, aims to help small businesses fast track their way toward becoming more profitable and efficient.

Such is the interest in the site, it is being backed by the Royal Bank of Scotland Group, Vodafone and commercial law firm Mishcon de Reya. Even Bebo founder Michael Birch has decided to invest in it as well.

The site claims to let users set up a new business in just 30 minutes and features short video guides and special reports that provide practical advice on all aspects of starting and growing a business.

Users will be able to create profiles and connect and interact with other business owners, similarly to other social networks such as Facebook, but they will also be able to access a Q&A forum where they can get answers from other entrepreneurs and experts and receive free professional advice from financial and legal services companies.

Wasmund promises Smarta will have a new approach that is needed for entrepreneurs and small businesses.

“Smarta.com will allow users to tap into the brains, experience, and ideas of the entrepreneurial community. Irrespective of background, the site will help you think, create, and grow ideas, empowering people who never thought they could realise their dreams and ambitions,” says Wasmund.