The finalists are: Sadik Ahmed, Sean Conway, Katy Davis, Scott Flockhart, Tom Geens, Tom Harper, Mat Kirkby, Frazer Lee, Vito Rocco, William Sinclair, Dave Tucker, and Sam Walker.
About 1,000 UK directors entered the contest on MySpace. The 12 shortlisted film-makers will now turn their idea into a filmed pitch.
A panel of experts including Sienna Miller, Ashley Walters, Kevin Macdonald, Nick Love, Michael Caton Jones, Stephen Woolley, Andrew Macdonald and Christian Grass will judge the video pitches and select three finalists. MySpace users will then vote on the winner, to be announced July 10.
MySpace users and the industry experts will offer advice and ideas for the winning project.