The Start Up Idea of the Year competition will give three budding entrepreneurs the chance to win grants of up to £10,000.
Digital bank Monzo has teamed up with Enterprise Nation to launch a new competition that will help three start-ups to get up and running.
The Start Up Idea of the Year competition will give entrepreneurs with winning concepts the opportunity to receive grants of £10,000, £8,000 and £7,000. The competition is now open for entries.
The Start Up Ambition Report 2025, published by Enterprise Nation, finds that while almost half (47%) of UK adults are thinking about starting a business or a side hustle in the next 12 months, many (45%) are worried about their finances.
"It's great to see that the appetite for people across the UK to start a business remains strong - but by staying close to our customers, we know that many of those budding entrepreneurs are worried about funding and finances. We want this competition to encourage more self-starters to have confidence in their ideas and take them to the next level - with our support." Jordan Shwide, general manager, Monzo Business.
Entries for the Start Up Idea of the Year competition close on 28 February. Ten shortlisted entrepreneurs will be invited to submit a video outlining their idea and explaining how they would use the grant in more detail. Winners will be announced on 31 March. As well as the cash prizes, all eligible applicants will receive a free six-month subscription to a Monzo Business Pro bank account (T&Cs apply).
Emma Jones, founder and ceo of Enterprise Nation, said: "Rewarding innovation and supporting people to develop new ideas, test them and bring them to fruition is so important. It's also vital to highlight how this process works from start to finish … It's shining a light on all the wonderful entrepreneurial work that's happening and reinforcing the notion that good ideas can become good businesses. Our research has shown that almost half of us have the ambition to start a business in the next 12 months."
More ways to win
Win a Start up Support Package
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Enter the Start Up Donut competition for your chance to win a prize bundle worth more than £3,000 including an HP laptop, business insurance, accounting and tax return software, a 12-month subscription to an AI-powered business planning tool and more.
Written by Rachel Miller.