Digital bank Monzo is collaborating with Enterprise Nation to launch a Start Up Idea of the Year competition.
The competition, which opened for entries this weekend at the Enterprise Nation Start Up Show, will give three entrepreneurs with winning concepts the opportunity to receive grants of £10,000, £8,000 and £7,000.
It follows Enterprise Nation’s Start Up Ambition Report 2025, which found 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.
Entries for the Start Up Idea of the Year competition close on February 28th with 10 shortlisted entrepreneurs invited to submit a video outlining their idea and how they would use the grant in more detail. Winners will be announced on March 31st.
As well as the cash prizes, all eligible applicants will receive a free six-month subscription to a Monzo Business Pro bank account.
Jordan Shwide, general manager, Monzo Business, said: “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.”
Emma Jones CBE, founder and CEO of small business support platform 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, which is why we’re so delighted to be working with Monzo Business on this brilliant competition because we know how close they stay to their community of business customers.
“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.”