Would-be entrepreneurs across the UK have a new reason to dream big with the launch of the Start Up Idea of the Year competition, which offers grants of up to £10,000.
The initiative is a joint effort by leading digital bank Monzo and small business support platform Enterprise Nation.
Surge in entrepreneurial spirit in the UK
This competition comes in response to Enterprise Nation’s recent Start Up Ambition Report 2025, which shows a remarkable surge in entrepreneurial spirit among UK adults.
The report highlighted that 47% of UK adults are considering starting a business or side hustle in the next year, despite 45% expressing concerns about finances.
The Ambition report showed that younger people are leading the charge. In fact, of 18- to 30-year-olds, 62% are planning to start a business, and over half (51%) of those aged 31–40 are similarly ambitious.
This mirrors, albeit with a higher percentage, the findings of a recent Virgin Startup poll, which shows that over one-third of people surveyed want to set up a new business in 2025.
This new competition hopes to address the appetite for starting up – providing the resources and encouragement needed to turn ideas into reality.
How the competition works
Entries for the Start Up Idea of the Year competition open on Saturday, January 25, during Enterprise Nation’s Start Up Show 2025.
The annual event brings together industry experts to provide valuable insights and guidance to would-be business owners.
The competition offers three cash prizes to the winners:
- First Place: £10,000
- Second Place: £8,000
- Third Place: £7,000
In addition to these grants, all eligible applicants will receive a free six-month subscription to a Monzo Business Pro bank account (T&Cs apply).
Application process – three stages
- Stage 1 (Applications): You can submit your applications online starting January 25, with a February 28, 2025 deadline. Applicants must describe their business idea, highlight its unique market position, and explain how they intend to use the grant.
- Stage 2 (Shortlist): Ten finalists will be selected from the entries to proceed. These shortlisted entrepreneurs must submit a two-minute video pitch by March 21st detailing their concept and how the funding will be used.
- Stage 3 (Winners): A panel of experts will evaluate the pitches and announce the three winners on March 31, 2025.
For more details and to enter the competition,please visit www.enterprisenation.com/startup-idea.
Are you eligible to apply?
To take part in the competition, you must:
- Be UK-based.
- Have a business bank account, or be happy to open one if you win.
- Be a UK limited company or self-employed (sole trader) with proof of UTR.
- Have been trading for at least three months but for no longer than 72 months.
- Not be undergoing insolvency or similar processes.
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Emma Jones, CBE, founder and CEO of Enterprise Nation, shared her enthusiasm for the new initiative:
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…
Our research has shown that almost half of us have the ambition to start a business in the next 12 months. 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.