Peter Jones announces entrepreneur competition with £10,000 cash prize

If you’ve got a winning business idea, you’ll need funding to get it off the ground. And who better to get it from than a dragon like Peter Jones?

The Dragon Den investor’s foundation, the Peter Jones Foundation, has partnered with business advisory firm FRP to expand its National Entrepreneur of the Year (NEOY) competition this year.

Young entrepreneurs can win the chance to pitch their ideas, impress industry leaders, and potentially secure a life-changing business investment.

Founders have until the end of May to submit their entry. In this article, we’ll explain what the National Entrepreneur of the Year is all about, and how you can apply.

What is the National Entrepreneur of the Year competition?

The NEOY competition is a longstanding initiative which aims to empower young entrepreneurs to reach their business goals.

It champions budding business founders from underserved communities and underrepresented backgrounds, already launching the careers of many.

Previous winner, Ross Bailey, founded the online commercial rental marketplace, AppearHere, at the age of 19. He’s gone on to raise over $20 million in venture capital funding and was named one of Forbes Europe’s 30 Under 30.

Last year’s winner, Miah Maddock-Hodgins, founded MCR Education Hub, an inclusive education platform supporting young people who face barriers to mainstream schooling.

After joining forces with FRP, NEOY is set to be bigger than ever. This year, it is open to participants aged 16 to 21. Regional finals will be held this summer across the UK, in Birmingham, Brighton, Bristol, Manchester, and Newcastle.

Five winners will be able to pitch their business to a panel of judges, including Peter Jones CBE and Geoff Rowley, CEO of FRP.

How do I apply?

The competition is open to those aged between 16-21 on May 30, 2025.

To apply for NEOY, you must already be running a small business or side hustle that generates revenue. Alternatively, you can apply with a strongly developed business concept, including a prototype or minimum viable product.

If all this is in order, you can begin your application, which consists of a written form and a video elevator pitch.

In the application form, you’ll need to provide a business plan and sales forecast, and explain how you intend to spend the winnings.

Meanwhile, your 30-60 second video pitch should introduce yourself and your business. This is your chance to show your personality, but you don’t have to appear on camera if you don’t want to. The deadline for submission is Friday, May 30, 2025.

In November, the overall winner will be awarded a £10,000 grant to grow their business.

Additional cash prizes are up for grabs, including £1,000 for each regional winner and £5,000 for the runner-up. Each finalist will also benefit from a year of expert mentorship.

Rule change to champion Gen Z entrepreneurship

As of this year, the rules have changed to welcome young entrepreneurs aged 16 to 21, opening the door to a wider pool of Gen Z founders.

By expanding the age range and partnering with FRP, the Peter Jones Foundation says it is taking a significant step toward increasing visibility, access, and tangible support for young entrepreneurs from all backgrounds.

“We’re truly grateful for FRP’s support. This collaboration will enable us to increase the reach of the National Entrepreneur of the Year competition and generate greater impact. I can’t wait to meet the finalists and see how their businesses develop with the ongoing support of the Foundation,” said Peter Jones CBE.

Geoff Rowley, CEO of FRP, added, “This initiative will empower young people from all walks of life to take their business ventures to the next level – creating opportunities, driving innovation, and supporting the job creators of tomorrow.”

For more ways to fund your business, check out our guide to the top small business grants for UK entrepreneurs.