Terms and conditions
STARTUP IDEA OF THE YEAR TERMS AND CONDITIONS (the "terms and conditions")
1. The promoter
The promoter of the programme is:
Enterprise Nation Ltd
133 Whitechapel High Street
London
E1 7QA
2. The programme
2.1. The title of the programme is StartUp Idea of the Year (the "programme").
2.2. The programme is intended to offer grant funding as set forth in section 5.1 ("grants") and ongoing business support to eligible business owners (as defined in section 4.1 below). The programme is open to all eligible business owners. Entry will be by submission via the promoter's website at www.enterprisenation.com/startup-idea (“submission site”) of a fully completed application for the programme (an "application") in line with section 3 below.
2.3. The grants will be funded by Monzo (the "sponsor") and distributed to you by the promoter. “Monzo” means Monzo Bank Limited, Broadwalk House, 5 Appold St, London EC2A 2AG.
2.4. All applications for grants received between the opening date and closing date (as defined in section 3.1 below) will first be assessed by the promoter (on its own or using a third-party agent) for eligibility (in line with section 4). The promoter will then score all eligible applications against the following criteria (the "criteria"):
2.4.1. description of how you will use the grant to launch your idea; and
2.4.2. demonstration of how different your business solution is from existing solutions in the market.
2.5. The 10 applications with the highest scores will be shortlisted before a panel of judges appointed by the promoter (which shall include at least one independent judge) (the "panel"). The panel will score each application against the criteria, and the 3 applicants with the highest scores will be awarded a grant. The panel will submit its selection decisions to the promoter, who will supply the grants to those applicants selected as having best fulfilled the criteria (the "successful applicants"). The offer and acceptance of grants will be in line with these terms and conditions.
2.6. The promoter (acting reasonably) will have the final decision as to whether to offer any grant.
2.7. The names of the judges on the panel will be available to anyone who requests them via hello@enterprisenation.com, within one month of the end of the closing date.
3. How to enter
3.1. The programme will run from the applicable opening date to the applicable closing date as set forth on the submission site.
3.2. The promoter must receive all applications via its website by no later than 11:59:59 p.m. (GMT) on 28 February 2025. It will automatically disqualify any applications it receives after the closing date.
3.3. All applications must contain all of the required information set out in the application form on the promoter's website. The promoter will automatically disqualify any applications that do not contain all the required information.
3.4. There is no charge to use the promoter's website or to submit an application. Applicants must however create a membership account on the promoter's website in order to submit an application. Applicants will be able to delete their account at any time, although they will need a membership account to participate in the programme.
3.5 All applicants who complete an application will receive free membership access to the promoter's website and business support network, as set out in the promoter's terms of membership.
3.6. The promoter and the sponsor are not responsible for any partially complete or failed applications, whatever the reason. The cause of a partially complete or failed application might include, for example, a failure or technical malfunction of any equipment, systems, satellite, network, server, computer hardware or software.
3.7. By submitting an application, the applicant is bound by these terms and conditions and confirms that the information they have provided as part of the application is complete and accurate.
4. Eligibility
4.1. The programme is only open to business owners in the UK who meet the following requirements (an "eligible business"):
4.1.1. Are based in the UK and have a UK business bank account or are willing to open a UK business bank account
4.1.2. Have been trading for more than three months and no longer than 72 months
4.1.3. Are a registered business or registered as self-employed with proof of a Unique Taxpayer Reference;
4.1.4. Are not undergoing insolvency, examinership, receivership or any related or similar process
4.1.5. Can provide copies of financial statements if requested
4.1.6. If requested, are willing to share its success story of how it used its grant (Monzo may use and/or publish these details further for various purposes such as marketing, advertising and public relations in accordance with section 8.3); and,
4.1.7 Are not an employee of either Monzo or Enterprise Nation. (This also applies to any member of their household (whether or not they are related) or any immediate family member.) Employees and former employees (who have left less than six months prior to the opening date) of the promoter or the sponsor, their immediate families, any members of their household (whether or not they are related) and any other person professionally connected with the programme are not eligible businesses.
4.2. The owner (or a co-owner) of the eligible business must complete and verify the application, and must be an individual over the age of 18.
4.3. In applying for the programme, the applicant confirms that they meet the requirements set out in section 4.1 and that they are eligible to apply. They may need to provide proof that they meet the requirements set out in section 4.1.
4.4. The promoter will not accept applications that are:
4.4.1. automatically generated by a computer
4.4.2. completed by third parties or in bulk, or
4.4.3. incomplete.
4.5. An eligible business can submit one application to the programme only. Joint applications are not allowed. If an eligible business submits more than one application, the promoter will consider only the first application it received.
4.6. The promoter and the sponsor have the right to disqualify an eligible business from the programme if that eligible business's conduct goes against the spirit or intention of the programme or if it provides any false or misleading information in its application.
4.7 The sponsor has the right to disqualify an eligible business from the programme if that eligible business breaks the terms of the services agreement with the sponsor or the sponsor's community guidelines, or if anything it does or fails to do causes harm to the sponsor's brand, reputation or business, as the sponsor determines at its sole discretion.
5. The grants
5.1. The successful applicants to the programme will receive a total of 3 grants; £10,000 for first place, £8,000 for second place, and £7,000 for third place. Eligible applicants will receive a free six-month subscription to a Monzo Business Pro bank account (This offer is subject to Monzo’s Ts&Cs and eligibility criteria, and is only for new Monzo Personal and Business customers. Enterprise Nation will notify eligible applicants when the offer is ready to be redeemed).
5.2. The promoter will pay each grant once the programme is complete (as described in section 6), as long as the following conditions apply:
5.2.1. The successful applicant has submitted any information the promoter has requested as part of the application.
5.2.2. The successful applicant continues to comply with both the criteria for eligible businesses set out in section 4.1 and with these terms and conditions.
5.2.3. The successful applicant, sponsor and promoter have entered into a separate grant agreement, to be provided upon the applicant’s selection as a successful applicant “grant agreement”;
5.2.4. The successful applicant complies with the grant agreement it has entered into; and,
5.2.5. The successful applicant has set up a business bank account (if it does not already have one) and provides the promoter with the relevant details for that account, along with any other information the promoter reasonably requests so it can pay the grant, subject to customary checks and controls.
5.3. There is no alternative award to a grant. The promoter will pay the grant to a successful applicant via bank transfer, to the account provided in line with section 5.2.5.
5.4. Grants are not negotiable or transferable and the successful applicants must use them solely for the purposes they detailed in their application. The promoter and the sponsor have the right to audit the successful applicants. At the written request of the promoter or sponsor, the successful applicants shall promptly provide the promoter or sponsor, access to, or copies of relevant documentation, correspondence or information which shows how the grant has been used.
The promoter and sponsor have the right to take action to recover a grant if a successful applicant breaks these terms and conditions or otherwise fails to use the grant for the specified purposes.
5.5. Successful applicants who, after being notified their application has been successful, do not fulfil the requirements of section 5.2, do not respond to the notification within seven days, decline the grant or refuse to sign a grant agreement will no longer be eligible to claim a grant and will be automatically disqualified from the programme. In such circumstances, the promoter and the sponsor may offer the relevant grant to the highest-rated runner-up application (under the judging process in section 2), according to the terms of this section 5.
5.6. Grants may be taxable and successful applicants are responsible for declaring and paying any taxes due.
6. Successful applicants
6.1. The decision of the promoter is final and the promoter will not enter into any correspondence or discussion, except with successful applicants.
6.2. The promoter will contact successful applicants as soon as practicable after 13 March 2025, using the contact details provided with the application.
6.3. Once the programme is complete, the promoter will confirm the relevant details of each successful applicant, and provide each successful applicant with a completed copy of the grant agreement.
6.4. Successful applicants must sign and return to the promoter the signed grant agreement within 21 days of receiving it. The promoter will then counter-sign the grant agreement, and transfer the grant to the successful applicant in line with the terms of the grant agreement. If the successful applicant does not return the signed grant agreement within the 21-day period, the promoter can withdraw the offer of the grant and disqualify the relevant successful applicant.
6.5. After the programme is complete and the successful applicants have all entered into their grant agreements, the promoter may publish on its websites the names of all successful applicants who take part in the Programme and receive grants. Also, the promoter and/or sponsor may issue press releases or other publicity with details about the programme and/or grants.
6.6. Any applicant who objects to their details being published or made available can contact the promoter at hello@enterprisenation.com.
6.7. The promoter and sponsor do not accept any responsibility if any successful applicant is unable to take up or declines to accept any grant, or fails to receive notification of or accept a grant, due to any technical issue or as a result of having provided incorrect or incomplete contact details.
7. Ownership of programme entries and intellectual property rights
7.1. The promoter and sponsor do not claim any rights of ownership in the content of any application.
7.2 Except as set forth in section 7.1, the sponsor owns all intellectual property rights in any programme promotion (as defined below in section 8.3).
8. Data protection and publicity
8.1. The sponsor will only process personal information submitted to it as set out in its privacy notice https://monzo.com/legal/business-account-privacy-notice/.
8.2. The applicants agree that by taking part in this programme, the promoter may share the information an applicant provides in their application with the sponsor, for the purposes of running and managing the programme and, if applicable, to allow the sponsor to arrange and undertake programme promotion (as defined below in section 8.3). The sponsor will act as an independent data controller for the personal data it receives from the promoter on an applicant's behalf, and for the personal data it thereafter collects to facilitate an applicant's application for and/or participation in the programme and the programme promotion (as defined below in section 8.3). For more information, and to learn about an applicant's privacy rights and to read the sponsor's privacy notice, please visit this page https://monzo.com/legal/business-account-privacy-notice/.
8.3. In line with sections 4.1.6 and 6.5 above, and unless the applicant exercises its right to object as set out in section 6.6 above, the applicant grants the promoter and the sponsor the right, with no obligation, to use their name, image, photograph, likeness, biographical information, statements attributed to them (if true) and any video footage related to the programme for all advertising, promotional or other commercial purposes by the sponsor and the promoter, their affiliates and/or related third parties in all media now or in the future, worldwide and in perpetuity without additional compensation ("programme promotion").
9. Disclaimer; limitation of liability
9.1 The programme, and all the information accessible through it, is provided for informational purposes only on an "as is" and "as available" basis. The promoter, the sponsor and their affiliates and agents make no warranties, representations or guarantees of any kind, express or implied, including, but not limited to, in respect of the accuracy, currency, completeness or operation of any information, materials, content, availability, and products shared or used in connection with the programme. Insofar as permitted by law, the promoter, the sponsor and their affiliates and agents disclaim all warranties, express or implied, including implied warranties of merchantability and fitness for a particular purpose.
9.2 The programme and/or any of its features may be unavailable or interrupted from time to time. The promoter and the sponsor are not responsible for any unavailability, interruptions or errors in respect of the programme, its features or any grants.
9.3 Insofar as permitted by law, the promoter, the sponsor and their affiliates and agents will not in any circumstances be responsible nor liable to compensate any applicants or eligible business nor accept any liability (whether direct, indirect, special, incidental, exemplary, punitive or consequential) for any loss or damage arising out of or in connection with an applicant's application to, or participation in, the programme (including any programme promotion), whether such liability arises from any claim based upon contract, warranty, tort (including negligence), strict liability or otherwise, and whether or not the promoter or the sponsor, their affiliates or agents have been advised of the possibility of such loss or damage. Statutory rights are not affected.
9.4 By entering this programme and to the greatest extent permitted by law, each applicant and eligible business will release, discharge, indemnify and hold harmless the promoter, sponsor, and their respective parents, affiliates, subsidiaries, advertising and promotion agencies, and partners, and the shareholders, owners, directors, officers, employees, agents and representatives of each of the foregoing from any and all injuries, liability, losses and damages of any kind to persons, including death or property damage resulting, in whole or in part, directly or indirectly, from the applicant’s or eligible business’ participation in the programme or any programme-related activity (including the programme promotion) or the acceptance, possession, use or misuse of any grant.
10. General
10.1. If there is any reason to believe that there has been a breach of these terms and conditions, the promoter and the sponsor have the right to exclude any applicant from participating in the programme.
10.2. The promoter has the right to hold void, suspend, or amend the programme (including these terms and conditions) where it becomes necessary to do so for reasons outside the promoter's control. The sponsor has the right to hold void, suspend, or amend the programme (including these terms and conditions) if it determines it is necessary to do so.
10.3. The terms and conditions will be governed by English law, and the parties submit to the exclusive jurisdiction of the courts of England.