Aimed at small businesses and entrepreneurs looking for funding to take their business to the next level, the competition is the idea of Paul Aitken, the CEO of personal asset lender borro. After discovering 24% of businesses believe they feel they've missed out on a growth opportunity due to a lack of funding, he felt it was time to do something about it.
The competition is a social media campaign. To enter, businesses will have to submit a 60-second video or 250 word elevator pitch via the borro Facebook page.
With such a short amount of footage and so few words to sell your business, it's essential you plan your pitch right.
"The best pitches will be simple to understand. It's only a minute so you need to really know what you're talking about and communicate it clearly," explains Aitken. "We want to know why someone wants the money, how they are going to use the money and what benefit it will bring to the businesses."
All entries will be assessed by a panel of entrepreneurs including Aitken himself. The judges will choose a final ten, the winner of these will be decided by a public vote. Aitken is looking forward to seeing the entries and is excited to see the difference £10,000 can make to a business.
"The first £10,000 I had enabled me to get a website up and running and managed to drive my first 30-40 customers. I know £10,00 made a difference to me and I hope it does that for someone else."
To enter visit http://www.facebook.com/borroloans
However, for those of you worried you won't have the time to enter this competiton, you can still enter the Smarta 100. The Smarta 100 is an annual celebration of the most resourceful, original, exciting and disruptive small businesses in the UK and will see the winnig business collect £10,000.
For more information about the Smarta 100, click here