Alongside the money, which will be given for an equity stake of 10-30% in the winning business, the entrepreneur will benefit from the mentoring of angel investors and widespread coverage of their business and the impact it has.
The 'impact of the business' is the crucial part of this competition, the eventual winner will not only have to be able to maximise profits but boast a positive social influence in the world around them too.
Entrepreneurs who apply will vie to convince a panel including Richard Reed of Innocent Smoothies, Graham Hill of Treehugger and Andrew Rugasira of The Good African Coffee Company that they are a business which focuses on both profit and purpose.
The criteria for this are wider than you might think. Few businesses can claim to be social enterprises (existing to maximise positive impact instead of profit), but many entrepreneurs could be running Profit with Purpose companies without even knowing it.
For example, The Gym Group is a very successful business which has delivered affordable health benefits to people all across the country. Helping people be healthy certainly counts as a positive impact.
If you meet the list of conditions on the site and have a clear plan to scale both the profitability and positive effects of your business, don't miss out on the investment chance of a lifetime.
Apply now here
The DNA Summit has plenty of other events worth keeping an eye on.
The "hack at 30,000 feet" features 100 top entrepreneurs climbing aboard a San Francisco to London flight in an attempt to solve the global misalignment of talent problem.
During the journey, the group will have to ignore the usual luxuries of travel and work out how to bring business opportunities closer to talented individuals before presenting their findings upon touchdown in the capital.