Westpac is giving small businesses the chance to win $50,000 and professional support to grow their business.

The sixth-annual Innovation Challenge is aimed at start-ups, scale-ups and entrepreneurs that want to take their small business to the next level.

Entrants have to use data to create a solution that can solve a business problem specific to one of these sectors: 

  • Micro business
  • Energy
  • Insurance
  • Aged care
  • Government

“Data is expected to enable a new wave of product innovation from start-up businesses focused on business solutions and customer experiences across a range of sectors,” according to Westpac head of innovation Kate Cooper.

“We’re looking for innovative ideas that help businesses which operate in highly regulated or scrutinised sectors overcome unique challenges and deliver value for customers.”

Five finalists will be chosen to pitch their idea on December 4 in front of a live audience and a panel of seven judges.

Entries close on October 20.