The platform, which supports 800,000 startups, early stage and small businesses every year, has pledged to deliver three £5,000 grants, 12 months of one-to-one mentoring with an expert entrepreneur - including Emma Jones, CBE, Founder of Enterprise Nation - plus an epic bundle of targeted resources worth thousands of pounds. TikTok will also provide access to ads specialists in its London office who will provide guidance on building brand presence and driving sales on the platform.

The fund aims to champion the businesses that reflect Enterprise Nation’s own values, the ones that understand the deep advantages of aligning with their own community, the incredible power of trust, and those that demonstrate an inspiringly entrepreneurial spirit.

The fund will be accepting entries from businesses that excel in the following areas:

• Entrepreneurial - for businesses driven by a creative and innovative spirit.  The winner of this category will be mentored by Timothy Armoo, co-founder of social and influencer agency Fanbytes, who was only 27 when his business was acquired in a landmark eight-figure deal.
• Trusted – for businesses trusted by customers and the people who hold a stake in it. This category's winner will be mentored by Mike Turner, co-founder of Bird & Blend Tea Co., the UK's most loved indie tea company. The award-winning brand offers eco-friendly tea and is B-Corp certified.
• Community-led – for businesses centred around their community. This winner will be mentored by Emma Jones, founder of Enterprise Nation. Enterprise Nation is an 800,000-strong community of small businesses and advisers offering trusted business support.

Emma has taken Enterprise Nation from startup to more than £8m revenue in 2023, delivering a digital platform to support small businesses in the UK and Ireland with the technology to support businesses globally.

She said: “We truly believe in the power of entrepreneurial spirit, trust and community, these are the qualities that best reflect our values and we want to celebrate and reward businesses that share that vision.

“By launching our own fund with TikTok, we hope to create a legacy that will help the next generation of businesses to collaborate and support each other in innovative ways.”

In a recent study from Oxford Economic, activities by SMEs on TikTok contributed £1.63 billion to UK GDP in 2022. SMEs using TikTok as an advertising and marketing platform for growth supported 32,000 jobs in 2022.The study also found owners of SMEs on TikTok are also 55% more likely to be ethnic minority entrepreneurs, and under 30.

Lisa Freidrich, TikTok SMB leader in EMEA said:  "At TikTok we are incredibly humbled by the inspiring small businesses that come to our platform every day to promote and sell their products. TikTok has become a key part in their marketing strategy, as an affordable and engaging way drive sales and we’re very proud of the role we’re able to play in breaking down the barriers to starting a growing a business.

"We’re delighted to support the Enterprise Nation Fund and hope it will inspire a wealth of passion, creativity and innovation in the small business community.”

Entries opened on August 10 and close on September 14, 2023. A shortlist of 30 successful entrepreneurs, 10 in each category will then go to the public vote with finalists going forward to judging.  The winner will be announced in October.

The three winners will receive:

• A £5,000 grant
• Monthly mentoring sessions for 12 months with an experienced entrepreneur who will guide and support business growth
• Meeting with a dedicated TikTok ads specialist for a tailored media plan to get a business started on TikTok at TikTok's London Office
• £500 credits to spend on VistaPrint.co.uk
• Santander Navigator 'Prepare' package, worth £1,800 of international growth support.
• 12 month Adobe Creative Cloud All Apps membership, worth £596