Multi-millionaire Wolves owner Steve Morgan today announced a £150,000 awards scheme for budding businessmen and women keen to follow in his footsteps.

The 54-year-old tycoon said he wanted to encourage entrepreneurship and stimulate the local economy with the awards, which are exclusive to people living in Wolverhampton and Shropshire.

The Morgan Foundation Entrepreneur Awards, launched at Molineux today, will cover five categories including a prize for a business that has succeeded against the odds.

The idea was started in the businessman’s native Liverpool and Cheshire last year.

Mr Morgan launched his own business career using a £5,000 loan from his father to help found one of the country’s most successful housebuilders, Redrow Homes.

He said: “The idea is to stimulate economic growth.”

At the launch were two winners from last year who have successfully expanded an organic baby food company and started a crazy golf business.