Multi-millionaire Wolves owner Steve Morgan today launched a £100,000 awards scheme for emerging businessmen and women hoping to follow in his success.

The 54-year-old tycoon said he wanted to encourage entrepreneurship and stimulate the local economy with the awards, which are in their third year. The Morgan Foundation Entrepreneur Awards were launched today in Wolverhampton at The Workspace, a community enterprise from one of last year’s winners, the All Saints Action Network charity.

The awards scheme was originally started in the businessman’s native Liverpool and Cheshire in 2007. It was then expanded to also celebrate upcoming business talent in Wolverhampton, Shropshire and north Wales.

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.

Speaking at today’s launch, Mr Morgan OBE said he was looking for entrants with a “sound plan” and the “grit and determination” to succeed.

“I’m confident that despite the current economic climate, the entries for the awards are going to be better than ever,” he said.

“We need something like this more than ever to get us out of the current recession.

“We are looking for businesses and individuals who have got a sound plan and the grit and determination to make it succeed. I’m sure these awards will have a massive impact on groups and charities.”

There awards will cover six categories with cash prizes of up to £100,000 for charities, social enterprises, businesses and entrepreneurs.

Charlotte Hollins, from the North Shropshire-based Fordhall Community Land Initiative, which won the Against All Odds award last year, said: “Winning the awards has certainly helped us move the farm forward.

“We’ve had more than 50 school visits to our farm and hundreds of volunteers have come here to work. I would urge everybody to enter – they have everything to gain.” Entrants have until September 10 to submit.

Categories include Best New Business less than four years old and Best Young Entrepreneur. For details see www.mf-awards .co.uk