This year the winners, one from a supplier background and one from retail, will receive mentoring from Co-operative food retail chief executive Tim Hurrell and Mars Chocolate managing director Fiona Dawson. They will also get to attend a two-day course on shopper engagement from IGD.
The pair will also go on to represent the UK at the Global Convenience Industry Achievement Award at the NACS Show in Chicago, Illinois, and win places at ACS Summit12 and the ACS Director's Debate.
To enter, retailers and suppliers must put forward one idea to help a convenience store grow sales and profits or improve their community profile.
The award is open to anyone aged 21-36 in the sector and applications must be received by May 20.