The Keeping Connected Business Challenge is open to teams of businesses and designers, who will pitch their ideas for a share of the £495 000 pot.
The judging panel are seeking service ideas that are new and innovative with the potential to be used commercially.
If successful, teams will be provided with professional support and will be given five months to develop their ideas fully.
The deadline for the submission of initial proposals is 20 October and the winning teams in the initial stage will be announced on 1 November.
David Kester, chief executive of the Design Council, says, ‘This is a perfect opportunity to use a design approach to address this significant market opportunity – to find out what really works for people in their daily lives.’
Iain Gray, chief executive of the Technology Strategy Board, says, ‘One of the key elements of ageing is the need to continue to feel connected – to those we care about, to the places we live in and to the society of which we feel a part.’
He adds, ‘This competition provides businesses with a great opportunity to develop innovative services that meet a universal, and growing, future market.’