The competition is in two phases - the first round of funding will be offered to applicants to investigate and integrate their proposed solutions into real-world projects, while round two will provide the best business cases with funding to test their solution with users.
You can bid for funding up to £50,000 in round one, and between £250,000 and £5m in round two. Applications have to be submitted by the end of August, and you can find more information on the Gov.uk website.