The International Young Music Entrepreneur of the Year award was launched in 2006 and champions the achievements of young music entrepreneurs - label managers, artist managers, DJs/VJs, festival directors, music retailers, and others - from emerging economies. The programme recognises their role - and that of the music industry in general - in developing new, local talent and sharing this creativity with the rest of the world.

Each year, between eight and ten emerging economies are selected to take part through their local British Council office. In each country a national jury of leading industry figures is created and an open selection process is established. Candidates, all aged 25-35, are selected because of their existing contribution to the development, and their potential as a leader, of the music business in their country. In each country the prize is the chance to visit the UK as part of the programme and represent their country in the IYMEY final. The tour, in June each year, provides a tailored introduction to the UK music industry, including meetings with senior industry figures and the chance to visit London and Manchester and attend Glastonbury. It opens doors and presents new opportunities.

After a day of presentations from the finalists, the winner is chosen by an elite UK jury. The winner receives a financial award of £7,500 to be spent on a collaborative project with the British Council.