The challenge consists of training participants about creating and incubating a startup and how to formulate a model fit for pitching to investors.

Enterprize general manager Casey Farrell said the challenge will be conducted with recognised global startup ecosystem leaders.

"The content is fantastic - the perfect foundation for Tasmanian founders to start their startup journey," he said.

"Even if you're not quite ready to start a business what you'll learn through the Big Ideas Challenge will give you the tools and confidence to take the next steps."

Mr Farrell said the new online focus of the challenge allowed for the competition to expand its reach.

"It's exciting to be offering the opportunity to every Tasmanian with entrepreneurial spirit - no matter where in the state they live," he said.

Startup Tasmania has announced they will waive membership fees for the next year due to the pandemic.

President Fiona Turner said "a lot of our members are very early-stage startup founders or small business owners who are bootstrapping their way through business development."

"Now it is more important than ever that the Tasmanian startup ecosystem is supported and we're thrilled to be able to do this not only through a free membership but also our newly formed partnership with Startup Victoria," she said.

Startup Tas will now be able to network and meet with Startup Vic mentors and investors for opportunities otherwise unavailable in Tasmania.