Are you a budding digital entrepreneur? Do you have an amazing idea for the next big advance in the mobile or web environment?

Well, we have some good news. The lovely folks over at Telefónica and O2 have funding opportunities available for innovative digital startups through their Wayra project. If you can convince them that you have a great idea that will change the digital scene, they want to invest in you. Your idea can be anything from e-security to mobile apps and games.

In return for a ten per cent stake in your company, Wayra are offering access to office space, financing, mentoring and access to technology expertise within Telefónica and O2. If this sounds like it’s up your street, apply here through the GoThinkBig site.

And if you’re still working on your entrepreneurial ideas, we have a few tips on getting your start-up started.

1. Get a good team.

Your team is the most important thing about a start-up. If you don’t have a motivated team you’re unlikely to get anywhere. You might already know the perfect people to help you out with your venture, but don’t be afraid to approach others who might be even better for the project. That said, bear in mind that a huge team probably won’t be the most efficient when you’re first starting out and the Wayra funding is limited to teams with a maximum of five people.

2. Communication is key.

You need to be in touch with your team on a regular basis. If you want to be moving forward with your project you’ll need to have good lines of communication set up, especially if your team is spread out geographically.

3. Always be professional.

Get yourself a domain name registered quickly, set up email addresses for all your team members and start acting like a company straight away. If you want to be taken seriously as a company, you need to take yourselves seriously and behave in a professional manner. If you’re contacting people for support or investments, make your emails professional – check out our tips on email etiquette if you’re unsure about how to go about this.

4. Don’t be afraid of failure.

It’s really important as a start-up to be doing something new. Don’t be afraid to work outside of your comfort zone and to stretch yourself. Don’t be put off if things don’t turn out exactly how you expected them to, just learn from what you’ve been doing and keep pushing forward.

5. Get started. Now.

Don’t get bogged down in the small details – they’ll work themselves out as you go. If your idea is good and you believe in it, then get working on it. So, what are you waiting for? Get to work!