Run by the European Commission, the Awards saw Scarborough take the Grand Jury Prize, making it the overall winner, and in the jury's view, the most creative and inspiring entrepreneurship initiative in Europe.
The seaside resort beat Helsinki and Valencia to win Europe's top award for enterprise. Despite its population of just 50,000 - tiny in comparison to its competitors - Scarborough's work to encourage people to start-up and grow businesses and create jobs saw it awarded the top prize at a gala dinner in Prague's Zofin Palace on Wednesday evening.