Umer Ashraf Malik, impressed judges for the way he has built up his chain of iCafe coffee shops in Glasgow.
He won the award ahead of Rita Poddar, of Glasgow dental practice Peppermint Studios, and Ranjit Dhillon Anderson of Edinburgh-based chauffeur firm Scoot.
In October Mr Malik, 28, secured a promise of £80,000 funding from Mr Bannatyne on the BBC television show.
Mr Malik intends to grow to nine outlets across Glasgow, then start to look at a franchising model.
Judges picked Tony Hussain, who has interest in properties and restaurants including Cafe India in Glasgow, as businessman of the year, while Dr Rabinder Buttar, founder of clinical research firm ClinTec International, was named businesswoman of the year.
Muzaffar Yousaf, from accountancy firm Yousaf and Co, was given the lifetime achievement award for his services to the Asian business community in Scotland.
Glasgow firm KA Javid & Co Accountants, which also has offices in London and Karachi, Pakistan, won the overall business of the year.
The online special offer service Today's Great Deal was named new business of the year, while Kirkcaldy-based commercial insurer Insure Smart won the small business prize.
The retail business of the year was Glasgow's Imaginex Furniture & Interiors.
Usman Akram, corporate sales manager at Mercedes Benz Edinburgh, took the rising star award, while advocate Usman Tariq, a member of the Ampersand stable, was young achiever of the year. Other winners included Subway franchisee Nabeed Ramzan, Habib Malik of Islamic Relief and Atif Bashir from Smile Max Studio.
Yasmin Mahmood, operations manager of event organiser Oceanic Consulting, said: "We have had a phenomenal response this year."
Prize categories and winners
Young Achiever of the Year sponsored by The Prince's Trust Youth Business Scotland: Usman Tariq
Rising Star Award sponsored by Minuteman Press:
Usman Akram (Mercedes Benz Edinburgh)
Franchisee of the Year sponsored by Coca Cola:
Subway (Nabeed Ramzan)
The Community Award sponsored by Coca Cola:
Habib Malik (of Islamic Relief)
Creative Mind 2012 presented by Saffron Events UK:
Luqman Javaid & Zubair Malik (Sugar Rush)
New Business of the Year sponsored by KKMJ:
Today's Great Deal
Small Business of the Year sponsored by FSB:
Retail Business of the Year sponsored by DRB Solicitors:
Imaginex Furniture & Interiors
Best Professional in Business presented by The Herald:
Atif Bashir (of Smile Max Studio)
Lifetime Achievement Award sponsored by Strathclyde Police: Muzaffar Yousaf
Businesswoman of the Year sponsored by Bank of Scotland:
Dr Rabinder Buttar
Businessman of the Year sponsored by Bank of Scotland:
Entrepreneur of the Year sponsored by Grant Thornton:
Umer Ashraf Malik (of iCafe)
Business of the Year sponsored by Carlton International:
KA Javid & Co Accountants