Lucy Cohen and Sophie Hughes won a £3,000 cash prize for their success with accountancy firm Mazuma, while they have also progressed to a national final.
This will give them the opportunity to compete for a £10,000 prize and national recognition.
The two winners, both aged 24, said they were looking forward to flying the flag for Wales at the final, which is to be held next month.
Ms Hughes commented: "Winning this Shell Livewire Award is a great boost for our business and will hopefully help it to grow even further."
The competition, which is now in its 25th year, was set up to recognise the achievements of young entrepreneurs across the UK.
Stuart Anderson, awards director at Shell Livewire, said they judges were "very impressed" by the winners' business plan.
He added that Mazuma has "outstanding potential", while he praised their enthusiasm and drive.