The couple plan to use the money to buy a computer and set up infrastructure to start the business.
The scholarship also means Vance McPhee will be mentored by one of the AMP judges.
Vance said he was passionate about helping those on low incomes and described poverty as a "dirty, life-draining killer".
"That's why Jas and I are starting with what these families are putting into their mouths. We're simply supplying the tools for a family to start living better."
Despite their family links to the wealthy Destiny Church, the McPhees said they had struggled financially and once had to cook a can of spaghetti over a candle.
Both have been declared bankrupt in the past after money troubles from a house sale that went wrong.
This year, the couple signed a cook-book deal with Penguin Books and this week they launched their first e-book - a Christmas cook book - which sold 35 copies on its first day.