Michael Bloomberg launches $1 Million Competition

JERUSALEM, Israel – The Genesis Prize Foundation has announced that the inaugural Genesis Prize Laureate, Michael R. Bloomberg, has chosen to invest the $1 million award to create a global competition, named the Genesis Generation Challenge. The new competition will strive to find – and fund – the next big idea that would measurably better the world. The Genesis Generation Challenge is designed to encourage teams of change agents from across the world to submit ideas for projects, guided by Jewish values, that demonstrate innovation and creativity in addressing the world’s pressing issues. Up to 10 winning teams each will be awarded at least $100,000 to implement their initiatives.

The competition will officially begin on August 1, 2014 through an online submission process found at Winners will be announced in the first quarter of 2015.

“To me, nothing is more central to Jewish values than wanting to make the world a better place,” said Bloomberg. “Young people in every corner of the earth have great ideas of how to change the world but lack the resources they need to try. The Genesis Generation Challenge will help find and fund them.”

Project concepts can focus on any subject, such as environmental sustainability,  clean technology, poverty alleviation, etc. Submissions can be intended as nonprofit or for-profit ventures, and may represent new or early stage ideas. Teams will be matched with a mentor in their field to help ensure project success and will be convened to share ideas and learn from each other.

Competition participants will be invited to meet other potential entrants through online forums on the Genesis Generation website to help collaborate on submission ideas and form teams. Each team will be led by a designated team leader aged 20-36. Additional team members must be 18 or older to participate. Members of the same team can come from multiple countries.

Teams will be required to submit an application that includes a project plan and budget, details intended beneficiaries, and describes the necessary resources to carry out the project. Entries will be judged by a panel of approximately 25 experts, including global business leaders, philanthropists and social entrepreneurs.

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