Today, the Forbes Under 30 $1 Million Change the World Competition was announced. While we normally cover just the Greater Philadelphia area, this competition has all the words that drive our content and readership, and is also culminating this fall in Philadelphia, so Philadelphians should be in the loop.
“[This is] the largest-ever competition for young social entrepreneurs running for-profit and nonprofit enterprises that address global challenges. Through our participation we aim to lift up the most promising of the for-profit entrants with disruptive and scalable ideas who can best demonstrate how the power of business can change the world sustainably,” said Jean Case in the “unveiling” Forbes article.
The Case Foundation, in partnership with the Schusterman Family Foundation, Pratt Foundation, Keywell Foundation, entrepreneur Bob Duggan and Forbes will fund the contest and help select the semi-finalists.
Five semi-finalists will win $100,000, and the overall winner will receive a $500,000 award. The competition will take place during Forbes’ second Under 30 Summit held in Philadelphia from Oct 4-7, 2015.
“Funding those disruptive and scalable ideas that address global challenges” is the tagline of the challenge, which is open to both nonprofit and for-profit enterprises. Organizations or companies must already be in operation and the prize money should be utilized to accelerate ideas that are already in progress.
Applications will be screened by the Wharton Social Impact Initiative of the University of Pennsylvania. The finalists will be announced in early September, before competing on the main stage at the Forbes Under 30 Summit on October 6.
The competition timeline is as follows:
- July 22, 2015 – Challenge opens
- August 26, 2015 – Submissions deadline, 11:59PM Eastern Time
- September 9, 2015 – Finalists announced
- October 6, 2015 – Forbes Under 30 Summit and Winners Announced
The competition is open to social entrepreneurs who are under the age of 30 at the time of the competition who are a founder, co-founder or top executive of their organization.
More information and full rules can be found on HeroX.com.
Image via the HeroX website