Penn’s new President’s Innovation Prize will fund graduating social entrepreneurs

Earlier this month, the University of Pennsylvania announced the creation of a new prize for graduating seniors. Big deal, right?

Actually, yes. It’s kind of a big deal.

The President’s Innovation Prize will be awarded to a Penn graduating social entrepreneur or founding members of a social enterprise. Essentially, the prize grants a social enterprise $100,000 in seed funding, plus an additional $50,000 “living” stipend per team member.

That’s a pretty decent salary for freshly graduated seniors pursuing the startup life.

But that’s not all — the awardee(s) will get free office space for a year on Penn’s campus and have access to an established support network. Not a bad gig for a college grad.

Interested applicants need to apply by Feb. 12. The award winner will be announced this coming April.