Tuesday, April 20, 2010
A $200K Grant Prize Award For Non-Profit Groups!
It seems that in the last decade, more of the wealthy have been creating prizes in hopes of drawing attention to a particular cause. It doesn’t hurt that their names are on the prizes.
According to a report released last year the dollar amount for prizes over $100,000 has tripled in the last decade to $375 million a year. There has also been a shift from prizes that recognized past accomplishments to “inducement"-style prizes that focus on achieving a specific, future goal.
One particular grant program fits into this category. It was established five years ago and awards a $250,000 prize to recognize leadership among nonprofit groups worldwide and share their best practices.
Past recipients have ranged from a project on rural land development to this year’s recipient non-profit group which educates children in rural India. The group will receive its award later on this week.
Did you know that there was a study that said that 10 years ago a third of all prizes went to the arts, but today only a 10th do that. The focus now is on the environment, science, engineering and aviation, where the dollar amounts of prizes have increased sevenfold, according to the study.
Entrepreneurs who made their money in fast-growing industries of the last decade, like technology and biotechnology, particularly like prizes because of their ability to spur people to do work in a particular area. For example there is a prize award competition which gives out a prize of at least $10 million for the first group to achieve a specific goal.