The Albuquerque Community Foundation just closed their application period for a new grant, and this one is a little different. The Mayor’s Prize for Entrepreneurship–built out of a partnership between the City of Albuquerque, the Kauffman Foundation, and the Albuquerque Community Foundation–funds nonprofits that are contributing to Albuquerque’s entrepreneurship ecosystem. The prize, which amounts to a total of $200,000.00 this year, seeks to support bold ideas that create and grow new companies in Albuquerque, but through the lens of mission-driven nonprofits. This year’s prizewinners will be announced on November 19th during Global Entrepreneurship Week.

“It is hard to anticipate outcomes for the Prize.” said Kelli Cooper, Vice President of Philanthropic Services at the Albuquerque Community Foundation. “We’ve had lots of conversations with the Kauffman Foundation about what to expect. Our priority is job growth and firm formation and this year’s submissions show there are a number of interesting ways to get there.” She added, “While we hope, of course, to see impactful jobs develop in our city immediately, we are also aware that at this stage we need to build connections.”

The prize is part of a “Now and Forever Fund” at the Foundation, which means half of the funds raised will grow an endowed fund, and the other half will be awarded. “We will continue to see the results, years to come.” said Kelli.“It’s definitely a concept of all boats rising. For me I see it as a win, win, win.”