Bloomberg Philanthropies Issues $9 Million 'Mayors Challenge'

Bloomberg Philanthropies, the private philanthropy of New York City mayor Michael Bloomberg, has announced the launch of the Mayors Challenge, a $9 million competition to inspire American cities to generate innovative ideas that address major urban challenges and improve life for city dwellers.

Through the challenge, which kicks off this week, Bloomberg Philanthropies will award one $5 million grand prize and four $1 million prizes to the cities that come up with the boldest, most replicable ideas.