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$1M Impact Prize to Fund Workforce Innovation, Advance Economic Mobility Applications Now OpenNEW YORK, April 29, 2024 /PRNewswire/ -- The Impact Prize today announced an inaugural call for applications from nonprofits working to advance economic prosperity through quality employment for more people in the United States. Founded by entrepreneur and philanthropist Tom Iovino, the Impact Prize is a cornerstone of the Iovino Family Foundation's long-term commitment to promoting more pathways to career progression and wage growth for people from all backgrounds. This new $1M open call award is focused on organizations that have a proven track record of improving economic mobility through innovative workforce development and technical training initiatives.
The vision for the Impact Prize grew out of Tom Iovino's experience in training and developing his team of employees. "I am first and foremost motivated by a belief in people," says Iovino. "There is an urgent need for more on-ramps to higher-paying, family-sustaining jobs as the demand for skilled labor continues to grow. We see tremendous opportunities to build better lives through workforce and technical training initiatives, and we need to support innovation if we want to make a real impact. That's where the Impact Prize comes in." While demand for skilled labor continues to outpace the supply of workers, a 2023 report by the National Skills Coalition found that there are over 4 million young people between the ages of 16-24 who are not working and not in school. The Impact Prize sees this as a pivotal moment to support organizations increasing workforce participation, helping create not only a stronger and more diverse talent pipeline, bt also build better lives for people throughout the United States. The launch of Impact Prize is supported by the Iovino Family Foundation and is managed in partnership with Rockefeller Philanthropy Advisors (RPA), an organization providing advisory, management and implementation services for families, foundations and other philanthropic initiatives. "We are excited to be on this journey and break new ground with Tom and the Iovino Team," says Greg Ratliff, Senior Vice President of Advisory Services at RPA. "Addressing the gaps in education and skills training in the U.S. is a pivotal step in bridging inequality and reducing the barriers to social mobility that are so ingrained in today's economy. We're especially optimistic about this new prize model and its potential to fast-track innovation in the field." The Impact Prize is accepting applications now through May 24, 2024. A total of $1M in prize money will be distributed among up to three winning organizations. Eligible organizations must be 501(c)(3) nonprofits with an annual operating budget of less than $5 million for at least two of the last four fiscal years. To register or to learn more about the Impact Prize, please visit www.theimpactprize.org. About the Impact Prize & Iovino Family Foundation's Workforce Initiative About Rockefeller Philanthropy Advisors Contact: Media Contacts
SOURCE Rockefeller Philanthropy Advisors 
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