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$1M Impact Prize to Fund Workforce Innovation

Advance economic mobility applications now open

$1M Impact Prize to Fund Workforce Innovation, Advance Economic Mobility

Applications Now Open

(New York, NY – April 30, 2024) 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, but 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

The Impact Prize features those taking action to drive positive change in today’s rapidly evolving economic landscape: the problem-solvers and innovators bridging gaps by increasing access to family-sustaining wages, career progression, and social mobility for people from all backgrounds. This $1 million open call award is a cornerstone of the Iovino Family Foundation’s dedication to philanthropy and advancing economic prosperity through quality employment for more people in the United States. We see a future where employers, educators, policymakers, philanthropists and individuals come together to elevate workforce innovation and ensure there are multiple on-ramps to financial prosperity.

About Rockefeller Philanthropy Advisors

Rockefeller Philanthropy Advisors (RPA) accelerates philanthropy in pursuit of a just world. RPA is a global nonprofit at the forefront of philanthropic growth and innovation, with a diverse team of experienced grantmakers with significant depth of knowledge across the spectrum of issue areas. Founded in 2002, RPA has grown into one of the world’s largest philanthropic service organizations and has facilitated more than $4 billion in grantmaking to more than 70 countries.

Media Contacts: Christen Graham, 207-838-0082, Andrea LePain, 617-894-1153, Jessica Laufer, 310-909-3611

 

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