In July, Barry R. Lipman, a 1970 graduate of the Wharton School at the University of Pennsylvania, contributed an additional $1.5 million towards the Barry and Marie Lipman Family Prize, which he established in 2011. Administered by the Wharton School, the award is given to the winner of an annual competition held for social impact organizations from around the world.
The gift will increase the amount of the prize’s current offerings and widen its scope. For winners, the grand prize will increase from $100,000 to $125,000, while finalists will now receive a cash award of $12,500. Past winners of the prize include iDE, a nonprofit dedicated to creating opportunities for income in rural communities around the world, and READ Global, which promotes literacy and economic growth in Southeast Asia.
The prize also gives finalists access to Wharton community resources. These include a tuition-free executive education program and free consultations with University of Pennsylvania faculty and staff.
In a press release issued by the Wharton School, Lipman said that the increased monetary rewards are intended to strengthen the annual competition.
“Our research shows that by increasing the amount and number of awards, a larger and more varied number of social impact organizations will apply, thereby increasing the influence of the Prize, the University of Pennsylvania, and the Wharton School within the social impact sector,” said Lipman. “This will create student opportunities for more curriculum development, case studies and site visits. I hope this will lead to more students choosing social impact for their careers.”
The competition is overseen by a committee of University of Pennsylvania faculty, staff, and Lipman family representatives. Applications for the 2014 Lipman Family Prize are currently being accepted through August 15.
