Bloomberg Donates $1-Million Genesis Prize for Fellowship

Billionaire media mogul Michael Bloomberg received the inaugural Genesis Prize in Jerusalem on Thursday in recognition of his philanthropy and public service and said he would use the $1-million award to launch a competition for young people with big ideas for tackling global issues, the Jewish Telegraphic Agency and the Associated Press report.

The former New York mayor is establishing the new fellowship under the auspices of the Genesis Philanthropy Group, a coalition of Russian billionaires who launched the prize—quickly dubbed the “Jewish Nobel”—in conjunction with Israel’s government to honor exceptional achievements by Jews.

Mr. Bloomberg said that in giving away the prize money he wanted to “advance the idea of Tikkun Olam,” a Hebrew term for improving the world. The Genesis Generation Challenge will be open to anyone age 20 to 36, Jewish and non-Jewish alike, although applicants will be asked how Jewish values inspire them. Up to 10 fellowships worth at latest $100,000 will be awarded.