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Ted Leonsis, himself a notable entrepreneurial output of Georgetown University, and his family have pledged $1 million toward a new “Leonsis Family Entrepreneurship Prize.” The fund will provide financial support to Georgetown students looking to start business ventures “that address problems in the world.”

Starting this fall, current students and recent graduates will be able to apply for cash prizes from a pool of up to $100,000 each semester. The application and selection process will be “rigorous.”

Image: Ted Leonsis and Donna Harris speak at 1776. (Photo by Tajha Chappellet-Lanier)