NEW YORK (AP) — A global competition looking for innovative projects to take on the world's problems is getting underway.

The Genesis Prize Foundation on Tuesday is officially launching its Genesis Generation Challenge, which would give 10 teams up to $100,000 each. The competition was inspired by former New York City Mayor Michael Bloomberg.

The billionaire philanthropist in May was the inaugural recipient of the $1 million Genesis Prize, and pledged the money would go toward something that would help the world.

Team leaders must be between the ages of 20 and 36.

Applications must be submitted at by Oct. 28. Winners will be announced in January 2015.

The Genesis Prize was founded by the Office of the Prime Minister of Israel, the Genesis Philanthropy Group and the Jewish Agency for Israel.