Bloomberg Philanthropies to award $9M for urban innovation.

Cities are where innovation happens, and New York City Mayor Michael Bloomberg knows exactly that. As a result, he has announced a new competition that will award $9 million in prize money to cities with bold, innovative ideas that could remake America’s urban centers. More from Next American City:

Twenty finalist teams will be chosen based on their proposal’s novelty and creativity, potential for impact, replicability and implementation plan. The finalists will participate in Bloomberg Ideas Camp, an experience that James Anderson, Bloomberg Philanthropies’ government innovation director, says will give mayors the opportunity to brainstorm and collaborate with their peers in other cities. The finalists will be whittled down to one grand prize winning team, which will receive $5 million; four runners-up will be given $1 million each.