Robin Hood, a New York-based organization that works to fight poverty, recently announced that it raised $57 million to launch incentivized competitions with the X PRIZE Foundation that will encourage contributors from around the world to come up with poverty-fighting solutions. The X PRIZE Foundation is an organization that has expertise in designing and executing prize-based competitions.

"This prize will bring the greatest and most innovative minds around the globe to helping poor New Yorkers achieve their dreams," said David Saltzman, executive director of Robin Hood. "The cavalry is coming and we are sounding a clarion call to attack poverty in ways previously unimaginable."

The first competition is still in the works, but could center on healthcare, unemployment, education or homelessness. Ultimately, the partnering organizations hope that offering $1 million prizes to people and teams from around the world will help them find new ways to confront these issues and establish measurable goals.

When partnering organizations are developing large-scale funds for projects involving competitions, they might benefit from nonprofit financial management software to regularly audit accounts before funds are awarded and ensure they are properly dispersed