On Monday, Deloitte unveiled theDeloitte RightStep Innovation Prize- an opportunity for both nonprofit and for-profit social enterprises to exhibit their various, innovative strategies for K-12 education through technology. The reward will be $100,000 cash, as well as the opportunity to receive pro bono services also equal to the prize amount.

The Innovation Prize is a response to low college graduation rates amongst low-income families, with less than 10% of which obtaining a degree, Deloitte reports. The Prize will recognize the organization with proven results in driving student success in factors such as reading/math proficiency, on-time graduation rates, and college preparedness. 

"This is a first for Deloitte and our corporate citizenship program," said Jonathan Copulsky, principal, Deloitte Consulting and Deloitte's corporate citizenship leader, in a statement. "We are bringing together our subject matter professionals and champions in the education and innovation space, like Bill and John, and opening up the opportunity for new organizations to benefit from Deloitte's ecosystem. The skills of our people are at the center of our approach and we believe this effort represents one of the ways we can bring the breadth of our services to generate a significant impact." 

"Deloitte has a long-standing history of supporting forward-thinking education organizations with a track record of success. We have stepped up to help today's youth become tomorrow's leaders," stated Bill Copeland, vice chairman, Deloitte and leader for U.S. life sciences and health care. "Last year, we reached more than 240,000 students across the U.S., through organizations like College Summit, City Year and Posse, by investing cash, pro bono services and positioning our professionals as board leaders. With the launch of the Deloitte RightStep™ Innovation Prize, we seek to extend the reach of our commitments by investing in innovative solutions and increasing the engagement of our professionals."

Submissions are due on Dec. 15, 2014at5 p.m. EST,with winners announced in April. For more information on the Prize and how to apply, visit Deloitte's site here