Philadelphia Social Enterprise Partnership: Bloomberg Philanthropies names city incubator a finalist in $5M Mayors Challenge

In yet another bet on the city’s entrepreneurs, the Nutter administration has just landed a spot in the top 20 finalists of Bloomberg Philanthropies‘ $5 million Mayors Challenge.

The challenge? Develop a scalable idea that can improve quality of life.

The city’s entry? Called the Philadelphia Social Enterprise Partnership, it looks like this: Partner with the private sector to solicit innovative solutions to the city’s problems. Local social venture incubator GoodCompany Group, which will take a lead role in running the program, will help incubate these socially-minded startups. Finally, the program will help find private funding for them. (It’s a continuation on this social entrepreneurship kick we’ve been riding.)

Download the two-page idea overview here [PDF].

If this public-private partnership sounds familiar, it’s because it’s already been championed by the Mayor’s Office of New Urban Mechanics. Bring the entrepreneurial spirit into city government, the office says.

The Nutter administration’s plan was chosen out of more than 300 submissions, according to a release. The top 20 finalists will compete for a $5 million grand prize and one of four $1 million prizes. They’ll head to Bloomberg Ideas Camp this month in New York City to further develop their ideas. Winners will be announced in the spring of 2013.

For a full list of the finalists, go here.