Along with Sir Tim Berners-Lee, Sir Richard Branson will be helping Google to identify not one, but four 'winners' who will each receive a quarter of the £2m prize (that's over US$750,000 each).
Unfortunately, despite it's name, this isn't a "America's Next Top Model"-style search for a social media mastermind. Instead, Google and it's judges are looking for something more honourable.
This isn't a competition to find the next Facebook (or Google+). Google's aim is to identify entrepreneurs working in a not-for-profit area, that have great concepts that can improve lives or even influence positive change in the world. Social media has already been credited for influencing changes in governments in some countries, but has yet to really take find ways to help the everyman to easily make a difference.
"Google's Impact Challenge is a brilliant way to spark a new wave of innovation amongst non-profit foundations and charities and raise the profile of many great ideas in the non-profit sector", said Branson. He'll be joined on the juding panel by Matt Brittin (Google's VP for northern and central Europe), Jilly Forster (founder of Forster Communications), and Jacquelline Fuller (director of Google Giving).
Applications are now open, so if you're in Europe and have a great idea - visit globalimpactchallenge.withgoogle.com. Applications close 17 April 2013, and the event is scheduled to be held midyear.