CHARLESTON, W.Va. -- The Consumer Bankers Association Foundation and social entrepreneurial organization Ashoka's Youth Venture initiative have launched the inaugural "Banking on Youth" competition. Young people ages 13-20 can submit a 90-second video and entry form sharing their ideas for an entrepreneurial venture that will directly benefit society. Submitted videos that meet eligibility requirements will be uploaded to the contest's website to compete for one of 54 seed money prizes of $1,000.

The top six entrants, chosen by the CBA Foundation and Ashoka's Youth Venture, will receive an all-expenses-paid trip to compete in a "pitch-off" at the annual Youth Venture Summit on July 26-29 in Washington, D.C. Prizes there include the Audience Choice Award of $5,000 and the Grand Prize of $15,000.