(Bloomberg News) Harvard University is challenging students to develop entrepreneurial solutions to problems like global warming and poverty through a $100,000 competition announced today by President Drew Faust.

Students will form teams and tackle one of five issues that will be outlined later this month. The program is designed to foster energy from business-minded students and "focus it on problems that matter," the Cambridge, Massachusetts-based university said in a statement.

The challenge, part of the school's innovation lab, has a March 19 deadline for proposals. One winner and as many as three runners-up will share the $100,000 grand prize, according to the statement. The winner will be given space, mentoring and resources in the i-lab.

"For generations, Harvard students and faculty have risen to the challenges posed by seemingly intractable problems," Harvard Provost Alan M. Garber said in the statement.

Over the course of the competition, $50,000 will be distributed to 10 finalists to develop their proposals, according to Harvard's website. The contest is open to both undergraduate and graduate students. Final project submissions are due in May.