Los Angeles Mayor Eric Garcetti’s office is giving entrepreneurs in the academic community the chance to win $25,000 if they can come up with a marketable idea to boost the city’s economic and civic growth.

The Mayor’s Cup is a competition that is sponsored by the Mayor’s office of budget and innovation as well as a number of local universities including USC and LMU. The competition’s challenges range from finding affordable housing solutions to innovating ideas for small business growth and is open to all enrolled college students, faculty and staff members in Los Angeles County.

In addition to the prize money, the winner will have the opportunity to work with City Hall for eight weeks to further develop their idea.

“It gives opportunities to academic entrepreneurs to work with the local government and is a collaboration across sectors,” said Juan Vasquez, a communications and data analyst for the Mayor’s Operations Innovations Team.

The deadline for applications is Oct. 5. Finalists will pitch their ideas to a panel of government and business leaders on Nov. 16 in a live competition.