The RGK Center for Philanthropy and Community Service in the Lyndon B. Johnson School of Public Affairs at The University of Texas at Austin and Dell are seeking undergraduate and graduate students from universities and colleges around the world to share their ideas for making the world a better place.

Students winning the grand prize in the 2010 Dell Social Innovation Competition will receive $50,000 to turn their ideas into a new business or nonprofit with a mission to change lives for the better.

To participate in the competition students brainstorm and submit a creative, innovative idea to tackle a pressing social issue and enter it no later than March 1, 2010 to the Dell Social Innovation Web site. Along with students, citizens worldwide are invited to comment on, vote for and discuss the ideas in the online community forum. The community’s preferences help select the grand prize winner.

Teams selected as semifinalists by judges and the community will be asked to write a business plan and submit a three-minute video for consideration. Of the semifinalists, three teams will be invited to Austin, where they’ll present to a panel of judges for the chance to win the grand prize.

Submissions will be judged on overall concept, demonstration of the opportunity, assessed social impact, financial viability and sustainability, demonstrated leadership ability, management team, performance benchmarks, assessed risk and contingency plans.